The San Francisco call., 1905-02-26
STOCK MARKET
IN EXCITEMENT
Violent Speculation in Pa
cific Railroad Shares
Marks Close of the Week

NEW YORK. Feb. 25.-The stock
market was thrown into excitement
again to-day by the violent speculation
in the trunk lines and Pacific railroad
stocks and there was a full revival of
the speculative enthusiasm OF the
earlier part of the week, which was
chilled by the break of Thursday con-
sequent upon the feverish movement
in the Southern iron stocks. A glance
at to-day's sale list will disclose how
highly congested were these opera
tions in the few speculative leaders OF
the day and q study Of the days net
changes reveals that the emotional phase
of the trading was not SO overwheln-
ing as to preclude thrifty disposi-
ton to take profits on a very large
scale in numerous stocks. Rumors and
intirnations have circulated in many
weeks in Wall Street that the control
Of the New York Central, Chicago and
Northwestern and Union Pacific was
being worked to a condition of perfect
harmony. if not Of identity. The belief
in the substantial base of the central
project pointed to by this cloud of
rumors was the professed basis for
the excited buying to-day of the stocks
concerned. The new variation of the
story was the inclusion of Pennsyl-
vania in the benefits of the project by
an agreement with New York Gen.
trail for the division of sphere of opera
tions 1t will be seen that in its gen.
eral lines this report follows existing
relations among the properties con-
cerned. The consequence of the move
ment was price during to-day's trad
ing of 1601a for New York Central,
144R for Pennsylvania, 1915 for Union
Pacific and 249 for Chicago and North
western. There are gains elsewhere in
the list reaching a point in some cases,
but there are also small declines as the
result Of the heavy realizing of the day
and Union Pacific. itself closed un-
changed from last night. The bank
statement was regarded as favorable
and rallied the market from it's con-
siderable reaction, but the closing was
irregular.
The total sales Of bonds to-day, par
value, $3,410,000.
The speculative spirit has run high
during the week, Notwithstanding the
interruption of the midweek holiday.
The buoyant closing on Tuesday was
taken UP on Thursday morning and
the market showed many signs of the
growing share in the trading by the
outside public. Hopes were lifted of
speculative boom such as is brought
about by widespread craze among
the people at large, infected by an en-
thusiasm to buy. Ordinary considera-
tions of intrinsic values and calcula-
tions of relative values or technical con-
ditions based on the preceding rise in
prices make for little when such a spir-
it is thoroughly aroused and the stock
market world enjoys a harvest period.
The STRINGS of this spirit in the
weeks dealings have been suggested
by the lack of actual news, of the ig-
noring of unfavorable news, which has
characterized some of it. The violence
and extravaganza of some of the
movements reached such proportions
as to beget suspicion and uneasiness
and the result was a check and a set
back on Thursday, which had the effect
of Quieting the excitement and induc-
ing more rational state in the mar
ket. Attention has centered largely
on the group of Southern iron and steel
stocks. The convulsive movements in
these stocks have been caused by the
working of plan to secure control of
the properties and to merge them.
The actual details of this plan and
the steps toward it's accomplish
ment have been obscure and subject to
much conflicting rumor. The counter
claims put out from time to time led
to the fear that they were based on
purchases from sellers who were not
in possession of holdings to be deliv-
cred; in other words, that a corner had
resulted with a large uncovered short
interest in the stocks. With the vivid
recollections of the effects upon the
market of the Northern Pacific corner
it was natural that this fear should
weigh on the market. Other centers
Of special attention were Union Pacific
and Ontario and Western, both of
which were subjects Of vague rumors
of important developments to come.
These rumors were not confirmed.