The Montgomery advertiser., 1905-02-24
WALL STREET REVIEW
VIOLENT SPECULATIVE ACTIVITY AND
 EXCITEMENT.
Feverish Movement in Prices, with Market More or Less Unsettled at Various
 Times During the Day.

New York, Feb. 2s.--Thsre was violent speculative activity and excitement in stocks again today and some very fevertsh price movements. The surmises to explain the movements were so perplexed as to unsettle the market from time to time. Bit It's re- sisting power was impressive and the price level was not so much impaired even where the influences were on the side or douot and depression.
 at large, where profit taking on an enor- maus scala and uneasiness aroused by the sensational movement in the specialties in- duced the selling to outweigh the buying.
 The Southern iron group was again the sensational feature and it was during the most violent ebuiitions of those stocks that the general list was most inclined to sell off. Another advance in Union Pacific was the most effective sustaining influence but at times by the rocket-like flights of the iron stocks Union Pacific recovered all Of it's 2 per cent dividend. which came off today, and allowing for that made 8 new ly in sympathy with it, although the South westerns were helped to some extent. The buoyancy of the Southern iron stocks caused the advance in the Southern rail- road group. but was of no assistance other wise to prices.
 Rumors and assertions as to the stage reached in the attempt to effect merger of the Southern iron stocks were various and many of them conflicting. The con vulsive movements in those stocks, reaching many points between transactions, were of kind which are usually made only under distress and extreme necessity such as are caused by corners with an uncovered short interest. The extreme advance over Tues days prices shown by these stocks during the day will tell the story. In Sloss- -Shef- field Steel this was 165h; Sloss- Sheffield preferred, 16; Tennessee Coal, Il ss Repub- lie Steel &, and Republic Steel preferred, which these movements had upon sentiment was the jump of 1914 in International Power, stock which is held in memory on account of a sensational episode on the Stock Exchange number of and which is affiliated to the present movement in the Southern iron stocks by the identity of some of the active factors In the move ment.
 The existence of syndicate or organiza- tion designed to merge the iron properties was the undisputed fact developed out of todays events. As to the achievement of control of the properties affected as to the terms offered for securing that object. the reports current were hopelessly con- fused. The news of the day otherwise was not of great influence.
 The rumOrs of peace which lifted prices abroad yesterday during the holiday here helped the early advance. but this influence shifted to the side of reaction during the day when the balance of opinion shifted In favor of the continuance of the war.
 The failure to reduce the official discount rate of the Bank of England and harden ing in the present rate for discounts in Lon don were disappointments. So was the continuance of the war of rates on export grain. Engagements of gold for South America, although small. are given addi~ tional importance since the currency move ment is shifting in favor of the interior. Call money went to 3 per cent late in the daS This is supposed to be due in part to preparation for the payment Of subscriptions to the Southern Pacific bond issue. which are to be paid in three daily installments of S25. 900. .O00. the final payment being on Monday. The rise in aeall money and the violent reaction in the iron stocks carried prices off sharply during the final hour to a nayerage level considerably below Tues day, but the final rally on covering of shorts substantially repaired the price level. The closing, however, was unsettled and ir- regular.
 Bonds were irregular Total sales, par value, S5,756,000 United States 2s ad- vanced % the Ss h and the new is # per cent on cal