New-York tribune., 1905-11-28
TRADING NEAR RI CORD.
cOTTTHERN STEEL RUMORS
Tsnnessee Coal and Iron Touched
fe4 on Merger Report.

NTH the exception OF February q, yesterday
.. The most active day of the current year in
,I-ou street in the volume OF business transacted
- the stock Exchange. while probably never
r.,o-e was there a day when there were so many
.,-ses market improvements, so many sharp
s...+ustions in quotations and so many reports
iUo. so--,,g various properties A sensational
....oe IN the stock Of the Tennessee Coal and
co7nany. accompanied by sharp rise in
-. ,,,otations OF other Southern iron securities
- - - renewal OF the rumor that there was to
merger of the iron and steel properties in
=. south: that Tennessee Coal and Iron stock
- H,,Ia he taken over at 125 touched 124 yes
So. that Sheffield would go in at 100.
- .bat RerubIic Iron and Steel-that is. the
-a,,+ba-n properties of this concern-would also
80 IN the proposed amalgamation. 1t was
=. renorted that the Virginia Iron, Coal ana
-,,,a Company would be a party to the COM
bination-
-hers Is good authority for the statement that
-,.h an analgamation soon will be brought
.hont and that the so-called Gates interests VIII
:. influential factors in forming the combination.
-. Gates and his friends for many months
have been quietly picking up the stock OF the
rrsrnessee Coal and Iron Company, also the stock
- tbe sloss- Sheffield Company; and while the
woodward or Hanover Bank interests are sup
rossd 10 control the Tennessee Company, II Is
tayaved that the stock has now reached their
rrics and that their holdings will go into COM
hinat;on engineered by Mr.. Gates MI Hoadley
triad a number OF months ago to secure controi
., the company, but failed. The advance In the
s+ock Yesterday amounted to over II points,
while sloss-Sheffield gained for the cay points
The Republic Iron and Steel shares advanced
nearly for the common and over for the
preferred.
N addition 10 the excitement in the Street
caused by the big gains in the Southern iron and
steel shares traders were interested in the break
in the stocks OF the Rock Island Company, which
In the common amounted to 19s and in the pre-
ferred to . per cent. It was reported that the
insiders were selling, also that the next dividend
on the preferred either would be cut passed
The following statement issued by W. H. Moore.
one Of the leading directors. therefore is Of in
terest:
We are in the Rock Island to stay, and reports
to the contrary are without foundation. We are
looking after the Rock Island property, not the
stocks. The property has turned the corner.
The treasury is strong; the road doing We'll e
have spent millions the equipment and road
way, and we are going to continue the pro-
gramme. AS to the preferred dividend. that is
matter to be decided when we come to 1t. about
the first week in January
that he knew of no reason for the big decline in
the roads securities and the persistent selling.
It is ead that the Hartman interests are bear
ing the stock in order TO secure control or the
property, but this idea has few believers. 1t is
not thought likely by men in Wall Street thaL
the men who reorganized the Rock Island-the
men who have spent their time and their money
on the property-wil now let its control pass.
The Noores and the Reds and the other capital
fists who are interested in the property might, CT
course, be caught in a market coup by Whlch
they might unwillingly lose their grip on the
company, but such possibility. according to
market judges, is extremely remote
The third point of interest in the stock market
vas the sensational rise in National Lead. the
stock closing the day at a net gain Of ~ points.
The upward movement in this issue was &C
companied by variety Of rumors to account for
the rise. The old story, not only Of resun1p-
tion OF negotiations but the actual conclusion OF
negotiations for A merger with the United Lead
Company was again paraded for duty. Definite
news Of the abandonment OF this deal was an
nounced last week. In order to vary the monot-
ony OF this tale to some extent however yes
terday's story had it that the United Lead Com
pany had taken over the National Lead Com
pany- The preceding negotiations had in view
the absorption Of the United Lead Company by
the National Persons in a position to speak
with authority declared thece was absolutely
nothing in this report and the relations between
the two companies were different than
week ago
Another theory with some novelty in it was
that plans were being natured by the National
Lead Company for the retirement Of its pre-
ferTed stock at par. The specific object Of this
move was not revealed, put Ine report TecelNeu
no credenCe in well informed quarters By the
terms Of the charter of the National Lead Com
pany. which amended some years ago, eu-
thoriy was given the directors to retire the first
preferred stock This amendment was made for
specific purpose at the time, 70 be carried out
in connection with the proposed merger which
At that time was also in prospect. So far as
could be learned, the National Lead Company
has intention of retiring the preferred stock.
The advances throughout the industrial list in
the stock market were so heavy. there was so
much evidence Of manipulation and so many in
d!cations that some Of the more cautious opera
tors were selling their holdings that many care
ful Observers of market movements volunteered
the opinion that it would not be long before
sharp decline would be recorded on the Stock
Exchange. On the other hand the market lead
eTs were confident OF their ability to hold up
prices. Money is growing easier. and there ap-
pears 70 be no chance of gold exports at present
Nevertheless prices for securities are high and,
according to conservative judges, speculative re-
action would help rather than injure the s1tua-
ton