New-York tribune., 1905-02-17
BONDS.
STOCK MARKET OPERATIONS.

A-,srentlv disregarding entirely the posslol-
,+,es of far reaching market disturbance laleii'
,n the bitter conflict between rival interests Il,
the Equitable Life Assurance Society' 'He iOo''
-, market Yesterday opened strong taxing
- ,e5 from, the foreign centres. where the tone
mas ona Of cheerfuIness and the treno uP"oiu'
~ the indications of ease in the mJerna'lohal
money market and the persistent reports OF
-z,, +e--,ina+icn of hostilities in the Far
East The market continued us grauuai ao
--sros until along in the afternoon when. on
80 - -,,7,,ors and bearish news developments,
q break occurred, many Of the issues losing Ihelr
,,o1e Gains and the general list closing irreg-
tlar and rather weak.
Among the stocks displaying. especial strength
z,as Ontario and Western, which was also
bought heavily in London. In this market IL
advanced TO a new high record. 51Ss. closing rs
points up at 81: but the reason for its accuInu-
iz+ion for Il is well understood some plan ben
citing the company is being worked out mas hot
VET developed. Union Pacific, which Street ru-
NOR. sometimes well informed, has it Will be
placed on a per cent dividend basis before an
other twelvemonth. touched 1855 but in the
general late slump fell to 1241z, at which figure
If closed. fractionally under Wednesdays close.
The curb feature was Northern Securities.
which advanced to a new high level, 1855, but
closed about a point under the best INTERIOR
ough suffered another sharp decline on the curb
going to 30; ard on the Stock Exchange the
local fractions were correspondingly weak
Kansas City Southern preferred showed signs
Of further accumulation. presumab bly, for ac-
count Of the Dutch shareholders advancing TO
SO and closing unchanged, at 6S14. Sloss-Shef-
field was rapidly run Up from 20 to 7512 on
buying which was accompanied by the
nouncement that the presidents Of the several
Southern coal, iron and steel companies men
toned in the current reports of combination
we're coming 10 this city for conference; and.
although il declined in the late afternoon with
the rest of the list. it ended the day with a net
gain Of So points. Tennessee Coal and Iron
gained q per cent, after having shown a maxi
gain Of 12s.
A furry in call money which sent the rate up
TO 3 per cent was one Of the unsettling in
huences Of the afternoon hours. Three per cent
IS not a high figure, but the Street has enjoyed
many months Of ? per cent money that the
small advance caused momentary trepidaton.
The rate was ? per cent at the close. Another
weakening factor was the announcement from
Washington that the President had ordered
special investigation of the Standard OIL Com
pany's recent operations in Kansas selling of
certain stocks with which the so-called Stand
ard OIL party are conspicuously identified being
started on this news. There were also various
bearish reports from Washington in circulation,
among them predictions of complications with
governments in the region Of the Caribbean,
and the wild speculation in wheat, IN Chicago
and this city was viewed as a bearish fact. It
IS probable also that the Equitable situation was
in part responsible for the heavy general selling
OF stocks in the late trading. Whether or not
the reelection Of all the officers announced long
after the markets close. and the adoption of a
modified plan Of naturalization, said to be salts
factory TO ali interests. mean that the contro-
Tersy has definitely been adjusted remains to be
seen. It may be that causes of disagreement
exist which may not yet have been disclosed
If so, the present agreement may be a truce, and
not z r5eaoe