The daily morning journal and courier., 1905-02-24
EfnatreiaI.
fESI'EItDAf,s sIOGn MARX EI
Violent Speculative Activity and Ex-
 citemcnt.

Violent Speculative Activity and Ex- citemcnt.
 New York, Feb. 23.-There were vio- lent speculative activity and excitement in stocks again to-day and, some very feverish price movements. The sur misses to explain the movements were so perplexed as to unsettle the market from time to time. But its resisting power was impressive and the price level was not much impaired, even where the influences. were on, the side of doubt and depression. This was the case in the railroad list at large, where prof1t-taking on an enormous scale and uneasiness aroused by the sensational movement in the specialties caused the selling to outweigh the buying. The southern iron group was again the sen sational feature. and it was during the most violent ebullitions in those stocks that the general list was most inclined to sell off. ~'.....
 Another advance in Union Pacific was the most effective sustaining influence. That stock recovered all of it's per cent. dividend, which came off to-day, and, allowing for that, made new high record. St. Paul was most immediately in sympathy with 1t, although the southwesterns were helped to some ex- tent. The buoyancy of the southern iron stocks caused the advanced in the southern railroad group, but was of no assistance otherwise to prices. Rumors and assertions as to the stage reached in the attempt to effect a merger of the southern iron stocks were various and many of them conflicting. The convul- sive movements in those stocks, reach ing many points between transactions. were of a kind which are usually made only under extreme necessity, such as is caused by a corner with an uncovered short interest. ~F ~.
 The extreme advances over Tuesdays prices shown by these stocks during the day will tell the story, In Sloss- Shelf field Steel this was 161s, Sloss- Sheffield preferred IS, Tennessee Coal 11as, Re- public Steel 3s and Republic Steel pre- ferred z. An additional factor in the influence which these movements had upon sentiment was the jump of 1872 in Internationa1 Power, a stock which is held in memory on account of a sensa- tional episode on the stock exchange a number of years ago, and which is affil- lated with 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 organ ization designed to merge the iron prop critics was the undisputed fact develop ed out of to-day's events. As to the achievement of control of the properties affected, or as to the terms offered for securing that object, the reports cur rent were hopelessly confused. The news of the day otherwise was not of great influence. The rise in call money to 3 per cent late in the day and the violent reactions in the iron stocks car ried prices off sharply during the final hour to an average level considerably below Tuesday, but the final rally on covering of shorts substantially repair ed the price level. The closing, how ever, was unsettled and irregular
 Bonds were irregular. Total sales, par value, $5, ,756, 900.
 United States twos advanced k. threes A and the new fours 7s per cent. on call.