The daily morning journal and courier., 1905-02-24
STOCK MARKET FEATURES
FALL STREET EXCITED FOR 4
 TIME YESTERDAY.

The Southern Iron--A Lively Whirl-
 Several Strong Issues-Violent Fluc-
 tuations--SIoss an 1T. c. I. and There
 Were Others--Gossip.
 The talk about large southern iron deal. with a capital of at least s10o,O ,00O, which is to take in rom three to five properties and then turn them over to the United States Steel corporation gave lively start to the market in the morning and caused great excitement. T. c. l., Sloss ana International Power, also Republican Iron and Steel executed pig syratitons, as it was said they were in the deal. It was said that the story that Gates had got hold of the southern Iron shares was true and that he was ex- ecuting a duplicate of his l.. < N. deal. J. c. Maben, president of the Sioss- Sheffield company, said yesterday: T understand that there will be 8 south ern iron combination. am only inter ested 50 far as the Sloss- Sheffield conl- pany is concerned. That company will be in the combination, also the Tenn essee Coal and Iron company"
 Tennessee Coal started 5-S to 5-s higher, with simultaneous sales of 12,- 900 shares; Republic Steel, with sales of 10000 at If to 3-4 higher; Sloss- Sheffield, 1-2 up, and International Power at 95, an advance of IA 1-2 points lover night" All of these stocks con tinued to climb for time, though they suffered occasional recessions. Union Pacific reached a new high record, al lowing for the per cent dividend, which came off yesterday, for the pur- pose of stock market qquotations. Be- fore midday 1t had sold as high as 133 3-S, which is equivalent to 1855 3-S, with the dividend on. Other strong is sues included Louisville, United States Steel, and St. Paul. The. general list was heavy at times, showing evident profit taking sales, and near the close the market was distinctly weak. :
 Brokerage commission houses declin- ed to accept orders for Tennessee Coal and Iron stock except on extraordin- ary margins, and refused to guarantee the execution of stop-loss orders at any where near the limits fixed. The wis dom of this was shown later when the stock broke wide open to s9 1-2. E
 Violent fluctuations occurred in ster- ling exchange here and abroad yester- day. In this market the governing factor was the heavy drawings incident to the Southern Pacific bond payment transaction and London's further op- erations in our stock market. Tn con sequence of these movements, sterling declined very sharply, selling as low as 48710. This shows decline of over half cent within a week, and nearly a full cent since the month opened.
 A railroad clearing house. which will save s100,000,000 a year, is proposed by eastern and western railroad presi- dents.
 New Haven railroad stock sold at 2o5 in Boston.
 Pennsylvania has hung so long around 14O that there is feeling that the stock is entitled to rise to a better position. As a matter of fact good deal of bull talk has developed on the. stock. ..%~
 There was the usual talk of 'corner" when Tennessee Coal was shooting wildly upward in the early hours. -4
 Predictions of Steel common rising to the dignity of dividend paying se-. curity find larger place in the discus sion of the outlook for the stock.
 Foreign houses that were prominent in listing Rock Island in Londonewere credited with buying yesterday.
 Sloss.Sheffield common, which closed on Tuesday at 9S 1-2, advanced to 114 1-2, and Sloss- Sheffield preferred, which closed at 114 on Tuesday, rose to 130. At one ttime on a few sales, Republic Iron and Steel preferred rushed up from S4 to S7 12, as quickly dropping back to S4. The stocks closing price on Tues day was 80. Wall street reports had it yesterday that the proposed southern combination will be capitalized at $1O0,- 100000 Joseph H. Hoadley and the Woodward interests declined to talk. James Henry Smith Is in Mexico.
 Confidence continues to be shown in Southern Pacific, despite the fact that it has not acted altogether in way to meet the views of all it's friends.
 The Bank of New York has engaged s250,000 gold coin from the sub-treasury, and the Merchants National bank has withdrawn s5O,0OO from the clearing house, both withdrawals being for shipment to Buenos Ayres on Satur- day. This will make the total gold ex- ports since October 27 last $66,244,0l0. Of this amount s1O,250,000 was for South America and $19,750,000 for Cuba.
 Canadian Pacific was the strongest American stock in London. It rose over point there. Montreal respond ed. .,.-.. '. ..
 The pool in Copper, dropped over a. port, and the stock dropped over a point. The extra dividend of $5, be- sides the regular quarterly of s10, de- clared on Calumet and Hecla indicat- ed the prosperity of the trade.