The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-10-24
" ttluuCIat.
THE STOCK MARKET.
Buying Materially Curtailed After the
First Hour.

|
New York, Oct 23--The warning con-
tanned in yesterdays furry in the call
heart by the speculative element to-
day, and the rather incorporate buying
which has flooded the market since the
latter part of last week was materially
curtailed A great deal of business was
done in the first hour, but the selling to
realize clearly outweighed the buying
demand in spite of some sharp manipu-
latiye advances In a few specialties, and
the average level of prices went below
last night. The selling was not precip-
itate and showed a tendency to decrease
as prices receded to the lower level. But
when efforts We're made to bid up prices
again it was found that selling orders
were waiting at the higher level in suf-
! ticient volume to force prices back
again.
Late In the day a much heralded up
ward movement in Northern Pacific
came into notice. For several days past
rumors have been heard of a bull pool
in this stock, based on the large short
interest known to exist in it and the re-
duced floating supply owing to the re-
cent buying of a substantial character
which appeared when the quotation got
below So The price was 541a to-day
when the advance began, and it carried
the quotation up through some very
heavy selling without material setback
to a shadow over IS, making the net
gain 2B.
Great Northern preferred was ad-
vanced points correlatively. It was
alleged in behalf of the movement that
the impairment in the earning power of
railroads in that region by the shortage
of the spring wheat crop had been
greatly overstated. The statement of
the Northern Pacific for the second
week in October shows q decrease in
gross earnings of SIT 493, notwithstand-
ing additional mileage compared with
last year of nearly four hundred miles.
There was a notable disinclina ton in
the rest of the market to respond to this |
movement and the recoveries were quite |
insignificant.
The fall in the call loan rate to 31a |
per cent. in the last half hour was !
equally without effect in reawakening
speculative interest, and the market
closed irregular at small net changes.
The earlier rates for call loans ruled .
from to per cent. and it is not I'M
likely that the late reaction was due to
the abstinence of the spectators from
further encroachment on money re-
Some of the banks called loans
to the extent of several million dollars
this morning, and the shifting of loans
which resulted caused quite an active
bidding for money. The events of the
day had the effect of awakening some
fresh uneasiness over the money market
and these were not altogeth-
err allayed by the renewed weakness of
exchange especially Paris cheques. The
transfer of currency to New Orleans
through the sub-treasury was also re-
newed to-day.
Much doubt exists regarding the effec-
tiveness of high call loan rates in re-
newing gold imports. The gold thus far
secured was the result of securing the
open market supplies all over Europe
without arousing the opposition of the
great central banking institutions,
which would have to be resorted to for
any considerable gold supply. Borrow |
srs of time money show a disinclina ton
to pay as much as 5 per cent, while
bankers have counted upon good mar
.et for time loans at per cent. Wheth-
ar they will be inclined to import gold
Under the circumstances to meet the ex-
gencies of speculation is moot ques-
ion.
There was decided falling off in
business in bonds and prices reacted at {
various points Total sales par value
Il 900, 600.
United States bonds were unchanged !
N last call. !
NEW YORK STOCK MIRKET.
ppening, Highest, Lowest Quotation
IN the New York Stock Exchange, reported :
by Prince & Whitley, Brokers, 10 Center |
street, New Haven !
Open. High Low. Last. 5