The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-05-01
Financial.
THE STOCK MARK EFT.


New York. April Boa nervous and
feverish tone developed in to-day's
stock market, principally as the result
of the extraordinary causes including
a stiffening in the money rate, the UNI
certainty incident to preparations for
May disbursements over the outcome of
the anthracite labor conference and re-
newed reports of the need of rain In the
southwest. The opening In Information
al Power was at 1877 decline of point
from yesterdays close. The stock re-
covered this point and then slumped by
successive stages of from / to points
to 1863. 1t then rallied twenty points,
and jumping as much as 5 points be-
tween sales and fell back again to 1872
Apparently no bids could then be Sc
cured for the stock and it was neglected
| for an hour until just before the close
when a sale was effected at 1870. The
| days net decline Is thus made rs points
| Yesterday the stock sold at 1879, which
was the record price. For many days
previous to that successive records had
been established. In February the
stock sold al SIS and in March the pres
ent movement started below 80. 1t has
been accompanied Of late by many out
givings of large requirements of new
properties by the company and by the
payment of a az per cent. dividend,
which was called quarterly, after pro-
viding for the preferred stock require
ments. The character Of the move
ments has been viewed with scepticism
for some time and has attracted very
little outside following. Within a day
or two profits Of many points have been
taken on a few light holdings. The
company could give no intelligent ex-
PLANTATION of to-day's happenings be-
yond the fact which was sufficiently OBJ
vious, that supporting orders had been
withdrawn. The closing quotation for
the stock was rs bid and $50 asked. This
move necessarily has some sentimental
influence on the rest Of the market and
naturally it was most pronounced In
industrial specialties, especially In
those regarding which little definite in
formation is known. The declines run
ming from to 51a points in the Ameri-
can Locomotive stocks, Railway Steel
Spring, American Grass Irvine and Col
orado Fuel may be cited as examples.
The higher grade industrials We're not
so much affected although the United
States Steel stocks continued heavy.
Amalgamated and Sugar were higher,
the latter rising two points at one time.
Spirited buying Of Chicago Great West
ern, a rise Of over four points in Illinois
Central and over two points each in st.
Paul and Rock island had sustaining
influence in the railroad list for time
but prices gave way there in the unset
tied state that developed. The effect
of attempts to market stocks which
We're previously manipulated was seen
in the six point drop in Northwestern
thirteen in Chicago, St Paul and Min
neapols and Omaha preferred, and five
and one-eighth in Keokuk and Des
Moines There can be no doubt that
action by the clearing house {
Chat institutions hereafter |
admitted to its privileges must main |
tain cash reserves commensurate with |
those required of the members them |
selves was regarded as an admonition |
against the rate of credit expansion and J