The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-17
STOCK MARKET FEATURES
HIGHER RATES FOR GALL LOANS
CAUSES WEAKNESS.

CAUSES tkEAANESSs
Recent Leaders Were stocks That Were
speciaIIy Weak-C. and O's Strength
Corn PRODUCTS Weakness-Met was
Active-Coppers Were Lower--Gossip
The market gave way little yester-
day on the, news of the rise In call
money to 31s and 4 per cent. rms
brought the money question into prom
inence and there was fear OF pad
bank statement tomorrow. The stu
alton was undoubtedly ripe for just
such a movement as took place, as a
great load of long stocks was sold out
on the late advance, which weighed
heavily ON the market, and IN addltioh
a very large number of weak bull ac-
counts were closed out in the morning.
AT one stage of the session the market
seemed to be full of stop-loss orders,
the execution of which forced prices
down somewhat rapidly. During the
afternoon, however, the LIQUIDATION
abated and in the last hour there was
a sharp rally, due in part to the COW
ering Of short interest put on the day
before and early yesterday.
Redmond & Co., who purchased from
the Central Trust company the $4,000
600 of c., II. & d. Az per cent. collat-
eral notes. sold them all within a few
hours yesterday. 1t is understood that
half Of them were subscribed for when
the first announcement was made last
week. III.
There was some pretty heavy COM
mission house selling of Union Pacific
yesterday.
The market has closed lower on three
successive days this week, an occur
renee not duplicated since early in the
year. IA f$s5 $780, *a1se$ zs>4s st% ~
Some Of the selling Of Amalgamated
Copper Iii the forenoon came from Bos-
ton. Below so there was buying by
STANDARD Oil interests, according to a
specialist, who said it was the first time
in week that there had been any such
buying.
Another sensational rise in Chesa-
peake and Ohio was believed to be
based on purely pool operations, and
not on any news developments. 1t is
generally believed that the stock will
pay 2 per cent. this year, and some
think or even A per cent.
There was some Chicago selling Of
Corn Products on the continued talk
of unfavorable developments at the
coming meeting. At one time a decline
of 8 points was reported. Talk that the
dividend will be passed was heard.
M s4.., a. q 4aI l.
go up. There are indications Of a pool
in the stock.
United States Steel shares were not
much affected by the annual report.
most of the figures of which were old,
but they declined in sympathy with the
remainder Of the list.
The first stock to show definite weak
ness was Peoples Gas. It broke about
2 points on some scattered selling,
which, it was thought, indicated that
the stock had not been much disturbed
on the rise to III.
The selling, movement bore more Sc
verely upon the recent leaders in the
railway group. Union Pacific, South
ern Pacific, Atchison, st. Paul, New
York Central, Pennsylvania and Read
ing suffered the most; losses Of 1 to
points were recorded in them by the
early afternoon.
The best buyer of stocks yesterday
was London, and, while the amount
taken on balance was only 10000 shares,
the readiness of the foreign market to
buy our stocks during such weak
spell here was accepted as Indication
that the Russian situation was not
greatly feared.
The professional element was decid-
edly bearish. Much talk about the
hardening tendency of money was in
Obliged in, and it was also said that the
Standard Oil party and other strong in
terests were obviously willing to see
lower prices.
Z Because of a scarcity of stock there
r it was comparatively easy matter for
American operators to open Chesapeake
nearly 2 points higher abroad. 1t sold
at 5SA there, and here at the start
touched 5811s, new high record. Later
it crossed So and held much of it's ad-
vantage.
The sensational advance in the st.
Louis and San Francisco, Chicago and
Eastern Illinois certificates was said to
been advising their friends to buy for
investment.
In Chicago realizing sales in Biscuit,
in sympathy with the break in New
York, had a depressing effect on the
market and weakened the list. The
only strong stocks were Diamond Match
and Pneumatic Tool
Missouri, Kansas and Texas prefer
red. the bulls say, will have a sharp
advance of at least 10 points. It is
said that whatever stock has been sold
recently has come from small holders,
and that the large blocks are being held
for considerably higher prices.
The strength of the equipment COM
pany stocks was due to the heavy con-
tracts which have been placed and are
on the carpet for cars and engines dur
Ing the present year. The American