The daily morning journal and courier., 1905-11-25
STOCK MARKET FEATURES
UKEASINESS WAS APPARENT
 AND HEAVY LIQUIDATION

IndustriaIs Were BusIest-IrreguIarIty Noted-Guessing as to Bank State ment-mgher Money Rates Expected Later On-A "skittIsh" Market Shorts Have Covered. Stocks were irregular yesterday, the industrials were leading and there was heavy liquidation. There was considerable proht-taking in the railroad shares. The spectre of the promise of success of the railroad rate rebulation bill by congress was c0njured up again. The unfavorable technical market condition contained in the failure of Union Pacific to hold it's leadership may have added to the discrimination shown against railroad stocks. It is expected that there will be high CT rates for money in December and before the end of the year. The same outlook is held up to borrowers in Eu- rope. Consequently a speculation that is based on the passing of money ten sion as a factor cannot be more than transient.
 Copper shares yesterday were helped by further advance in the crude met al to what was commonly referred to as the highest figure since the Secretan syndicate undertook to control the met al market. Many large orders were re- ported as contracted for for the first quarter of 1906.
 An inteesting report explaining the decline in Shelters to 149 was that Charles M. Schwab had liquidated SO,- 900 shares Specialists said that the Guggenheims were large buyers on the break.
 There has been a heavy expansion of stock values in the weeks speculation, but the money may have been obtained in London. On the other hand, interior banks have been recalling their New York loans, and New York banks may have had to expand their own in conse- quence.
 The feature of the money market was the loaning of $5,O0OO0O in the call mon ey department by Lazard Freres at 51a per cent. Foreign bankers have been supplying this market with funds for several days.
 The feature of the curb market was the trading in rights for the new Gen eral Electric stock, sales being made at 9% "when issued"
 Some of the brokers were warning their customers yesterday that the market was "skittish one"
 Rock Island and Union Pacific were heavily sold. The whole market closed weak.
 Coal railroad presidents who were asked yesterday to express their opin- ion regarding the latest statement Of President John Mitchell, of the United Mine Workers of America, that any att tempt to further reduce wages Will mean fight, declined to talk.
 The greater interest in to-day's bank statement will concern the position Of the numerous individual banks which have been for 8 fortnight or more De- low the 25 per cent. reserve.
 The attention of the street was called very plainly to the prospects of a coal strike next April by the emphatic re- marks made on Thursday night by John Mitchell. .. l.
 The short interest in the market has been almost eliminated and the pools have unloaded some of their holdings. The market position is consequently weaker.
 Jacob Field, who made a spectacular hid Thursday for Union Pacific at l5', was supplying the market yesterday with stock at that price
 The administration victory in the me- un for the fight on railroad rate legts- lationz produced some selling ot railroad xtoetks.