The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-20
STOCK MARKET FEATURES
NO Tong SPELL OF TIGHTER
MONEY EXPEOTED.

Activity in Unloading Detected-Bull-
ish Conditions Yet Prevailing Four
and More Tracks-The PooIs--O. and
W.-copper, Etc.
Saturdays market continued varia-
BILE and holders of long stock felt lit
tie shaky over the profuse talk about
call money going higher with prob
able dire consequences to certain
parts Of the speculative fraternity.
Money, it is expected, win rule little
tighter for a few weeks. Active bears
with concert Of action may produce
quite a furry in the market now and
then, but the conditions of business are
so good and the work ahead for the
railroads and the steel and iron bust
ness seem so extensive that no great
break is expecte. Those long of stocks
may therefore peer through the present
shadows to- a brighter outlook. OF
course the winter wheat outlook has to
be reckoned with, but so far the pros
pect as to the crop is good.
Some prominent local bankers are
very positive that the tighter call
money conditions will pass away quick
". n--s
The suspicion hinges that London is
better posted than New York on On
tarfo and Western, and that the infor-
nation possessed has had no little to
do with it's recent attitude toward the
stock, which has not been as bullish as
it was a few days ago.
The character Of the trading looked
as lie the pools were putting In sup
porting orders again, after the pegs"
had been taken out for two days. The
bidding up of Union Pacific, New York
Central, and Canadian Pacific illus
trated this But there was general
doubt that the recovery was more than
temporary. The pools are still heavily
loaded up with stocks, and the position
of traders is somewhat similar. The
course Of prices thus probably depends
on the larger speculative interests.
I The Annalgamated was well taken
and the sentiment on it gave signs Of
improvement, despite the claimed bear
ish attitude of some trade authorities
Near the close the stock was selling
well toward 80, or at about the opening
figures.
An advance of cent. has taken place
in all grades of RUNNER.
a point made in favor of Car and
Foundry was drawn from a statement
put out showing the company's position
in reporting nearly $13,000,000 Of quick
assets an increase in four years of con-
siderably in excess of $4,000.000.
Quite a large block Of the American
Telephone and Telegraph bonds have
been placed in Europe. This is the
first instance of an industrial bond
finding a market there and illustrates
the broadening demand for the better
class Of our securities.
John w. Gates is reported as COM
pletely recovered from his recent ill
ness and as likely to be back again in
New York in a week or so, after
spending little time in New Orleans.
He is reported to be very bullish.
Northern Securities stubs sold
around $50 Saturday, then rallied above
800. The street did not like the looks
of the evident manipulation in them,
and left them alone.
The selling pressure was less agrees
sive as the season advanced, and this
combined with covering by shorts
caused an irregular late recovery. Sc
lected issues were also taken in hand,
notably those in regard to which deal
rumors have been current, and includ-
ing New York Central, Ontario and
Western and Metropolitan, and with
sharp rallies which extended over 2
pointspoints in Ontario and Western.
Advances that extended to about
point were also made in other rails
as well as leading industrials and spec
iaIties 49,.
The rise in money rates only hasten
ed the reaction. 1t would soon have
come of itself. The longer delayed the
more severe it must have been. The
Importance of the market of the adj
vance in loaning accommodations is the
possibility of prolonging the period Of
decline. The bull movement began in a
Q per cent. money market and has been
carried along on pretty much that
basis for nine months.
One happy buyer remarked: "If this
is a bull market, now is the time to
buy. when you can get them to 4
points cheaper. If it is bear market,
of course you don't want to buy at all.
see no change in general conditions
that should make it bear market, so I
am buying
The recent leaders Of the rise, espec-
ially the standard railroad stocks, have
ceased to respond to enormous specula-
tive buying. They yielded toward the
close of the week much more readily
than they had risen at the beginning.
After the appearance of the bank
statement, which proved better than
expected, the market rallied sharply.
Amalgamated Copper, Union Pacific,
and New York Central showed special
strength. The bears were sadly disap-
pointed by the bank showing and there
was a scramble to recover stocks. The
bank showing was not very bad, the