The daily morning journal and courier., 1905-03-24
STOCK MARKET FEATURES
WEAKNESS WAS FOLLOWED BY
 STEADINESS.

STEADINESS.
 Bears stin in Power-But Tight Money Not Looked For-Exchange's Drop Weak Stocks Were U. P. and s. P.- Bears Cunning for Lower Prices but a Little Uneasy.
 The market is temporarily given over to the bearish sentiment, and bearlsh operations. All the months that stocks were Hopping upward, bear talk and untoward development,-wh were few, however,-had little or no effect- were in fact practically ignored. Yes terday, on the other hand, favorable developments were practically ignored Money didn't harden any, ill fact was tolerably easy, and foreign exchange fell while the Venezuelan shadow dis appeared, yet the bears had the upper hand. The close yesterday was quite strong, but selling orders were weight ed with buying orders, showing that sentiment was mixed and uncertain. Liquidation appeared to be over for the time being.
 The bottom prices yesterday were made in some cases in the morning when Union Pacific ingloriously sold down to 127, about ten points below the high record of the year, and Southern Pacific slid down gracefully to 65 S-S. It was against these two pivotal stocks that the brunt of the operations was di- rected. After the pressure was remov- ed the stocks rebounded. It was ap- parently liquidation that carried the stocks down in the early trading.
 The effort of the bear clique has been to get Union Pacific to 125, St. Paul to 175, New York Central to 155, Reading to 90, Pennsylvania to 135 and Steel preferred to 90. M
 Europe has been buying literally of American bonds in the last few weeks, and it is against their purchase that the liberal drawings of exchange are being made. This partly accounts for the interesting exchange situation. The Bank of Englands rise in the propor- tion of revenue to liability, above 55 per cent--the highest percentage since 1S97Aindicates that should money rates here reach 4 per cent. level for all fixed date periods New York could rely upon London for a good supply of funds. "
 The selling in Pennsylvania looked like pool offerings. There was in ad- dition an obvious effort to get the stock down to 140 and reach stop loss orders there. s8s ezt.s., n.... F.
 Very little outside buying appeared to have ventured in at the low figures, but a large short interest had accumu' lated among the professional contin- gent and the support from this source was enough to hold the list steady against bearish attacks.
 The annual report of the Delaware and Hudson company for the year end ed December 31 last shows gross earn ings of $34, ,655,113, an increase of $468,- 743, while expenses amounted to 27,202,- 633, an increase of $100,000. The net in- come after all carges was $4,452,521 a gain of s537,727, equalling n.O6 per cent, on capital stock, as against HIS per cent in 1903.
 One of the stocks in which the buy ing was said to, be particularly good during the morning reaction was New York Central. The bulls said that the deal was on and that strong interests 4 had succeeded in shaking out an unde- sirable speculative following. In the afternoon the stock showed as much weakness as any other. ,
 Brokers who watched the selling of Union Pacific thought they detected large offerings by houses that are SUD- posed to operate for insiders.
 A London dispatch says: Negotia- tions for a new Japanese loan are pro- ceeding but are still unconcluded. The principals concerned decline to furnish details until the full terms are settled upon. The amount of the loan is vari- ously estimated up to $150,000000, and as special security the revenue of the tobacco monopoly, amounting to $15,000,- 900, is suggested. It is understood that the loan. will be largely Anglo-Ameri- can, with minor participation on the part of Continental houses.
 The heaviest selling came from Chi cago, evidently from small pools which trailed after the big fellows, who sold out heavily at prices from to points higher than a week ago.
 In outside securities there was sold yesterday HOO shares of International Silver between 49 and 49 S-4, a net i'm provement of 1-4.
 Steel preferred struck a new low fig ure yesterday. The common held bet ter.
 The strong feature of the day was Colorado Fuel, and the Gates crowd were credited with predicting 60 for it, but this was denied. They preferred great bullishness on the stock. That the inside party is bullish in the stock has long been known. It was announce ed to-day that the reorganization com mittee has fixed on April 13 as the date when subscribers will receive their pro rata share of the new bonds and stock. @s..s \. !. .;,3s.> ,s