The daily morning journal and courier., 1905-09-02
STOCK MARKET FEATURES
ACTIVITY AT THE EXPENSE OF
 VALUES.

Nervousness Apparent - Liquidation,
 Then Rallies, Then More Liquidation
 No More sky-Scraping Advances
 The Bank Statement TO-day-MOrgan
 Stocks Supported.
 Yesterdays stock market was char acterized by much nervousness and prices fell off again.
 After considerable liquidation there was rally followed by more liquida- tion. Prices of several active stocks closed at about the lowest.
 The market had quiet spells during the afternoon and in consequence Of these the total transactions for the day fell considerably below those of Thurs day.
 Owing to heavy sales abroad of the Pennsylvania convertibIes the selling price of the balance has been raised to 101 1-2 and interest. Originally the sym dicate took about s9O,0O0,0OO of the bonds, which the stockholders of the Pennsylvania railroad had failed to subscribe for.
 The volume of liquidation was heavy in the first half hour, but then it eased when it was seen that the market was getting some first class support.
 The many New York brokers offices were the scene of considerable excite ment yesterday. Telegraph and tele- phone wires were kept busy with alls for margin, and orders poured in from all parts of the United States to sell stocks tat the market
 The possibility of a sharp advance in money was he.S out yesterday as a reason for caution on purchases. Five per cent. was freely predicted. The high rate was 3 per cent.
 The money question is interesting just now. Yesterday one group of bankers were lending money freely on call, and even putting out abundant time funds at a somewhat higher level while another group equally prominent were lending sparingly. This was regarded as indicating difference of policy.
 Chicago Great Western "A'' preferred stock rose 1-2 points, with more than usual trading in it. The dividend passed in February of last year will be resumed next February. On per cent. dividend basis the stock was sold as high as 90 1-2.
 The character of the selling orders yesterday showed. that the sepcula- tive public was in the market, and that they had been organizing" their &C., counts-that is, buying more stocks as prices advanced with their paper" profits used as a margin. Their spec ulative profits were swept away.
 The strength of the Japanese issues was feature of the bond market, The first series 4 1-2s sold at 92, or about their high record price.
 Tn the United States Steel and, in deed, the. various Morgan stocks there was better support than in any others on the list.
 The New York Evening Post notes that The full effect of the currency drain to the west is reflected in to-day's preliminary statement of the weeks movement of cash. between the asso- ciated banks of this city, interior insti- tutions and the treasury, The figures indicate net loss of $7,076, 900 to all quarters, winch compares with a loss of $3,00S,000 a week ago. This outflow rep resents the heaviest loss for the third week of the movement shown in six yeears, being nearly double the loss re- ported a year ago, and almost four-fold as great as the outgo of 1903.
 Brokers. yesterday threw over &C., counts. of 100 to 5000 shares, as if they were cleaning house, and had to get rid of them. There was no recourse when customers failed to respond with more margins. Tn Thursdays break most of the fve-point margins went by the board. Yesterday the ten point people were reached.
 Owing to the peace news the price of copper metal has declined to below six teen cents a pound, representing resales of the metal which had been bought for Chinese account, presumably for Jap an.
 " A dozen of the active stocks has fal- len in value since the peace news came all the way from to points.
 Sentiment was mixed. Many comrnis- sion houses which were ''very conser- vatixe bulis'' last week were advising purchases on a scale yesterday. The rocnl element was bearish. but many of the traders said if it wasn't for the expected bad bank statement and the double holiday. they would have play ! cd for a. rally.