The daily morning journal and courier., 1905-11-22
STOCK MARKET FEATURES
NEW HIGH FOR SHELTERS AND
 B.R.T ROOMS, TOO.

MetrOpOIitan's Weakness = Atlantic
 Coast Line News-Chesapeake & PO-
 tOmac Telephone Stock Advances.
 The stock was again bouyant yester-
 day at the start and prices reached about the highest average of the year,
 but under heavy profit taking and li- quidation the market halted and turn ed the other way.
 The cotton market was another fea- ture yesterday and a notable one. The
 government bulletin came out, placing
 the amount of cotton ginned to Novem- Der 14 at 7,49S,167 bales. The cotton trade had been predicting an S,000,000- 1 bale showing, and the result of this an- nouncement was a quick rise of 1 If cents a pound in prices on the Cotton : exchange. When the report was read
 from the rostrum promptly at 2 o'clock there was the widest kind of a scram-
 ble on the part of everybody to get ] back their cotton. A veritable panic ensued among the shorts and also | among those who had been induced to liquidate on the combination of excess i've crop estimates of over 100000 bales, which had recently been promul- gated, especially that of 11,500,0O0 bales by Neill, the English authority, and Il 1-4 to Il 3-4 by the local bear lead CT.
 There was sale of New Haven road
 rights at on the curb in New York yesterday.
 The decline in Metropolitan Traction
 under IA 3-8 seemed veryA logical in
 view of the $5,000,OO0 deficit. It was claimed that it was all move to squeeze the bears. It was the talk that | a stock selling around 115 and earning
 only 3 1-2 per cent, although it pays 7, was not cheap, nor even good in vestment. On the other hand hints were current that the bulls on the stock had bullish inside information.
 Ten Albany & susquehanna 3 1-2 bonds were sold on the curb yester- day at 11S 1-2.
 The manipulation and domination of pools was again very apparent in the market.
 Commission houses report very little change in the attitude of the general
 run of the outside business. With most of them their weaIthiest clients are buyers, while the small margin &C., counts are missing,
 It is probable that the first payment
 for the new issue of Japanese bonds will not be called before March.
 Much of the selling yesterday was
 by those who thought that after a rise when extended over six consecutive days the market was entitled to some
 reaction. During this time some stocks
 have risen from 10 to 25 points-Fed-
 cral Smelling, American Smelting, Am erican Snuff, International Power, and a number of other specialties being cases in point.
 Sterling exchange was weak again.
 There now appears to be no prospect of shipment of gold from the United
 States this year. Wheat exports have
 been falling off recently, and the cot
 ton market is uncertain.
 Chesapeake and Potomac Telephone
 stock, headquarters in Washington,
 has got a move on after several years of apathy and weakness, and was
 quoted in Washington yesterday at 50,
 bid; 56, asked. This is the highest in several years or since the stock ceased paying dividends. The cessation of l dividends was due to a rival independ-
 ent company, which obtained 8 strong foothold, and to heavy outlays of | money in placing the wires under
 ground. The company was started by
 the late Herrick P. Frost of New Ha- ven and other New Haven men who
 started our Southern New England
 Telephone company.
 The increase in the Atlantic Coast line dividend on the common stock to 3 1-2 per cent. put the stock up about l3 points. Louisville and Nashville
 sympathized slightly.
 / The stock rose yesterday to 16S, com
 pared with 165 IA, yesterdays closing,
 and 156 1-2, the low price of last week.
 The increase will call for the payment
 of $429,S00 additional upon the stock. 1 The annual pamphlet report of the | company for the year ended June 30 l last, issued yesterday, showed a net income applicable to dividends of 5
 per cent on the $1,726,70O preferred
 stock and 10.06 per cent. on the $42, ESQ., | 900 common stock. The stock sold off
 a little when the good news was out, I but this was attributed to disappoint- ment that no more rights were an- | nounced. A majority of the stock is
 owned by the Atlantic Coast Line com- pany of Connecticut. Henry Walters, l chairman of the board, owns personal 1 ly majority of the stock of the Con- nectfcut company, thereby controlling
 the policy of the Atlantic Coast Line | system, including the Louisville & 1 Nashville-over 10000 miles of road. The rise in Locomotive was based on the statement of $5,0OO00O of new busi-
 ness. The buying of the preferred
 across 12O was more significant to-day
 than that in the common. The market 1 had to take a good deal of the latter at 0.
 The extreme weakness of Metropoli- tan Street railway and Metropolitan ! Securities shares attracted general at- l tention. This had as much as any, thing to do with the setback in the stock market. It looked as if the bear clique was using these stocks for the purpose of depressing values Anaconda had handsome rise yes