The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-30
STOCK MARKET FEATURES
INFLUENCES THAT DOMINATED
THE PROCEEDINGS

Peace Talk in Europe and Four Per
Cent. EIoney-Money in the Industri-
als-U. S. SteePs Forthcoming State
nent of Earnings-U. Prs Position
Copper-L. & NJ, Etc.
Two influences affected the market
yesterday-one the increasing indica-
tions of Russia's inclination to listen to
peace proposals; the other the tighten
ing of money again to 4 per cent. The
peace feeling was dominant abroad and
had its effect here finally in hurrying
some of the shorts to cover. Hence
there was a lively rally in the latter
part Of the day, especially in those
stocks where the short interest was
largest.
A prominent stock exchange house,
writing on the market outlook, says:
SIT occurs to us that certain good in
dustrial stocks will have the greater
rise in the near future, and We would
suggest the following: Distillers Secur-
tiles, Amalgamated Copper, National
Lead, common and preferred; Ameri-
can Hide and Leather preferred, Amer
lean Locomotive and American Wool
en-" THE same house is enormously
bullish in the fractions, Brooklyn Rap
i'd Transit in particular" and hears that
Pacific Mail should be bought in the
near future, and think it would be well
to watch this stock"
The weakness of Baltimore and Ohio
in the face of general strength excited
some comment, particularly as the
Pennsylvania group advanced.
Wabash BIS had a four-point rise yes
terday, thereby attracting attention.
And the indications were that contest
is on between the management and
the bondholders' committee. Certain
influential interests, it was thought,
had been accommodating these bonds, be-
ginning when the price was much low
er than now.
Many of the stronger interests are
bullish, but, without exception, they say
they look for a rather narrow traders
market for the next few weeks, and
that possibly stocks may go somewhat
lower before the upward tendency be-
comes pronounced again.
1t is estimated that nearly s1,000,000,-
900 has been temporarily locked up on
Japanese loan subscriptions here and in
London. In spite of this there has
been no tension in the market. The
money was quickly reloaned.
n n
an inconspicuous feature of yesterdays
market. 1t was said to be largely in
st. Paul, Union Pacific and New York
Central ~-.
The alleged heavy borrowing demand
for Union Pacific attracted a good deal
Of attention. There were differences Of
opinion as to whether this was based
on actual short sales or whether GER
tain influential persons had borrowed
large amounts of this stock against
their own long holdings in order to Gre
ate an impression that there is a large
short interest. Such tactics are fire.
quently practiced in order to deceive
the street.
Big earnings are now setting in on
the Louisville and Nashville. The state
ment for this week will partly reflect
the movement under way, but from
April on the increase it is claimed,
could average 100000 month.
Professionals had the market pretty
much to themselves yesterday.
It is expected that in about ten days
preliminary estimates of the net earn
ings Of United States Steel for the
March quarter will be made, and that
they will show around 1900, 900 for the
three months. ,......
1t is still believed that trade inter-
ests are the best bulls on Amalgamated
Copper, and that they have been heavy
purchasers Of the stock on the recent
reaction. The metal has had a quiet
period after one of considerable activ-
ity, but the position is held to be
strong one. @I-
There is believed to be a particularly
large and nervous short interest in Ten
nessee Coal. #T:
" Close watch is being kept on the mar
ket by the large financial interests, it is
stated among the well informed, who
, are anxious to see the bank position
strengthened before any further specu-
lation for the rise gets under way. To
this end reactions are favored-and ia
eilitated.
~ e