The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-18
STOCK MARKET FEATURES
MORE WEAKNESS oVER En-
PECTED BAD BAYK STATEMENT.

PECTED BAD BANK STATEAEH1.
The Monetary Question Still an I'm
settling Factor-Enorts to Take
Proats-Tight Money Not Expected
Four Per Cent. Price TempOrary-The
Drift Yesterday.
The market continued weak again
Yesterday over the prospect of poor
bank statement. and lower prices were
made again, especially in the last houf'
followed by feeble rally. The mon
etary question was still the unsettling
factor. The shaky feeling was accen-
tuated by a rumor-started probably
by bears-from London of the impend-
ing failure of large banking firm in
Paris. This rumor did not gain much
credence. The, Bourse closed very
| weak.
The New York banks lost heavily to
the treasury yesterday on account OF
payments for government deposits re-
called and also for transfers of money
for the national bank note redemption
fund and internal revenue receipts. In
| land banks drew heavily upon their
New York correspondents for these va
| rious payments. In addition, there was
an outgo of currency to the interior.
This combination of causes led up to
,s,1I, Aofif1 n tod
way from $40, 400 900 to $11, 100000.
Small stop loss orders were reached
in Pennsylvania, and produced some
weakness.
| The stock market ruled weak most of
the day, with very general declines in
the late trading. This induced heavy
selling, with sharp recessions in the
active shares that had shown some
strength earlier in the day on profess
sional upbidding of prices. The occa-
sional firmness was due to the efforts
of professional interests to advance the
market to a basis where profit-taking
could be INDUCED in. In this, however,
| the spectators failed utterly. ..
The loan department showed very
small demand for stocks, and it is be-
lieved that the selling the past few
days has been of stocks carried by the
pools and not representing the forma-
ton of short interest. 4.
Arbitrage firms sold 10000 shares on
balance in the market yesterday, scat
| tered over the general list.
| An order to sell 100 shares of Lacka-
wanna at the market caused a break
of % points, with the stock down to
375. -.
| Metropolitan Securities was again a
strong feature, reaching 81 by midday,
a gain of six points from the previous
day. 1t fell off little toward the close.
That Albany was again large buyer
of Metropolitan Securities and Metro
politan Street Railway was considered
significant. In the past political inter
ests have often secured early informa
ton in regard to local corporations
which yielded good results by buying
| the stocks. .'..5.. -. 49,.
| Southern Railway, Union Pacific, Ca
madam Pacific, Norfolk and Western.
Rock Island, Atchison, Southern Pacific
and Steel preferred In the first hour
sold at or below the low level of the day
before.
| Realizing sales were responsible for
the early reaction in Chesapeake and
Ohio, but the pool succeeded In putting
up the price shortly afterward to the
highest figure ON record.
Lehigh Valley continued to fall off
and lost another BALI point yesterday,
closing at Sc.
The selling of Consolidated Gas was
again credited to political interests. A
drive to 200 is now talked of. -.
Brown Brothers & Co. announce that
the 100000 Norfolk and Western d.
vision first lien and general mortgage
per cent. bonds which they recently
purchased have been sold.
! A prominent New York broker said
yesterday: II should like to see the re-
action run. l should like to see Union
Pacific get back to 1875, say; Reading to
about 80, ST.. Paul 49, Central 1850,
Pennsylvania 140, and so on. I don't
mean all at once, but before the decline
is stopped. The list is really in need Of
a cleaning out"
| The buying of Shelters common was
said to be for people friendly to inside
/ WIN o1C W ,hIlOW
the plans and views of the manage
ment.
1t may be said to be the practically
unanimous opinion of banking interests
that nothing more serious than 4 per
cent. money threatens, and that this is
not likely for more than short-lived and
spasmodic periods. Anything like an
actual squeeze that would give to the
market all kinds Of fits is regarded as
entirely unwarranted.
Sentiment was decidedly mixed. The
average commission house reported a
very light colume of business, and the
traders said the general list showed
such little rallying power as to invite
short sales.