The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-04-28
STOCK MARKET FEATURES
A VIOLENT BREAK WITH CON-
TINUED WEAKNESS.

All Industrial Securities Very Weak
Unconfrmed Runors-Heavy Selling
ordcrs-wheat Fell AIso-Disap-
pointnent.
The market had bad spell yesterday
and was sick and weak all day.
All the rumors about big deals fed
out to the public have, for the time
being at least, ''gone where the wood
bine twineth.'
Cunning for stop orders was the order
of the day. fs.ss
There was a conglomeration of trou-
blesome talk-such as false rurrior of
japanese defeat on the sea, a false
rumor that the troubled bank in Mil
waukee had shut down, a decline in
consols, a, decline in Japanese bonds,
increased strain at Paris and Berlin
over the Moroccan question, the drop
in wheat, etc.
Rallies were weak and feeble, and
there was heavy selling from the west.
While many stocks went lower than
on Monday, the afternoons average
was the lowest of the year. Some Of
the conspicuous prices were Missouri
Pacific at 80, this being the first time it
has been under par in months; Penn
sylvania at 139, Canadian Pacific under
$50, New York Central under $50, St.
Paul near It's, Southern Pacific under
81 and Union Pacific at 122. These rep
resent some very sharp declines from
the high level of a few weeks ago
about 20 points in New York Central,
for instance, and 16 in Union Pacific
and suggest a heavy shrinkage in indi-
vidual and pool profits.
The selling in Union Pacific looked
like liquidation, and also reselling of
stock brought on the 5-point advance
extremes Of 123A and 1855.
It was the renewed break in wheat
yesterday mCrning-carryin the Chi
cago price to-s6% cents for May deliv-
cry, as against $115 on April II and
$1.21A at the height of the ''clique's"
actiyities-Whichg gave the stock mar
,ket Its first real blow.
The decision of the Norfolk directors
in not changing the dividend was a bit
ter disappointment to the people who
have been buying the stock on the be-
lief that surely this spring the rate
would be raised. There have been very
positive promises of this sort now for a
year and a, half. The stock had bad
spell of weakness.
1t cannot now be questioned that the
Equitable Life affair has greatly aggra-
waited the situation. That scandal was
indeed a matter which, by itself alone,
could probably not have upset general
confidence.
F. A. Delano, the new first vice-presi-
dent of the Wabash railroad, who is to
have charge of all the company's prop
critics, was yesterday formally elected
director of the company.
Liquidation in the last hour became
SO heavy that all support was with
drawn by leading interests and the low
est prices of the day We're reached.
Union Pacific, Northern Securities, St.
Paul, New York Central, Canadian Pa
cific and Louisville were the center of
pressure.
At Albany yesterday afternoon Sena-
tor Marks, of New York, introduced a
bill repeating the stock transfer tax law
which was recently signed by the gov
ernor.
Much of the selling of Louisville was
thought to have come from insiders,
who denied that any progress had been
made toward lease of this road to At
lantic Soast Line, although they init
mated that it would probably come.
Considerable of the selling also came
from traders who had had the point
to buy Louisville for several days, and
many of whom had finally gotten in
near the top.
Authoritative denial was made yes
terday of the statement made in Wall
street Wednesday that preliminary pa
pers had been signed by which the At
lantic, Coast Line would guarantee a. z
per cent. dividend on Louisville and
Nashville stock. No such papers have
been signed, nor is any such guarantee
In contemplation. The relations of the
two roads will remain as they are for
an indefinite period.
.1OUIlD AMI LIE UNlON FACltIC
New York, April 2.-George J. Gould
has resigned from the directorate of the
Union Pacific. 1t was said in explana-
ton of Mr.. Gould's resignation that he
had been elected on the distinct under.
standing between him and the control
ling interests in Union Pacific that he
would resign from the directory if he
decided at any time to build the West
ern Pacific.
Mr.. Gould's action follows the under.
writing of the $50,000000 of Western
Pacific railway bonds. The Western
Pacific is the Gould extension to sar
Francisco paralleling the Central Paci-
fic at a distance varying from $50 to sc
miles all the way from Salt Lake City
to San Francisco.