The daily morning journal and courier., 1905-07-01
STOCK MARKET FEATURES
4 VARIEGATED CONDITION OF
 AFFAIRS

Market Weak then Hardened-Eries a
 Featurs-sharp Gains Near Close
 Traction Share Buying-Fright of
 the Cotton Shorts-SteeI Foundries
 Evolves Plan-IetrOpOIitan-
 New York and New Haven's Good
 Showing.
 The disturbing reports from Russia had a reactionary effect on the stock market yesterday and this effect was heightened by the usual readjustment of credits at the end of the fiscal year
 The market, however, held we'll" but irregularity prevailed and the Fries grew strong toward the close of the ses- sion.
 Brokers look for small business to- day. and Monday on account of the triple holiday.
 There was depression at Paris which led to selling of Kafirs by that center to London, with the result of several small failures in the English market and arbitrage selling on our exchange of about 30OoO shares.
 The apparent accumulation of local traction stocks was the feature of the day. Whether there was some tangi- ble basis for it or whether it was an old trick to keep the general list sready the street was unable to make out. The latter seemed the probable theory.
 The commodity markets were far more interesting than that for stocks. There was a great scare of shorts on the cotton exchange, based on some esti- mates of low conditions of the growing crop, and there was an advance of $1.65 to S2,15 per bale.
 The rise in the call money rate to 6 per cent. had no material influence on the trading, and did not cause a rush to sell.
 Estimates of the known movements of moEsy this week indicates net loss to the banks of $1, 200, 900. The treasury was debtor at the clearing house yes terday morning to the extent of $t.279.- 0o0, which will help the banks. The July disbursement business also com- pIicates the situation.
 The Paris situation was wholly gov erned by the disquieting news from Odessa, and the market there was con spicuously weak. Berlin was infiuenc- ed similarly, Russian bonds declining sharply soon after that market opened.
 When 1t was first announced that Paul Morton would head the Metropoli- tan syndicate the Ryan stocks rose. Now that runor connects John Wal lace, late of the Panama canal commits sion, with the place. another bull spec ulation in Metropolitan is cooked up 'Arbitrage houses were estimated to have sold 30,000 shares in 8 total busi- ness of 40.00O. A good deal of the sell ing was probably from this side to help along the decline here.
 The American Hide and Leather folks will, it Is said, pay the regular dividend. When the market was weakest they bid up Metropolitan, then Reading, and so on, including Union Pacific, Ontario ana western, Copper, Baltimore and Ohio, and Erie. This was an offset to the weakness in Steel pf.. Union Pacific and Southern Pacific.
 The syndicate which has taken the $5000O, 900 of Western Pacific bonds will make their first payment of s9,5OO,0 900 on July 6, and the balance will have to be paid in sums of $5,000, 900 quarterly during the construction of the road.
 The first rise in money to 1-2 per cent. had no effect, but when, at mid- day, money loaned at 1-2, the market became dull and sagged off some.
 The weakness of Steel pf. was very conspicuous throughout the morning. It sold under 9S, with loss of 3-S point between sales.