The daily morning journal and courier., 1905-12-05
STOCK MARKET FEATURES
MARKET HELD FIRM IN SPITE
 OF RUSSIAN TROUBLE

Panic In Russian Securities Not Heeded
 -IndustriaIs Were the Most Active Features Again but Nickel Plate
 Rose Sharply AIsO-Great Excite
 ment in the Cotton Market on Recep-
 tiOn of Government Report-SwIft &
 Co. to Increase Its Stock S25,OOO,OOO.
 The strength of the stock market yes- terday was rather surprise to many in Wall street, in view of the panic in Russian securities and the low state of New York bank reserves.
 It looked as if the market was strong ly supported to avoid a drop or because the foundations are 50 strong that high CT prices must come later on, when the pinch as to money is over.
 The industrial stocks were a feature again yesterday. National Lead made a new high record. American Locomo- tive, VirginiaCarolina Chemical, the equipment shares and Amalgamated Copper were active and strong.
 The report that the presidents mes sage would contain radical recommend ations limiting the state authority over 1 industrial corporations and increasing government supervision seemed to have little influence.
 | Nickel Plate issues were strong, with a rise of from to points in the com- mon.
 As to the Russian bonds, a Berlin dispatch says: Russian bonds had one of the worst days of the year on the Berlin bourse. Enormous quantities of government and railway securities were thrown upon the market, apparently at whatever they would bring. The heav- jest fall was in state rentes of 1895, (which lost per cent. The Russian loan of 1905 subscribed for in Germany fell points. The drops in railway se- curities were somewhat less than in the case of government securities. Specu- lative selling of St. Petersburg ex- change assumed new dimensions. De- cember bills sold down to 21S.25 and Jan- uary down to 2101A. Pear is 216. Fear is expressed lest the St. Petersburg treasury finds it necessary to avail it. self of the resources of the imperial bank to such an extent as to impair the gold standard"
 Notwithstanding the European news.
 there was little liquidation apparent in our market.
 The report of the Shannon Copper company intimates that dividends are likely to begin soon. However, the manager reports continued reduction
 in the grade of smelting ore,'' which in
 itself is not encouraging.
 Chesapeake and Potomac Telephone , stock-a Washington stock-had an ad' vance of 6 points yesterday on the bid
 price and was quoted at 56 bid, 57h
 asked.
 There was a big bulge in cotton or , the reception of the government report at about 1 o'clock. The government estimate of this years cotton crop is 10 .167. SIS bales. In New York prices jumped up at once from 40 to 50 points , The government report was regarded
 as very bullfsh. The news had a fal
 greater effect on the New Orleans mar
 ket, where prices went up 125 to IA
 points for some of the options, witt January there jumping from ll.6e U l 12.40 and March from 11.S5 to 13l3, anC - May to 12 cents from 1S.45. In this l market the prices just before the pub | lication of the report were on the basil ) of 11.35 for January, March 11.75 ant
 May 11.SS The first trades made fol
 lowing the publication of the govern ment's figures were January 1l.S5 s March 1920 and May 12,So. The Nev e Orleans quotations were over cen c per pound higher than these advanced
 prices, whereas the two markets befor
 the publication of the report were sell
 ing practically on ever terms. Later n however, this abnormal difference wa t. adjusted by break of 80 points in tn ,- New Orleans market from the tor g while prices here sold off only 30 point