The daily morning journal and courier., 1905-05-20
STOCK MARKET FEATURES
4 NEW LOTV RECORD FOR THE
 FEAR IN STEEL COMMON.

Various Other stocks weak-Bears Again on Top-An Exciting Day Heavy Selling of steeIs in London Heavy Pressure but Some Stocks Stood Up weII-Pittsburg Sold steeIs Western seIIing-Foreign situation. There were lively times on the stock exchange yesterday. The bears were on top and the Steels were again ham mered, and Steel common. made a new low record.
 On the London exchange there had been declines extending to 1 or 11s points in United States Steel, St. Paul, Canadian Pacific and other issues. Pri- Vate cables reported stampede there to get out of these issues, with scarcely anybody wanting to buy.
 In the New York market 17,0OO shares of United States Steel common came out at once, all the way from 27k to 27, as against a closing price on Thursday of 2S, and at the close the stock dropped to 261s, making a new low record for 1905. N.-.
 Considering the heavy pressure to which they were subjected, the major ity of the railroad stocks made a re- markedly good showing on the day. This comment apvlied particularly to Louisville, New York Central. Balti- more and Ohio, Southern Pacific and the Gould southwestern shares. What losses there were in this quarter were very slight. +E44.
 The elimination of the Hartman in- terests from the Northern Pacific direc- tory had good deal of effect, stimu- lating belief in some quarters that rate disturbances may break out because of rivalry between the Hill and Hartman railroads From banking sources came the claim that there was not discord in sight, but harmony.
 After partial rally in the afternoon, due to two-cent recovery in wheat and a partial cessation of liquidation, stocks broke again shortly before the close, some of the lowest prices of the day being seen. United States Steel, St. Paul. Amalgamated Copper and Union Pacific continued down under pressure. The western selling based on claims of damage to the crops slackened and some short covering appeared when wheat opened to 1A off, and the whole market later felt the influence of fur ther break to ? cents and 2h cents in grain.
 A prominent feature of the day was the heavy selling in this market for for eign account, total sales from that quarter being estimated at more than 100000 shares, ons-half of this being United States Steel. Several operators on the other side were reported as in trouble and compelled to liquidate
 Locomotive was weak down to AT, or four and half points under Thurs days highest
 At London the market was affected by fears of complications arising from the disappearance of German finan- cfer, which caused much excitement in Frankfurt. -a.-E <. ..4.. During the greater part of the day the local fractions were fairly firm, with Metropolitan leading. This was due to the expected construction of tun- nels by the company giving is some ad- vantage, so it was claimed, over Inter- borough interests.
 Of the less active industrials Shelters showed the largest dealings. About 10000 shares were traded in between 1145s and 113. There was strong ef- fort to keep it from breaking.
 Heavy liquidation of the Steel stocks came from Philadelphia and Pittsburg, as well as from London As the day wore on the traders felt more bearish because the market had shown so little rallying power.
 The talk about a setback in the de- mand for pig iron and some branches of the finished steel trade was the cause of much of the selling of Steel. Efforts were made to have it appear that these reports were very much overdrawn and that bear operators did much of the selling for the purpose of disturbing the remainder of the list. There seemed to be a good deal in this theory.
 It seems that London, Paris and Ber- lin have been considerably upset by the announcement of the Panama canal commission of it's policy regarding pur- chases of supplies, and that this, with the reaction in the iron and steel trade, ldS3 IUuIlu SWGcth 5pECuidLlNG# #ctCCUuhl5 III Americans in Europe vulnerable to at- tack. ss~ --s There were but small rallies and only members of the exchange could hope to profit by turn of A or B point, which was the amount of the rally in good many issues. Some, like St. Paul, re- covered considerably more than this.
 London's losses on Steel are believed to be very large, and the downward turn in it will do a great deal to react on our position, as Steel has been we'll regarded since the improvement in the trade and in the market situation be- gan.
 A Chicago dispatch says: The south western railroads are preparing to ap- ply to the federal courts at St. Louis for an injunction restraining the rail- way commission of Texas from enforc- ing it's recent order that the railroads make a reduction of five cents per 10C pounds in the freight rate on cotton. If compelled to make such a reduction the railroads in Texas would lose over $1,- 00O000
 A story that was 1oated yesterday was that William Rockefeller, who is