The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-31
STOCK MARKET FEATURES
SOME DEPRESSION DUE TO SEV.
ERAL CAUSES.

One the Hitch in Peace Negotiations
Another the Expected Two Dollar
Tax on Stock SaIes-O. 6 w. Lively
Bull Points ON Rubber-The Rise
in Leather Preferred-Pennsy'sC Con-
yertibIes-OutIook for Call Money
Much DuIIness.
The market was dull and faltering
yesterday owing to several causes, one
the hitch in peace negotiations abroad
and another the expected stock tax of
81 per 100 shares. The latter reason
was strongly put forth by the specula-
tive community and it had decided
influence. The doubt as to the peace
negotiations was clearly reflected
abroad, especially in the Paris market.
The stock tax bill is apparently to be
put through at Albany. Spectators
assumed that the stock tax bill will
now become law. The decline in
prices during the morning reflected the
withdrawal of traders and absence of
buyers to take what they threw over
except at concessions.
There was more accumulation of On
tario and Western yesterday. It was
one of the most active and strongest
stocks on the list. ..<- s.>......
Perhaps the reluctance to become en-
thusiastic over the prospects of the
standard railway group had some con-
nection with the leadership assumed
yesterday by such speciaIties as Lead
Trust, Standard Rope and Irvine, Rub
Der Goods, Leather and others of the
same category. .r
ID Stocks were firm in the late trading
with the southern steel issues leading
and with considerable buoyancy in
Union Pacific and st. Paul, but trad
ing was light. ...
Bull points on the United States Rub
Der shares came thick and fast, the
room said, from insiders. The company
expects to- show such earnings over and
above the preferred dividend require
ments that a bull campaign on the
common is said to have begun. The
Rubber goods stocks were actively
manipulated by the same bull clique
that has been working them for some
days past.
The sharp rise in United States
Leather preferred stock to 109 1-2 dur
ing the morning, while the preferred
stock certificates of deposit sold at 106,
were generally assumed to mean that
the interests who are putting through
the new plan are accommodating the
stock, though this, of course, was pure
guess .l@
The market was so dull at times that
the room had ample time to talk. This
one topic of conversation was the stock
tax bill.
Il The recent strength of Lackawanna
was accounted for by the action of the
directors yesterday in placing it on a
10 per cent. annual basis. More yet is
expected.
Bankers said yesterday that the joint
underwriting syndicate of Kuhn, Loeb
& Co. and J. p. Morgan & Co. might
not get many, il any, of the 500, 000, 900
8 1-2 per cent. bonds of the Pennsylva-
MIA Railroad company, as the stock
holders are likely to avail themselves
of their privilege and take them all.
A popular view was that If the stock
tax bill is passed, the first proceeding
will be to try to upset 1t in the courts,
on the ground of unconstitutionality.
A point was made that stock sales
themselves would not be taxed at a
uniform basis. If 81 were imposed on
all alike, the low priced shares would,
of course, get the worst of it. The man
who sold 100 shares OF American Malt
ing common at 7, having market
value of $500, would be taxed as much
as man selling 100 shares of New
York Central at 161, having market
value of $16,10O, yet the latters proper
ty value would be more than twenty
times as great as the former.
Calculations made as to Readings
earnings are highly gratifying to
friends of the stock, wohse bullish fer
vor shows no signs of abatement. These
calculations indicate that Reading COM
mon is earning over per cent. as COM
pared with ga per cent. for the late
fiscal year.
There were rumors that the New
York Central would soon sell $10,000,-
900 block of the 4 per cent. debentures
of which $2S,000000 of the authorized
s50,O00,000 have already been marketed.
Standard Rope and Irvine incomes
were one of the features of the bond
market, with what was considered buy
ing of them by interests identified with
the reorganization. There was a report
that the new financial plan would be
less drastic than supposed.
The concensus of opinion was that
call loans would rise about per cent
but instead of this there was a decline
from per cent. down to 2 IA per cent
on large offerings by some trust COM
panies and individual capitalists The
banks have lost to the treasury thus
for this week $S,7OO,o0o, but exchange
at Chicago has turned in favor Of New
York, and considerable remittances are