The daily morning journal and courier., 1905-09-26
STOCK MARKET FEATURES SOME LIQUIDATION EVIDENT
 HERE AND THERE.

Stocks Went Of From to 24s Points
 Big Lot of Money Soon to be Required
 to Float Bond Issues-sEore Gold In-
 pOrts-Erie and Its New Acquisition
 -The U. S. Steel Stocks.
 Stocks fell off a little yesterday, but there was no great weakness.
 Lawson came out with talk that he was going to operate a speculative bear pool, and this helped the downward tendency.
 The bears ammunition was the talk of Erie and St. Paul being about to market large bond issues; also the fact that the New Haven road is to issue convertibles, that the Pennsylvania would soon call for $50000, 900 on it's issue of convertibles, and that Atchi- son would sop up $12 O0O on its con- Vertibles.
 All this was pointed to indication that money would grow tighter this fall.
 There was talk that the market wouldn't see per cent. money very soon again.
 The amount of money that Erie wants IS about $4O,000,000 in the shape of an issue of convertible bonds to take care of its purchase of the Cincinnati, Ham, 1lton and Dayton road and it's branch es, but official announcement was made that only $12,000,000 of these bonds would apply to the C., H. 6 D. pur- chase.
 Preparation is also being made all over the world to take care of the large Russian and Japanese loans that are impending.
 London sold 15,000 shares on balance In this market, scattered over the en- tire list. The only purchases to speak pf were United States Steel and Cana dian Pacific.
 The rumor that St. Paul was to ex- tend it's road to the Pacific coast was denied and the stock then went off.
 Erie was not helped any blythe state- nent regarding the coming issue of some $12,0O0,000 convertible bonds, SUD- posedly at. par, to shareholders, with the privilege of converting them into stock at 60
 The United States steels were very strong and resisted the downward ten- dency pretty well. Lots of 1000 to 5000 shares of Steel common were taken, but finally this issue also gave way. The condition of the steel trade and the showing of the United States Steel cor poration in particular came in. for a great deal of discussion. Estimates are being circulated in regard to the net earnings of the company for the third quarter of the year. Most of them indicate record breaking results.
 Union Pacific was watched closely, and the verdict was that it lacked &C., tive support.
 Brooklyn Rapid Transit did not re- spond to the estimate of $550,000 gross / for July and the extra 1000, 900 passen- gers carried last week during the car niva1 at Coney Island. Many think that at 70 itr is high enough for non- dividend payer.
 Canadian Pacific held well for a time, but finally joined the procession in the downward trend.
 IiG IIOhDlSS U1 u &AdIl9cLS S1ly UG1tth had slight effect in helping the bear ish feeling.
 The bucket shop element was active for lower prices. Plenty of tips of a fall in prices were heard.
 Louisville and Nashville was not so giddy yesterday with it's three-point drop.
 No end of tips were out to buy Steel common. A large pool, it is said, oper- ating here and in London, has been formed and is getting the public back into the stock. The preferred, it is ar- gued, will sell on a five per cent basis.
 At the close yesterday it became known that $1;8o0,0oO more gold had been engaged for, this country, and, besides this, $S,oO0,OOO or $4,O0O, 900 more gold is on the way here. In spite of this, however, call money rose to 41-2 per cent. yesterday. "