The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-22
STOCK MARKET FEATURES
BEARS HAD A LITTLE HOPE
e. YESTERDAY.


Markets Strong Opening Followed by
Considerable Weakness-Prices Melt
ed LittIe-Rock Island Talk-Sugar
--ProfessionaIs-Me Central
Southern Iron Companies-T. C. rs
Dividend Declaration.
With no news to speak of and with
an absence of bull rumors and tips yes
terday, the market, after opening
strong, slid off and toward the close
prices melted away easily. The bears
We're encouraged, but the theory was
advanced that the bulls would get I'M
der the market again soon. A traders
market is expected for a week or two,
or while uncertainty as to call money
continues. Underlying conditions con-
tinue highly prosperous.
Sugar was again heavy on the indf-
cation of trade depression. It is be-
lieved that there is sharp fight on be-
tween the speculative element who
siders who sold between 145 and $50.
and don't want to see a bull movement
in Sugar at present. s....-~ .-.
Continued weakness in foreign ex-
change was feature, giving a hint
that gold exporting at present is I'M
likely The drop is attributed foreign
absorption of American securities. This
absorption is fortunate, considering
the fact that the decrease in excess Of
merchandise exports over imports in
February amounted to $24,000,0o0.
Among the new securities absorbed in
Europe is a large amount of Missouri
Pacific bonds and American Telephone
bonds. About forty per cent. of the
latters issue of $25000 900 has been TAX,
en- in Europe. 49,
Dividends on Tennessee Coal and
Iron stock were resumed yesterday on
4 per cent basis. The directors de-
clared l per cent, payable May l.
There have been no dividends since
1900. At that time the stock was re-
ceiving 6 per cent. The dividend was
passed as the first step in the inan-
cial reorganization of the company and
the introduction OF the Bacon manage
ment. -
Great things are still expected, and
are again talked of, from the Rock ISL
and crowd, once it makes up it's mind
to get busy. 1t is said to be lining up.
by some who profess to know whereof
they speak, .t+.....
The break. in Tennessee Coal from 81
after the dividend was announced was
on confusion of the rate, which was
= - T. ao+
laration. a. r. -..s
There was large buying of Locomo-
tive common, and dividend talk was in
the air. ---
If the market holds reasonably firm
in other words, il it does not develop
decidedly reactionary tendencies-it is
expected that st. Paul will lose little
time in recovering the 31s per cent. div
idend which will come off Friday.
st. Paul sold close to 1872 and then
worked lower with the rest of the list.
The announcement that the company
would build a bridge across the Missou-
ri river was regarded as an indication
that work for the Pacific coast extern
sion might be carried on from this
point. Officials of the road continue to
deny that any such plan is proposed.
The stock sells ex-dividend of 3k per
cent on Friday.
After Canadian Pacific had been run
up about $50 the pool appeared to have
put in large selling orders, and to have
sold freely on a scale down. This broke
the price below 149 in the afternoon. a
Its stated that the American Smelt-
ing and Refining company has closed
deal for the absorption of the Federal
Mining and Smelling company.
The market was wholly given over to
the professional element. They bought
stocks and then sold them out again,
covering in some issues and making
fresh ventures in others, with evidence
ultimately of encouragement on their
part at the small following they in
spired.
The decided strength of Mexican Cen
trail has caused a great deal of favora-
BILE comment, and an advance of or 10
points within the next few weeks would
not, it is said cause surprise to the va
rious groups of powerful interests that
are understood to have been buying
this security for some time.
Some heavy selling of Union Pacific
was detected early in the morning, and
this brought the market to standstill
for awhile. Certain banking interests
were credited with much of the liquda-
ton in the stock mentioned, which
was regarded as significant.
There are said to be distinct indica-
tions that negotiations are progressing
for consolidation of the southern iron
companies. President Thompson, of
the Republic company, and President
Bacon, of the Tennessee Coal and Iron
company are still in New York. Pres
ident Maben, of the Sloss-Sheffield
Steel and Iron company, will arrive
there from Birmingham within the next
day or two. The annual meeting of the
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