The daily morning journal and courier., 1905-03-29
STOCK MARKET FEATURES
VARIABILITY AND UNCERTAIN
 TT PREVAILED.

Attributed to, UnfavorabIe Surround
 ings of the European situation--L.
 and Ms Bond ncrcase--NotabIe Re-
 sumption of Harmon. Between Two
 Great Firms--The Consolidated and
 O.-W.--st. pauI's Denial of Proposed
 Rig --Prognosticatfons.
 The stock market was agitated, un- easy, variable apd uncertain. This state of affairs is attributed to the unfavor- able surroundings of the European sit uation, which resulted in the selling of over 50,000 shares of international stocks in London. A stfffening in the rates of both call and time money ap- peared. This was generally expected in view of the demand that will converge upon the market over the 1st of April. No sanguinary times are expected, however, in Wall street, as the money question, experts think will right itself in a little while.
 Some of the Wall street experts are disposed to believe that the market is in for further drop as the recent rally was tooVolatile and lacked substance.
 The report that the government would soon withdraw large sum from the New York banks "cut some ice" but a denial of this came late in the afternoon, the statement being that the withdrawal would be deferred until lat CT on.
 To many observers the market seem- ed in the afternoon to be in a condition described technically as "oversold"
 Stocks rallied in the last hour under the lead of Pennsylvania, which was taken in blocks of 2,0O0 to 4,000 shares. Tennessee Coal was also strong. The grangers recovered a part of their early losses, but they became dull on the rebound. The selling pressure seem- ed to be temporarily over. Afternoon trading as a whole was rather quiet.
 The question raised as to what will happen if American stocks transferred to London because it was cheaper to 'carry" them there should decline seri- i ously. The popular belief was that all these stocks would be shifted back again to New York, perhaps because of the necessity of disposing of them for what they would bring. More than one pool, it was reported, had negotiated loans in London of the character men, tioned.
 Consolidated stock sold at POI 1-2 in Boston yesterday.
 Union Pacific had the floor" again yesterday and the total sales of this stock amounted to 130,0OO shares up to 1 o'clock. On the decline much margin ed stock came out, bought when the stock was up at 1855 or so.
 It was predicted last week that the buying after the short interest had been ! satisfied would determine the future of been weak enough.
 It was learned yesterday that J. P. Morgan & Co.,, are to cooperate with Kuhn, Loeb & Co. in bringing out the forthcoming S100,0OOOOO Pennsylvania bond issues; $5O,OOO,OOO of which was authorized by the shareholders at the l Philadelphia meeting yesterday. Joint actlon by these two banking houses in bringing out the Pennsylvania issue has ! unusual significance, and it is believed l marks the settlement of the feud grow l ing out of the Northern Pacific corner and the later difficulties attending the I adjustment of the Northwestern merger dispute. Following the entrance of l Presldent Cassatt of the Pennsylvania Into the New Haven boar&, aud MT.