The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-23
STOCK MARKET FEATURES
TALK OF HIGHER INTEREST
RATES HELPS BEARS.

Had Innings-New York CentraIs
Poor March auarter-NO @DeaI" Ma
teriaIszes-Pennsy's Big Order for
Motive POwer-COnservatism
Heavy-L. Ms Big Earnings-Other
Gossip.
Again the money question and prob
ability Of higher interest rates in the
near future was a potent influence in
the market in the direction of lower
prices and the report that trouble was
threaten with Venezuela was used as
a handle also. The bears had some
success yesterday and made inroads
again on the price of Union Pacific,
New York Central and dozen other
stocks and the Steels were also heavy.
There is a very general disposition
abroad to reduce commitments pending
the developments of the future, and
this same disposition prevaile in the
local stock market, where there was
considerable belated liquidation, espeo'
tally late in the afternoon. Increased
firmness in both call and time money
not only accelerated liquidation, but en-
couraged some aggressive demonstra-
tions.
Although negotiations have not yet
been completed, it is understood that in
all probability New York banking insti-
tutions will participate heavily in "a
new Japanese loan about to be floated.
The break in Corn Products stock had
an influence as 1t showed one weak
point in the industrial situation. The
return of Tennessee Coal common
stock to a dividend basis is ignored.
Attention was called to the fact that in
recent weeks efforts have been made
to boom Corn Product shares in GER
tain newspapers. .....E e
Reports that no action would be TAX
en- in the matter of dividend on
Southern Pacific until the autumn and
possibly not then, undoubtedly induced
most of the selling OF the stock and
some of that in Union Pacific.
G. j. Gates & Co. are quoted as say
ing that they would not be surprised to
see lower prices. but that there has
been no unfavorable news on good
properties. '.> e.. ~. -.
Southern Railway preferred sold at
par. This is the best price ever re-
ported for it. ...... .<-.
Two stocks in which the pools did
their best to prevent a decline were,
New York Central and Canadian Paci-
fic. Much curiosity was manifested as
to how long this supporting process
will be continued in view of the fact
that neither of these pools is supposed
to have the backing Of leading inter-
ests IN the arrangements.
The weakness Of Steel pf. and the
sinking fund bonds attracted much at
tention on account of their influence
on the rest Of the market and because
of the large pool operations that have
been conducted In them recently. The
story was current in the street that
previous to his departure for Europe
Charles M. schwab had been heavy
seller #4
Stocks developed a good deal Of weak
ness III the last hour, selling down to
the lowest prices Of the day, represent
ing losses of Q to points. Some of the
issues with which Standard Oil inter-
ests are popularity supposed to be fden-
titled namely, Union Pacific, Southern
Pacific, st. Paul, United States Steel,
and Amalgamated Copper-were partic-
ular!y heavy.
New York Central declared the usual
/ Ia per cent. dividend yesterday, but
nothing was heard of any deal" The
report of earnings for the March quar-
ter were poor. The company's state
ment for the quarter showed an in
crease of 81, 21s,oOo gross and $685. 900 net
but partly through decrease in other
I income and an increase in charges and
taxes there was deficit after the div
idenG of $959,000, a decrease of $1,000.
The March quarter is usually a poor
one, and this year there was one day
less In February than last year. The
Chicago ana Northwestern reported a
gross decrease for February of $40, 900.
I These were the only railroad reports of
any moment that came to hand Direc-
n tors present at yesterdays meeting dis
claimed any knowledge of the plans of
enlargements oriof new alliances that
q have been so much discussed during
4 the recent buoyancy Of the stock. There
was point around at midday that the
stock would lead general rally.
The decrease in Northwestern's Feb
ruary gross earnings of $3O5,S18 illus
Il trates the traffic conditions which the
weather of that month imposed on rail-
4 roads in that section.
f The continued decline of Northern
Securities ON the curb with price of
Il 157 rs midway of the afternoon was re-
4 garded as a clue to the intentions of
4 some of the principal market operators.
b They preceded their transactions in the
II general market by putting up Northern
d Securities during a number of days, be-
II ginnig from level more than 40 points
Il below the present price. Now further
81 setback is looked for.
The Morgan group of stocks is said
Il to be in greatest favor among operators
X on the London market, where a. sub
q stantial movement in Erie is considered
81 near possibility. Recent building Of
II the Steels has been quoted as of any,
q thing but the speculative character OBJ
81 servable a short time ago.
81 It is confidently expected that the
q earnings Of the Louisville and Nashville
4 Railroad company wifi, on April begin
81 IA show large increases, Careful ec+;