The daily morning journal and courier., 1905-04-24
STOCK MARKET FEATURES
LIVELY INTEREST AS TO WHAT
 WILL HAPPEN TO-DAY.

No Serious Further Slump Anticipated
 Earring Unexpected Developments
 The |. s. steeIS.
 Guessing is going on to big ex- tent as to how the stock market will open to-day, whether up or down, and as to what stocks will do-U. F., l.. N. and the rest of the active ones in par ticular. The stiffening of money to per cent. at the. end of the day last Thursday was only local matter with a few fellows who hadn't attended to getting their money over the triple hol- iday until the last few minutes. There seems to be no cause for high money rates.
 A large amount of stock has gone from weak to strong hands, and as consequence the general position of speculation is far more healthful than it was a fortnight ago, although there doubtless are many weak spots left in the market. With the elimination of the latter resumption of the upward movement ought to take place, and the largest brokers in the street advised, as a rule, in their market letters for the week, the purchases on any decline that might develop in to-day's opera tionr.
 The fifteen drop in New York Central, the loss of nearly eleven in Union Pa cific and over nine in St. Paul sug- gests some pretty severe readjustments from recent levels.
 Capital is not tied up in unsala5le securitiss-pledged either to syndicate commitments or to bank loans. It is free to go into the general market as soon as prices have had a suitable set back from the eXtravagant heights to which they were carried by recent speculation. The market can safely count on this solid reserve of invest ment funds to guard it against any thing approaching panic.
 Whatever Wall street has real cause to fear in the immediate outlook is due at bottom to it's own speculative ex- cesses. The situation otherwise is as sound as ever.
 The irregularity of the market the past month and the sudden changes in it indicate that there is a good deal of shifting of ownership and probably. a considerable amount of liquidation by the large interests to the public and speculative operators. s The statement given out by very prominent banker, that there was no Union Pacific "deal'' of any kind with any other road, made the street simi- larly assume that the New York Gen. l tral deal had been indefinitely post l poned. r. A healthy feature of the New York banking situation was the increased in quiry for commercial paper from both local and out of town institutions. Ow- | ing to the activity in general business there was a larger emission of paper at the outset, but the absorption was 50 liberal that the supply at he close was greatly reduced, with the assort- ment of names much broken; The per cent. for indorsed bills receivable and choice and prime, single names. These quotations were also the current ones throughout the week.
 | The U. s. Steels stood up as we'll as | anything on the list in last week S slump. There is talk among optimists on the Steels that Steel preferred will not rest until it climbs up to 14O This theory is held on the ground that Steel preferred has demonstrated its ability to pay per cent. through thick and thin.