The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-01-23
FEATURES In WALL STREET
RUSSIA'S THRoES MAY DOMI-
NATE THE SITUATION.

IN @a11A-SOAAC DAsdpnOlutcu
BuIIs-ReasOns for Saturdays Selling
A London dispatch last night says:
The stock exchange became sluggish
with considerable uneasfness at the end
of the week, resultant ON the disturbed
condition of affairs IN Russia. Contin-
entail bourses becoming weak accompa-
MED by selling pressure from that
quarter, considerably depressed the for
eign section here, (which recently had
been upheld by purchases in Paris and
Berlin. Despite the fact that plentiful
supply Of money is available for in
yestment, the public is still holding
aloof, pending more settled conditions,
though shade more interest was man
ifested the last few days in Americans,
which were, comparatively bright and
firm against adverse conditions, the
eoalers, perhaps, showing most
strength. The Reading shares marked
a substantial rise on the week, due to
the reported smallness of available
stocks of coal and persistent support in
New York. Kaffirs have been unsettled
and weak, owing to continental sales
and false reports of strike Of Chinese
coolies. =
Henry Clews, noting the advancing Of
one stock and then another in the
market, sounds note of warning, as
he says stocks have been steadily pass
ing from strong into weaker hands;
and the big banking interests are not
| actively committed to the long side.
They believe that all the strong factors
in the situation have been discounted
by present high prices, and the good
news about increased dividends, etc.,
having been known TO them for weeks
past. Anti-railroad, antitrust and anti
tariff agitation do not promote conf
dence. Moreover the situation abroad
requires watching. Russia, in the
throes of war and of revolution, the
cars life in danger from the mob, are
terrible strain to Russia's financial
credit, and should a break come all the
financial markets of the world would
feel the blow. Those working for a
further up turn in our stocks may get
them higher, but the situation threat
ems sharp reactions. ;. @
Robert Goodbody & Co. say, after re-
viewing the prosperous state of the ma
| ton, that the sky is clear so far as the
next few months are concerned, and
1--WE cannot but feel that the values Of
railroad securities will continue to grow
during the greater part of this year."
Disappointment is expressed in Wall
street at the assertion of the leadership
which was recently manifest in the adj
vance OF Union Pacific, and which was
accompanied by a considerable increase
in commission business. The idea is
brought out also that the outside in
terest is unresponsive in the market. /
It was half expected that when q.
F. was shot up SO confidently that 9TH
er large operations on the long side
We're to be Forthcoming. But this did
not appear. %
1t is stated that there is high au-
thority for the statement that much of
the selling on Friday and Saturday was
for prominent bankers who are associ-
ated with the Hartman interests. The
sales for their account have been largr
est in Southern Pacific, Pennsylvania,
Union Pacific, Atchison and B. & o.
There is reason to believe that strong
western interests are heavily long of
these issues ana that 1t is desired to
stop the plunging operations of a Ger
tain clique which was very active on
the bull side Of, the market last De-
cember." .,IES ~
Foreign houses were not active fac
tors in, the local market Saturday, their
operations generally being on the selling
side. In the London. market prices
were lower, the market being adverse
ly affected by the st. Petersburg sit
uation. 49, ~
The demonstration III Union Pacific
was attributed largely to the Gates
crowd. There seemed to be lot of
stock for sale at 100, more, at Least, than
the bull party was willing to take. ]
4 Saturday the Cambria steel company
at Johnstown, Pa, closed a contract
with w, P. Snyder, and company for
the purchase Of 10000 tons Of Bessemer
and basic pig iron for its mills = in
Johnstown.s This is the largest single
transaction that has been. made in pig
! iron for several. months The price paid
was $15.50 per gross ton free on board
at the furnaces. Deliveries viii begin
at once.
The bank statement was the signal
for selling Saturday and the advances
of the hour before were quickly wiped
out.
Charles G. Gates & Co. says: 1.-THE
character of the buying was more or
less obscured Saturday by a movement
later on, induced by specifically mega
tive bank statement, as we'll as to an
evening up movement in anticipation of
alarming internal disturbances develop
ing in Russia over Sunday, which are
expected to stimulate the selling of
stocks for London and continent ac-
count, and reflect unfavorably on our
market on Monday. We are inclined to
believe, however, that these fears are
somewhat premature, and that, making,
due allowances for reactions inseparable
in stable market, stocks offer SPLEEN
did opportunities to the purchasers on
the recessions."
BICYCLE CLUB BANQUET.
Annual Affair at oneeo Tomorrow
=, Evening.
rrt,o a,.,,o1 IN H.. NJ. RI