The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-11-27
YLsILKDAY1s STOCK MARKLT
Confusion of Speculative Sentiment Dis
cernabIe in Movement of Prices.

Confusion of Speculative Sentiment Dis
cernabIe in Movement of Prices.
New York, Nov. 26.-Confusion Of
speculative sentiment was discernibls in
the movement of prices of stocks to-
day, and the activity of the trading
was contracted largely. Operations
We're left largely in the hands of pro-
fessional traders. Their confusion was
due to the failure to find any effective
leadership by important transactions, or
any appreciable following. The show of
strength after the mixed tone of the
opening was interpreted as an assertion
of power to support the market against
such pressure as developed towards the
close Of last week. The way In which
Great Northern preferred was sustain
ed after a further decline was especial
| ly effective in reassuring sentiment.
The buying which followed came from
professional traders, who thought they
read an intention on the part of power
| full operators to renew the advance in
prices When they became distrustful
of this intention stocks were resold, and
! tho course of prices was retraced on the
! last decline. The further drop in prices
of Gerat Northern ore rights when is
sued" as they are quoted In the curb,
! had large influence in turning the
market downWards again. The decline
In these rights serves to discredit the
axy fpr, r{y ~ AZ, In -
price of Gerat Northern preferred on
the speculative buying in anticipation
of the distribution The treatment Of
loans in which Great Northern prefer
red serves as collateral when the new
certificates are issued Is a complicat-
ing factor. The weakness of the new
rights on the curb would add to their
collateral for such Loans, The call
money market relaxed to-day and no
immediate pressure was enforced on the
stock market on that account. There
Is reason to suppose, however, that
financial and banking authorities are
aVerse to attempts at speculative ac-
tiVity until the money situation clears.
The movement of currency to San Fran
GAoGO GulllLiAuCOt ttAlQ PACNCNCllAo AIlQlCdtS
that this movement may reach several
million dollars. Further shipments to
the cotton regions also are likely The
conservation of the surplus resources of
the surplus resources of the United
States treasury that may be employed
for relief of the local market up to this
time keeps up confidence by their
availability on any violent sign of
money stringency. The immediate
courseof the government revenue OPP
erations is absorbing but little from the
market, the excess Of receipts over ex-
pendtures thus far this month but
reaching 50, S37 900.
There was some special strength in
Missouri, Kansas and Texas stocks due
to a supposition that they were being
bought for cntrol and connection by a
larger system. st. Poul and Union Pa
cific suffered especially In company with
Great Northern preferred, and the price
level during the afternoon got general
ly below Saturdays closing. Slight rail-
lies on short covering left the closing
tone irregular.
Bonds were heavy. Total sales, par
value, 81 ass coo.
United States Is, registered, declined
ia per cent. on call.