The daily morning journal and courier., 1906-04-18

Pennsylvania and N. IG w. Were Lead
 ers-Heavy Selling in London-The
 Strike Talk-A Big Bull Market Now
 Not Compatible With Money Tight
 ness--Time Loans
 Yesterdays market was an uncertain one . It opened with spirit, led by Pennsy and Norfolk & Western, but weakness ensued later in the day. and prices fell off.
 Tips we're out Monday that Amal- gamated was on it's way to 200. It stopped ons the way, however, yester day, and although the copper demand is big 1t will probably be some time before 200 is reached.
 Probably the main deterrent yester- day was the prospect of an order from the leaders of the anthracite coal min CTS for strike. The opinion still pre- 4 vails, however, that a strike will not rAbe an active influence in the stock Elarket after the first few days. M A lively bull market just now would ln up against a money squeeze again. rJhe burnt child dreads the fire. IT. Money loaned at 3 and 4 per cent. 'asterday, and some more gold was en- vaged in London yesterday, despite the g;ttes of foreign exchange and that of Ear gold.
 bs The decided easing off in money ates both for call and time loans, had rfpparently no effect on sentiment n4 A good start was made by the mar Set under the leadership of Pennsyl- lvania, which was heavily bought up to 5143%. New York Central, Union Pa .clfc, Reading and few of the indus trial specialties advanced. This brief / spell of strength was broken by the de- cline in Consolidated Gas to a new low record by the heavy offerings of such influential shares as Amalgamated Cop per.
 There are few greater mysteries than Consolidated Gas. What the directors will recommend is pure guess. Opin- ions range all the way from a per cent. rate to an annual payment of only 2 per cent
 The heavy buying of Pennsylvania was regarded as move made in order to take profits on in other issues.
 The moving up of Pennsy 1t was said, was part of plan to check the liquidation in the SA per cent. convert ibles. They benefited by the gain in the stock
 Some time loans extending into next year were made at q 5 per cent. basis yesterday, and short loans were reduc- ed to 44s per cent. for sixty and nine ty days.
 The best buying of Steel common on the decline was by brokers who gen erally act for the bull interests.
 Butterick company stock recovered in about the same way as 1t declined Monday. It sold at 50 against 40 Mon day, and then moved to 52.
 Union Pacific and Amalgamated Cop per, two recognized Headers" of the market. were weak most of the morn ing Thus 1t seemed clear that the in- terests who participated In the rise in should be showdown.
 The transfer of securities back from London to New York as reflected in sales here for foreign account, is ex- pected to have a direct effect on the money market necessitating expansion of loans by local institutions. It is es- timated that fully 100000 shares of our stocks were transferred to London dur ing the last thirty days, representing some $15,000.0 900. The addition of this to the New York loan market is not viewed with equanimity by local bank CTS.
 Between April and October last call money cost most firms % per cent, and between October. 1905, and April 15 this year, something over g per cent.
 will come off on May 1. and some of the days buying was based on antici- pated profit of at least per cent. on  present purchases.
 Foreign exchange experts figured that the new gold import point as established by Secretary Shaw's ruling making it possible for bankers to for go interest in transit on gold engage ments was fully half cent belof to- days level Of exchange. In other words sterling would have to sell down nearly to 4.S5 flat to make it possible for bankers to bring over more gold at 9rof1t. ..
 The bull element, on the other hand, pin their faith in higher prices on ul- innate recognition of the enormous prosperity of the country which secur- ity prices have not yet discounted.
 Stocks exhibited a good deal of weak ness early in the last hour. but stead fed somewhta after a fall of 1 to 1 F points for a majority of active issues.
 The manipulation of American Ice Securities stock is looked upon in con servative quarters as leading up to the inevitable break and loss to those now dazzled by the continued daily ad- Vances,
 Dr. Curtis B. riley has sold his resi- 5apre at 9S fNrO1pv sfrnat to Eliza heth