The daily morning journal and courier., 1907-03-23
STOCK MARKET FEATURES
WEAKNESS AGAIN FIFTH BEARS
 ON TOP.


 Erie Shares Knocked Off From to 10 Points - Canadian Pacific. TumbIcs AIso-Renewed Liquidation and No Buying Power in Evidence--Gossip of the Day.
 Stocks slumped again yesterday. There seemed to be no support, no buy ing power, and the bears had it all their own way.
 The Erie issues were attacksd. The reason given practically was that the company wasn't going to issue notes wasn't going to raise funds to make improvements with. The bear argu- ment in drives at various stocks here tofore was that note issues were being made.
 Then, too, there were unfavorable rumors from abroad as to houses and individuals being crippled.
 Erie first preferred fell to 60. The second preferred went down ten points, to 56. It sold at IS 1-2 in the summer of 1905, after the four per cent. divi- dend was declared.
 The decline in Erie was directly due to the action of the company in stop ping it's improvements in the state of New York, and utteranees of uneasi- ness over the proposed legislation in | this state, which is calculated to af- feet railroad interests adversely, But not all of the selling represented liqui- dation of long stock.
 The stocks that were most affected by this relapse were Southern railway, Union Pacific, United States Steel, Louisville and Nashville, the Hill is- sues and Atchison. Liquidation was principally in those stocks, with lim- tied market. The declines elsewhere were largely the result of speculative selling in the effort to uncover stop loss orders.
 Nothing ne wdeveloped to account for the setback in Southern Railway shares, but the selling was thought to have emanate1 chiefly from men who wanted to depress the market. There has been an absence of support in them for many months.
 As to the huge buying of late of odd lots of various stocks it was learned yesterday that the Chicago and North western the past few days has split UT S5,000 shares of it's stock into fractional lots. Easily $50,OOO,OOO of investment money has gone into the market the past week.
 The violent break in Northwestern coincident with the announcement that the new stoc was ready for delivery appeared to indicate that this circum. stance was just what many people were just waiting for, so that they could deliver the actual certificates rather than be compelled to borrow shares of company which in the pas have been easily cornered.
 All of the international houses hat cables indicating some uneasiness over next weeks London settlement. Tht decline from the last making-up price! will average from to 8 per cent. This | ie, ;xato ital
 A report was current that variou, capitalists were shifting from Penn sylyania railroad 5 per cent. notes tt the eompany's convertible bonds O 1912. It was figured that the yield O the latter, at current prices, would b only trifle less than on the notes and that, with a five year call on tn stock at 14O, which the bonds gave, tn speculative possibilities looked attrao tive. The notes were quoted to-day a 98 1-S to 9S 1-4.
 The increase of 1 per cent. in tn preferred stock of the Distilling com pany foreshadows rate of per cent on Distillers Securities next month
 In Boston yesterday the market wa the dullest and narrowest of any thu far this year. Price changes wer small and the tone was easy, thougI no special feature developed. New Ha ven railroad sold at 17S
 Canadian Pacific stock was beate by the bears, who have considered tha It was 20 points higher than the pric of Great Northern, Northern Pacific St. Paul and Union Pacific justified