The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-08-02
STOCK MARKET FEATURES
WEAKNESS WAS PREVALENT
TOWARD THE CLOSE.


Good Gains at First-SteeIs Were
Very .FIrm-FavOrabIe Crop News
Gossip Here and There.
Again yesterday the industrials were
active and strong for time, also some
of the railroad stocks, such as Three
C.'s, but in the latter part of the day
prices slinaped off all except the United
States Steels, which were very firm.
The United States Steels figured con-
spicuously in the days operations, be-
Ing steadily absorbed on continued ex-
.cellent trade conditions and reports of
some large impending orders for steel
rails.
One view expressed yesterday was
that the market is entitled to little
further setback this week.
There was little doing in the railroad
stocks except in Northwest, which rose
215, and minor shares of the Vanderbilt
system, like Canada Southern and c.,
c., C. and st. Louis, which gained 25s
and points, respectively, and 800"
common, which moved up points.
looked like realizing by the pool.
There was early prof1t-taking in the
active railways, with slight recessions,
followed by recoveries when wheat de-
clined about cent on favorable
weekly government report as to the sit
uation in the northwest.
While bull tips on Union Pacific con-
tinued to be heard, there was enough
selling by good houses to make the
traders hesitate to take the bull side.
The weekly government crop report
was favorable for spring wheat. No
rust damage was reported, except from
scattered fields, and harvest operations
were in progress in the southern spor-
ton Of the belt. Of special Importance
in the report, however, was the fact
that in the principal corn states the
growth of the crop has made excellent
progress.
Another new high record was made in
Shelters common above 1851. But the
enthusiasm in this stock abated.
The fact that prices for the majority
of important stocks are close to the
level of two weeks ago, and in some
cases considerably lower, will surprise
many people who have supposed that
the level was rising uninterruptedly.
Atchison's June report showed big
gains-Athe largest in the roads history
at this time of the year. The full re-
turns for the fiscal year show total
gross of SOS, 375, 900, which is the record,
and nearly $9,500,000 gain since 1902.
On the other hand, the heavy expendi-
lures and large operating expenses have
cut into the net and surplus, both be-
ing about 100000 less than last year.
Compared with the gross gain for June,
the net result was small.
The late selling yesterday, like the
recent buying, seemed to be purely
speculative.
At the opening Copper was the most
active stock, with $500 shares quoted
from 84a to 84%. Later it rose to 851s
An effort was made to make a leader of
1t, but selling by some houses that have
been quite bullish until now checked
the advance. Another advance in the
price of the metal" took place yesterday.
Louisville and Nashville and South
ern Railway common were strong, de-
spite the spread of yellow fever at New
Orleans, and Illinois Central held we'll
An interest close to Lackawanna said
yesterday that there is no deal on foot,
nor is there any melon cutting" con-
templated in the near future, so far as
his knowledge goes. He asserted that
the stocks rise has been based on
earnings Little or none was offered
for sale.
The buying of Southern Pacific re-
funding fours at 961a is by the same
houses that absorbed all of the 95% Of
ferings. There have been large blocks
taken at 961a.
e The Erie shares continue heavy The
second preferred sold at "a yesterday,
with the specialist supplying the stocks.
Those who bought before the rise were
evidently bagging their profits.
The market at the close hfad not rail-
lied much from its low points, but it
was steady and showed little selling
pressure.
The net earnings of Lackawanna
after fixed charges during the six
months were more than 20 per cent. on
the capital stock, taking no account of
a large amount of money spent for new
construction and betterments which
came out of net earnings. If these ex-
penditures had been deducted the
showing would have been much better.
One of the views as the United States
Steels expressed yesterday was: 81 am
half afraid that before long it will be
found that we are having altogether
too'much good news from the iron and
steel industry. 1t frequently happens
that developments pile up in way
which force the pace and result in a
breakdown that is not foreseen. The
Steel stocks are worth all they are sell
ing for, and more, too but that is no
guarantee that something will not hap
pen to give them setback"