The daily morning journal and courier., 1905-04-10
STOCK MARKET FEATURES
WAITING THE OUTCOME OF NAVAL FIGHT.

avaiting to Hear from U. P. Officials Good Report on Wheat To-day Ex- pected-BuIl Talk on Several Stocks
 -Conseryatism Advocated by Some Other Gossip About Stocks.
 The impending naval battle produced a waiting attitude Saturday. It was argued, however. that judging from the past the Russians will get whipped and thus the outlook for a speedy peace would be favorable. Then, too stocks had a little natural reaction Saturday as the rise of the past week in many stocks had been pronounced. All the leading railroad stocks. such as Atch- ison, St. Paul, New York Central, Illi- nois Central, Pennsylvania, Union Pa- cific, and Southern Pacific fell point or more, and while the drop in the in- dustrials was less noticeable there was marked weakness in the Tennessee Coal and Iron, Peoples Gas and Na- tional Lead shares which have all re- gently been very active and strong.
 Big bull talk on Canadian Pacific continues. Net earnings of 16 per cent. per annum are announced as in the line of probabilities in the near future.
 Toledo, St. Louis and Western is men, toned as an independent property of great promise, and it is said that there is excellent buying of the stocks of this road. -,.1.-. -.---
 One of the brokers on the floor whose views may or may not have reflected the opinions of his chief, said the mark ct looked like going higher but prices, generally, he thought, were too high to bull stocks with any degree of comfort. 4,
 There were runors of new "hitches" in the southern iron merger and the On- tario and Western-New York Central New York, New Haven and Hartford ''deal," but they attracted little atten- tion. A -.. sr :. The strongest stock in Saturdays market was Amalgamated Copper, which reached a new high point of 84 7-S. The buying on this advance looked very strong, brokers said.
 It is believed there is a considerable short interest in Union Pacific.
 .s Bull talk is heard as to Nickel Plate and it is expected that it will begin to : pay dividends one of these days or. years.
 The manifest manipulation of some stocks last week aroused interest among the conservative element.
 The Union Pacific's coming new $1OO,- 100000 of preferred stock means, it is now surnised, that the New York Gen. tral = Northwest Omaha Union Pacific deal is coming closer
 One of the conservative old line houses, for, example wrote: Fridays very apparent manipulation was fail- ure as far as attracting outside busi- ness was concerned This created a feeling of disappointment and led to considerable liquidation in Saturdays market. In order. to secure a higher level it is the belief that some of the many stories of mergers and deals which have affected the market for the last month or two should materialize" !"
 Expectations of a f1attering govern ment report on winter wheat to-day has been a sustaining influence in the market.
 In United States Steel preferred in siders and outsiders. big and little ,cer- tainly certainly bought heavily last " week-and also sold. But the buyers, it Is said, were stronger than the sellers.
 Uncertainty as to market position of Union Pacific is doubtless restraint upon general speculation.
 The belief that the more active high priced railroad stocks. like Union Pa cifc, Southern Pacific, New York Gen. tral, Pennsylvania, Reading, St. Paul etc., had been pulled to a standstill has long been held by the majority of the professional traders, and also it was said by some of the stronger interests
 Pending official announcements in the case of Union Pacific, the street is daily strengthened in it's belief that a great deal of the money which the Union Pacific will receive from the sale o1 the proposed issue of 100,000,0 900 will gC to pay for Atchson stock.
 The transfer books for the speca Union Pacific meeting that has been called to take action on the proposed creation of $1O0,O00,000 new preferred stock are entitled to a higher invest. ment rating, because of their proved ability to maintain full payments through all vicisitiudes.
 On the reaction such stocks as Unior Pacific, New York Central, Southerr Pacific, United States Steel pf. ant Canadian Pacific were taken by an ex cellent class of buyers, and the char. acter of the dealings in these shares suggested the probability of betetr quo- tations i.l the current week.
 A very prominent capitalist stated Saturday that he believed certain plan in connection with New York Centra and another road not in the Vanderbilt group, which gave rise to the recen