The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-15
STOCK MARKET FEATURES
VARIOUS THEORIES AND RE
PORTS BROUGHT OUT.

The Strength of New York Central
The Guessing MS to What U. P. Will
Doc. and WIS High Ffight-Mo. P's
Decreased NEUTRALITY-SUSPICIOUS. at
40e-New Pools, Etc.
The strength of New York Central
was attributed by some theorists to
heavy purchases by Rockefeller inter
ests. Another view was that the Rock
Island capitalists were buying the
stock-the same who tried to get con-
troll of Northwest stock two years ago.
The story of 1902 was again heard yes
terday, viz, that New York Central is
headed for 200. A year or so ago most
spectators were afraid to touch it at
IA .-.. ..rI
Quite a large short interest had ac-
curnulated in Union Pacific since its de-
cline from around 1877 to below 1872.
Those who put the price up before have
apparently been doing little in the
stock but to distribute their holdings;
yet some observers on the exchange
thought this might be ruse, and that
they were in reality accommodating the
stock by keeping it down. The same
4 thing was said about Southern Pacific,
which since the big day in it about ten
days ago has shown decidedly reac-
tionary tone. ..
The irregularity in New York Central
had good deal to do with causing a
~fcsI, ;ro i,o ~ Ht1oy nf
the list.
One reason advanced for the strength
of Ontario and Western which attained
the highest price in its highest yester-
day, was said that the New York and
New Haven party was buying more of
it. Others thought the rise was only a
repetition of the daily marking up of
some one or more stocks.
A general reaction in American
stocks occurred in London yesterday.
Like the day before this was helped by
orders sent to London by New York
operators. -a-..
Missouri Pacific bulls hard. This Is
attributed to it's big railing off iii Net
earnings for the past year. The sur
plus Of 1904 ran behind that Of 1903 by
$1,6O0,O00. But the bulls in the stock
argued that this was past history and
that earnings are now improving. The
monthly report also out yesterday
showed that the decrease in net and
surplus was about 100000, The amount
earned on the stock was 7.61 per cent,
compared with 8 ga in 1908 and about
5 liz in 1902. II 1 ~.1
Lackawanna stock made sensation
al advance yesterday afternoon when it
rose % points to $500 per share. It has
gone up s. points this year and $50
points since February, 1904, and in
September, 1900, it sold at 174 1-2.
The old pool in Peoples Gas bid it
to ia, the best price it has scored this
year.
Some watchful observers assert that
! the present bull movement will not Gull
inmate until the public are in neck and
heels and daily sales run over 100000
shares. 4
The New York Central situation is
being freely discussed, and 1t seems to
4 be very generally believed that the
i plans for consolidation with the Union
4 Pacific, st. Paul, Chicago and North
western and probably several smaller
4 lines are well advanced.
On the whole the tendency of the last
h hour and half was toward lower
/ prices, although heavy buying contin-
ued in Union Pacific and one or two
I other stocks, and served to keep the
/ undertone fairly steady. Except in a
few particular stocks there was little
real pressure to sell.
se,. y
to be one in International Paper COM
mon.
Some of the bullish' ones aver that
Pennsylvania coming new issue of
convertible bonds will sell like hot
cakes. Convertibles are getting very
popular.
The market was highly speculative
from first. to last.
Bulls on Rapid Transit are COM
mencing to talk again. Il,
Shelters sold at 102 with a good vol
qme of trading and additional evidence
of accumulation by the insiders on
higher dividend prospects.
There has been heavy buying of Cam
adam Pacific stock recently on the real
ization of the large return which the
company has made to it's stockholders
in comparison with other railroads in
the northwest whose securities are SELL
ing considerable higher than Canadian
Pacific.
The room heard that the Hartman
n party were selling Union Pacific when
ever the market was in position to
4 take It.
R Consolidated Gas was weak feature.
n The news from Albany, 1t was said,
n had disturbed those holders who gov
ern their stock market operations by
n their information from the states cap
+ ital.
sTrIT ENDED SUDDENLY.