The daily morning journal and courier., 1905-05-03
STOCK MARKET FEATURES
4 AFURTHER ADVANCE IN PRICES ,2 # ALL AROUND.
Slight Reaction at Closing by Profit
 Taling-The Weakness of Consoli-
 dated Gas Gossip Here. and There

dated Gas Gossip Here and There
 A Trading Market.
 Stocks. advanced further yesterday and held we'll at the new levels, barring fractional recessions at the close, due to profit-taking. ..sM M 7'%- There was very confident tone to speculation and the advance in prices was orderly. |r,
 The conspicuous1y weak stock was Consolidated Gas.The break of over s points in the stock on what appeared to be speculative selling based on expect alton of the passage of the gas bills at Albany represented the only important drop in that stock that has occurred since the investigation began. Gas, in spite of its high price, is a favorite speculation with certain Albany politi- clans, and has probabl ycaused more anxious floor walking at night among them than any other stock. Invariably some of them get badly squeezed. .
 The announcement that Chicago and Northwestern directors had voted to is- sue new stock to the amount of 15 per cent. of the total outstanding of both common and preferred issues was fol- lowed by bidding up of the price of the common from 227 to 232A. On the basis of current quotations the rights were figured at a little over 17 points. The new issue is for the purpose of extend ing the present property, for improve ments and equipment, and other lawful purposes. ., Z The story about Mr. Hartman having been advised" to sell some large blocks of Northern Securities was again heard, and wealth of corroborative detail came with it. The sharp riseNin Great Northern preferred and Northern Paci- fic was asserted to have been due to buying by intimate friends of James J. Hill.
 Jacob Field openly carried on his bull operations yesterday. His attitude to- ward the market, it was said, was dis tinctly bullish, and the other members of the uptown hotel cliques were also credited with being on the bull side of stocks. ' %r+ .". |'~
 The buying in both Louisville and Nashville and Atlantic Coast Line was said to be of the same character noted several weeks ago before the public took to speeulating in these stocks. It was said to be for high officials acting through J. P. Morgan & Co.
 The placing of Mtxico on a gold basis was expected to be the signal for the Dig bull operations in Mexican Central. But there was nothing doing.
 Deal stories began to crop out again yesterday when the market had got up from four to six points from the low.
 The Cleveland, Cincinnati, Chicago and St Louis reports an increase of $1O3,S43 in gross and decrease of $741 in net earninbs for March; increases of S3s1,2oS in gross and s21o,S4 in net for the nine months ended March 31
 On the rise the temptation to the bears to renew their attacks was ap- preciated, and it was a. common senti- ment that any bad news would be like- ly to force another break.
 A prevailing idea yesterday was that stocks could for some time to come be safely sold on the intervals of strength and safely bought at periods of weak ness always for small profits only. . Arbitrage firms bought 50,OO0 shares in this market, out of 65,000 dealt in, largely Erie United States Steel and the grangers.
 Trading in Northern Securities stock and the stubs continued fairly active, and prices for both scored further sub- stantial gains, in sympathy with the improvement in values in the general market. 1~
 The weekly crop bulletin was regard ed as bull point on the granger stocks, so far as the showing of wheat was concerned, and the backwardness of corn was not considered as of much im- portance in Wall street.
 Amalgamated Copper was one of the strongest stocks on the list during most of the day.