The daily morning journal and courier., 1905-03-13

standins-MOre BuIIIsh Talk on '. Y.
 Central and Pennsy and Allied Roads
 Market Gossip.
 Notwithstanding the big advances SO many stocks have had, higher prices yet are looked for by many observers of the market for the reason that the iron and steel business is so fine and promis- ing and many things are still occurring showing that certain railroads and groups of railroads are likely to do much better and in the immediate fu- ture.
 The earnings of the Canadian Pacific since the beginning of the fiscal year have increased $3,25S,0O0 as compared with the corresponding period in the preceding year, and as the condition of business along the company's lines is prosperous-more so than ever before in the history of Canada-further ex- pansion in traffic receipts may be look ed for. It is interesting to note that the mineral land holdings in Canada are larger and more valuable than those of any other railroad in the world. This alone provides the conn pany with an asset the value of which cannot be overestimated.
 Reports that. something of a highly favorable development pertaining to New York Central and Pennsylvania stocks is imminent in the near future. Some believe that they together with the Erie issues, St. Paul, Louisville and Nashville and Atlantic Coast line will reach a still higher level.
 The conversion of Union Pacific con- certible bonds into common stock since February have been s21,000.000. Half the bonds have now been exchanged.
 The semi-official statements that the Amalgamated Copper company is pre- pairing to join the ranks of publicity industrials'' and will issue a very fav- orable financial statement very soon apeared to have lost their force Satur- day for the shares of the company ex- hibited a rather reactionary tendency. It looked as if sales to take profits was going on.
 Orders for new cars received by the American Car and Foundry company have increased wonderfully in the last few months, while the same thing may be said of the orders for new loconlo- lives. .% : .$is .@.e
 It was the development on Saturday of positive buoyancy in New York Gen. tral and some other Vanderbilt shares, Norfolk and Western. Louisville and Nashville and Atlantic Coast line, which stocks rose to 6 points, that turned the market in an upward direc- tion. Probably the movement in New York Central had greater influence than that in any other property, the stock reaching a new high record on active trading. The closing was frac- tionally off from the top prices.
 One member of the pool in Reading withdrew last fall when Reading was in the sos, with $250,O0O to his credit His firm at the same time sent a check for $117,0O0 to a customer who had been carrying $500 shares from the be- ginning of the pools operations. Stor- ies of expensive automobiles bought from few days profits in Reading are daily told in Wall street, ,y.
 There are few shares that at current quotations are yielding as much as 4 percent, of even 1-2 per cent, except in the industrial list, and regarding the latter class of stock the opinion is en- tertained that many of the preferred is- sues now selling under par will move toward a higher level in the course of the present campaign. The railway equipment shares ought to sell higher, as they have not as yet responded to the changed conditions in the car and locomotive building trade.
 The decline in Chesapeake is a fair sample of how the market is being manipulated. In few cases have big advances at the close of one days ses- sion been followed by a higher range the following day, such as outside buy ing, attracted by the rise, would pro- duce. --1
 The Cleveland, Lorain and Wheeling has declared a 2 1-2 per cent. dividend, which makes a full 5 per cent. for the year 1904. Between 1896 and 1904 divi- dends were suspended.
 The Erie railroad is adding a large amount of rolling stock to its present equipment, orders recently having been placed for 13F locomotives, $500 steel underframe box cars. 1000 flat bottom single hopper cars and 1,1o0 double ton hoppers. Every road in the country is placing orders for new equipment, a movement that attests the confidence of railway managers in the continued prosperity of the United States.
 Henry CleWs says: The market is lia- ble to be pulled into stagnation and a sharp break. then will be. needed to galvanize it, into fresh activity. A moderate decline occasionally hereaf- ter will prove beneficial, by checking over-confidence and introducing a new buying element that will not enter without inducementss There. are no bear arguments in sight, but the mark ct may soon need some readjustment upon more natural basis.