The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-04-03

Nas-NeN 1OFk Nentrat-strenEAh Va
/ Other StOcks-VariOus PrOgnOstiea-
lions.
The underlying position of the market
is apparently gradually cementing, and
once the April disbursements are over
and have found their proper channels,
the chances are for greater activity and
better market.
The Brady following got the credit for
the rise in Peoples Gas. Mr.. Keene
was also said to be actively bullish in
the stock as well as the Rubber Goods
shares. The preferred made new high
record.
Wall street found one explanation of
the diminished activity in the weeks
market in the virtual Endorsement by
the dominant political party in the
state legislature of the bill designed to
impose tax upon the transfers of
stocks. This tax has been placed at. 81
for each 100 shares, the same amount
that was levied by the federal govern
ment when it became necessary to in
crease its revenues on account of the
Spanish war; This tax applied to all
cities, without discrimination.
Shelters made a new high record on
inside buying, the room called it.. The
same people bought National Lead.
Officials of the latter company denied
that the deal had been consummated.
The announcement that ]. P. Morgan
& Co. and Kuhn, Loeb & Co. had joint
ly underwritten the new Pennsylvania
bond issue made some bears change
their position.
Speculative sentiment was optimistic
on the general situation affecting the
securities markets, and at the close Of
business opinion favored the idea that
higher prices would be recorded In the
many good reasons why the bull ele-
ment should be successful.
Interest Saturday appeared to center
in some of the Industrial specialties, the
strongest feature among the railroad
issues being New York Central.
A large number of the leading stocks
in the market have been put up to ex-
ltremely high figures, not for any reason
Iof their present or prospective earnings,
but merely on the idea that their &C
emulation has been necessary for the
carrying out Of vast railway projects
of which the public in due time will be
apprised. The facts, pro or con, will
come out in due time.
The winter wheat outlook and the
conviction that the preducted furry in
money would prove unimportant con-
tributed to make sentiment better.
Money market conditions do not fore
shadow disturbance in loans except for
a few days. The outlook for trade Is
extremely favorable, the speculative
and investment appetite is growing and
the leading Wall street interests are
committed to the bull side of the stock
market.
If the supreme court hands down its
mandate to-day providing for the dis
Itribution of the Northern Securities col
.Elatera1s it will probably mean the early
| announcement of important matters
tending to influence prices, and most
likely cause a resumption of the bull
market, which was checked a short
time since.
Yates and Richie say: In the first
hour the market showed strength in
individual stocks and a generally firm
tone, although trading was limited to
a very small number of issues. The
volume of business was light and there
was nothing of very great Importance
Ieither way in general market tendency.
one of the features was development of
strength in what may be called the
Brady group of stocks. Rubber Goods
common and preferred were Joined by
Peoples Gas, which have both been ac-
tive this week, and made sharp ad-
vance on much the same kind of buy
i ing. 4...
The talent is bearish on Union Pacific
lon the ground that even If it should
Ipay per cent. the price is too high.
But the public likes the stock. 1t .l
Full crops are absolutely necessary if
We are to recover the rather serious
losses in the foreign trade.
One of the strongest and most con-
Iservative houses in Wall street predict
cd Saturday, in a letter to its custom
ers, that details of the long talked-of
ALLIANCE between the New York Central
and Union Pacific interests would soon
follow the announcement of the SUI
preme courts final written opinion as
to the affairs of the Northern Securities