The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-02-11
STOCK MARKET FEATURES
4 FEW SPECIALTIES WE'RE
ALIVE AND WENT HIGHER.

But the Market Was n Waiting One as
Regards r. n. stOeks-POOr Bank
Statement Expected-The Gold Ex-
porting-Tips to Buy Steel Common
Good Outlook for Winter Wheat.
The railroad stocks were quiet yester-
day owing to railroad rate legislation
talk, and the excitement was in 7. c. l.,
which closed at a net gain of SIS points.
Points We're out to buy Sloss also as be-
ing good property with fine outlook.
One report was that heavy operator
had been caught short of big block OF
I. c. I. and had to hasten to cover. Re-
publican Steel preferred went up about
points yesterday.
Metropolitan Street Railway and Met
ropolitan Securities shares We're firm
most of the day, with the circulation Of
report that they are to be put higher
on the shorts.
The gross earnings of ninety-two rail-
roads in December showed a net in
crease of about 1917 per cent Northern
Pacific is one of the first roads to re-
port for January. Its gross gain was
$17S,3
The outlook for to-day's bank state
ment is not favorable. The banks gain
ed about $500, 900 from the interior, but
lost about the same amount to the
treasury. Gold exports, however, were
again heavy in the aggregate, causing
a loss to the banks of about s6.300,000.
All the large foreign exchange houses
We're much concerned yesterday over
the report that the assay Office officials
would no longer extend the facilities of
advance gold engagements. Some of
the bankers thought this stand was I'M
just, as it might seriously embarrass
large houses. In many quarters, how
ever, the attitude of the assay officials
was regarded as necessary in view of
the action of so many bankers in can
ceiling engagements after they have
been once made. Hereafter the assay
office officials will require the bankers
to pay for gold, when it is definitely
engaged.
1olOhSlos DIS d CUlltltluG 10 give
the advice, long feature of daily and
weekly market letters, to buy any good
stock on the list on sharp drives.
The feature of yesterdays market in
Philadelphia was the movement of Lee
high Valley. The stock came out in
blocks during the morning hours fore
ing the price down to SO, where it met
with support and was slowly pushed
back to the closing price Of Thursday.
The deposits of the First National
bank of Chicago now exceed S100000,000,
which is 5exeelled by only two banks in
the Countrywide National City bank
and the National Bank of Commerce of
New York. =. ...
The $32000,000 Of per cent. converti-
Bile bonds to be issued by the Atchison,
Topeka and Santa Fe Railway compa-
ny. the stockholders having the right to
subscribe therefor to the extent of is
per cent. of their holdings, have been
underwritten by Kuhn, Loeb & Co. and
a few of their friends. 1t is not expect
ed however, that the bankers. will get
any Of the bonds as the stockholders
will probably take them all.
In Boston yesterday afternoon New
Haven stock was 2O6, Pere Marquette
preferred 84B and Mergenthaler 1860.
The early business was nearly Is per
cent. smaller than it has been. There
was an ante-holiday spirit around, and
trading was restricted by it.
Tips were out yesterday to buy Unit
ed States Steel common and 1T soon ran
up about a point. closing at 315s, near
the highest, At 311s $4,000 shares chang
n I,a al TI1o
One market letter sent out yesterday
stated that to-days bank statement
would be more important general fac
tor than for six weeks.
A Chicago dispatch says: can adj
vance in Diamond Match and Biscuit
was the feature Of the local market to-
day. Trading in general was dull and
the list irregular"
The rise in Copper was credited to the
Boston shorts. Probably this was so
because of the purchase of 5000 shares
by house identified with Lawson OPP
erations. This buying started the adj
vance. The stock advanced from 1875
to 74M, where it met some selling pres
sure r.
a st. Louis dispatch says: "Most Of
the growing winter wheat crop is under
cover, snow having fallen as far south
as Tennessee and throughout the south
west. Protection is assured from the
predicted cold weather, and there will
be abundance of moisture with thawing
weather."
"Despite the fact that Pennsylvania
has given a good account of itself and
has at times been the strongest stock
on the list" said an operator yesterday,
II don't see many indications of higher
prices for it."
In view of the coming holiday Mon
day. and a poor bank statement to-day,
the market was dull, inclined to sag oc,
except for the specialties.
One report was that leading floor
operator had had accounts ranging
from $4,000 to 100000 shares covered by
friends, and that these included Read
ing and T. G. I. Speaking of the cir
cun1stances related, well-known men,
ber. of the stock exchange said: This
case illustrates the folly of any man at
tempting to obstruct general advance
in prices which reflects the prevailing
prosperity of the country, and the risk