The daily morning journal and courier., 1905-02-27
STOCK MARKET FEATURES
SATURDAYS BOILING MARKET 4 RECORD BREAKER.

EcIipsed All Previous Saturdays fin vol-
 ume of Business-More Big Days Ex-
 pected This week-Rumors and Gos-
 sip-U. P. Common Merits Stock Mar
 ket Opinions. ..:
 Saturdays boiling market was a rec ord breaker as to the volume of stocks dealt in in two hours session. Prices at the close were around the top also. A lively market to-day is expected. Some issues closed at their highest of the year. New York Central did stunts and Pennsylvania skated upward at lively rate There was much talk of new combinations. Lehigh Valley also did well, crossing 70, making a new high record. The Goulds were report ed to be after it.
 Pennsylvania rise of fully 2 per cent. soon after the opening was re- garded as the forerunner of move ment which would not end until the disparity which has existed between the stock and many other standard dividend payers had been materially reduced. @
 Union Pacific common, the most con- spicuons all-around stock last week, has risen to a price that shows consid- erably less than 3 per cent. income basis, and New York Central is selling equivalent to 2.2O per cent. The sup ply of bonds of higher character which runs better than per cent. has shrunk to small proportions, so that when a we'll secured issue like the new Mis- souri Pacific refunding As came onto the market Saturday they were eight or ten times over-subscribed. Union Pacific is now slated, some say, for 150. As a matter of fact 1t is urged. the Union Pacific could as easily pay per cent on it's common stock as the North ern Pacific. With such a dividend re- turn it would be reasonable for it's shares to sell at 150 or more. There < is also to be reckoned in the account 7 r per cent. on the $7S,000,000 of North gern Pacific common stock turned into the Northern Securities company by the Union Pacific, or such portion of that stock as may be returned under the distribution of Northern Securities assets, on which the Union Pacific was getting but per cent. dividends when it turned the stock in. All these items are to be added to earnings of about 10 per cent. on the stock from the actual operations of it's system. . It was reported that the Copper div- idend will be placed on a regular 4 per cent. basis in April.
 The further rise of New York Gen. tral to the neighborhood of 160, accord ing to many authorities, was more on the claim that the road had secured the Boston and Maine than anything else. ..-
 Rock Islands activity was not &C., cofnpanied by any conspicuous price movement Disappointment was again manifest that prominent interests should continue to exhibit such indif- ference.
 A bond house that subscribed from S1 900 of Missouri Pacific new As and and had placed them with it's clients was allotted $100,000.
 It is. unfortunate that the public did not come into the street when prices were selling from 20 to 30 points lower.
 Commission houses report a general ,Iy satisfactory expansion of business, and say that the best thing has hap pened in the change in the speculation from too highly speculative to the standard shares, Such prices as New York Central at 16o, St Paul at 1S0, and Union Pacific at the equivalent of 140 are reminders of 1902. s s & .H
 Tn many quarters the opinion still is expressed that attention should be giv- en to Southern Pacific, on the ground that it has not yet had it's share of the strength shown by Union Pacific.
 The average of twenty railroad stocks whose low level in 1903 was SS Saturday crossed 125.
 Erie proved one of the most active and strong features, which is saying good deal for a stock where attention was so widely distributed. At 46 3d. 7-S some heavy blocks were traded in toward the end of the session or at stout fractional advance from the open- ing price. < #3 :" ~ s y ., .baH
 One of the lists of stocks given out asliable to have a rise are alls of the vanderbilt junior stocks, Kansas City Southern pf and St. Louis and San Francisco 2d pf, Rock Island pf, Erie 2d, Southern Pacific, Reading-these are only few of the railroad list with the railroad equipment stocks, Colora- do Fuel, Corn Products pf, Distilers' Corporation and Electric Storage Bat tery conspicuous among industriais.
 Rumors and intimations have circu- lated for weeks in Wall street that the control of New York Central, Chicago and Northwestern and Union Pacific was being worked out to a condition of perfect harmony, if not of identity The new variation of the story satur- day was the inclusion of Pennsylvania in the benefits of the project by, an al- legged agreement with the New York