The daily morning journal and courier., 1905-05-12
STOCK MARKET FEATURES
CONTINUED BU0Y4NCY AND
 HIGHER PRICES #


 The HiII-Harriman Gossip Bid Uu
 sharpIy-SteeIs Stronger-Gas Stocks
 weak-Prices Close at the Best.
 sentiment Changes for the Better and
 Stocks Take a New start-Gates'
 BuIIish TaIk-The Wheat Prospect
 The Iron situation--The Weakness in
 the Fractions. Y @f The market yesterday suddenly after a variable opening grew stronger, es-. pecially in the ill-Harrirnan group and late in the afternoon positive buoyancy developed. There were no notable developments, sentiment simply grew little optimis- tic. Some authorities were shabby enough to say it was only covering of the shorts.
 The highly favorable government re- port on the condition of winter wheat, indicating yield of 46O,000, 1000 bushels, of course had good influence on sen timent. but rumors in regard to lead-5 ing railways were a great factor.
 Persistent reports that the Southern Pacific was to be placed on per cent. dividend basis was the cause of the sharp rise in that stock, which pre- <, ceded other market advances. South ern Pacific pf. was strong; also for the first time in many days. It Wall street a rumor at once arose that Union Pa cific dividend was to be increased, but as action on the dividend is quite a long ways off yet this idea was thought to be rather thin.
 There were fewer stocks offering yesterday also
 The feature of the returns for the first week in May was excellent gains on the southwestern roads, Kansas and Texas leading with $54,O0O and Missouri Pacific following with $43o0o.
 Money continued easy and sterling exchange was steady, although the market was quiet.
 In the afternoon the short. interest taking alarm at the scarcity of stock offerings for sale began to take in it's commitment hastily Early in the day there had been a sharp rise in Great Northern and Northern Pacific, and in Northern Securities shares on the curb market. 1.z
 The buying of divers stocks by the 'sGates contingent preceded the pub lication of a bullish statement by John w. Gates. He said stocks had passed from weak into strong hands. He also gave a list of the stocks he thought ought to be bought now.
 My opinion is, said MT. Gates, that good stocks are going higher, and I 7 think Union Pacific, Southern Pacific, St Paul, Louisville and Nashville, Illi- nois Central, Amalgamated and Steel pf. Purchases at the present level of these stocks will show a handsome profit within the next few weeks, in my opinion.
 For such promising crop report as the government issued the response was disappointing. Union Pacific, St. Paul and Southern Pacific were bid up, but Missouri Pacific, Rock Island, and Atchison responded but faintly. The Gates following were credited with being mainly responsible for the advance in Union Pacific, though there was a fair amount of covering by room shorts and buying by scattering conn mission houses.
 Of the two the unfavorable report of the Iron Age' on the pig iron situa- tion was more of an influence than the very promising statement of the z government regarding winter wheat. This probably represents current spec- ulative sentiment. .s~-. E. <
 Reports that the supreme court would hand down a decision in the franchise tax case unfavorable to local corpora tions caused considerable selling of all the fractions and of Consolidated Gas. The Metropolitan shares were es- pecially heavy, both declining ? points.
 The Brooklyn Rapid Transit company has the cash in the treasury to pay the franchise tax at once if the matter is decided as expected. The Metropolitan, it was said, had made no provision for it. and will need about $5,000,000.
 Pennsylvania did not sell off on the Harrisburg accident, but it failed to re- spond to the afternoon rally.
 The directors of the Twin City Rapid Transit company have voted to increase the common stock of the company from $20,000000 to S25,00O,000. X spec ial meeting of the stockholders to vote on the increase will be held on May S1, and if it is ratified $1,000,000 of the stock will be offered to stockholders this year. The proceeds are for exten- sions and Improvements.
 The Interborough Rapid Transit com- pany has passed the million day mark, having hauled 91,s54.42O passen- gers in the ninety days making up the quarter ended March 1, 1905. This is an average of 1,01s.aS2 passengers a day.
 $&,,rtrs iS. 3g8. G4s=5s .5t- AMERICAN SHELTERS SEcURI-