The daily morning journal and courier., 1905-06-21
STOCK MARKET FEATURES
INCREASE IN DEALINGS AND
 PRICES HIGHER.

E. Y. Central, U. S. SteeIs, A. c. F.,
 Metropolitan and Mo. P. Higher
 Corn Higher-Gains in the Sub-
 Treasury--Corn Products Passes Div
 idend-steeIs Outlook Better
 The stock market hardened yester- day, and prices were higher for many stocks, including New York Central, Missouri Pacific, Metropolitan and others.
 A good feature of the monetary sit- uation, in view of the present low con- dition of the surplus reserves of the banks, was the gain thus far this week from the sub-treasury of $S,S96,00O.
 There was no pressure at all to sell stocks and few were offered.
 It looked as if stocks were being held for higher prices, especially in view of the July dividend investment demand.
 Union Pacific and Southern Pacific were strong in London.
 Wisconsin Central stock was strong again. A pool has hold of blocks of it.
 In connection with the rise in United States Steel shares estimates were cur rent as to the probable net earnings for the June 30 quarter. Some placed them as high as $31, 1,000000, or $31,50O,- 900. as compared with 9,49O, 725 for the same quarter in 1904, and $S6,642,3OS in 1903. r..
 As stocks gained in activity dealingt in bonds decreased.
 Corn Products preferred declined two points to AS and then recovered before there was any news from the dividend meeting. #
 The government weekly crop bulletin was mixed-rather favorable as to cot ton, but disappointing as to wheat and corn. This news checked the buying of granger stocks after midday.
 Missouri Pacific sold close to par. It is up nearly 4 points in the past two weeks, or since the regular dividend was declared. :.-
 Missouri Pacific's statement for April, showing an increase of 3.5 per cent. in gross earnings and 8 good in- crease in the net, contributed to the early strength of the market. But traders have almost come to despair of any good coming out of Missouri Pacific. [,
 LaWson's talk had no effect on the market. Copper was watched but it did not respond to the Boston mans talk.
 Nothing new developed to account abroad, althoughAforeign markets were treasured in a way by the more hope ful political outlook. Foreign speculat- ors took profits here, and made few fresh commitments. :.
 There is a lot of bull talk on Amal- gamated and every house in the street has more or less bull points on it.
 The idea was expressed that Penn sylvania stocks would lead the move nent towards higher prices in connec- tion with the financing of the $100,O00,- 900 convertible bond issue, and that the first advance in the stock will mark the beginning of @ real bull market. ' Reading led the list in extent of transactions, and it governed the mar ket for time. Even if it is put on a per cent. basis, it was urged by somes that it's price is high enough.
 The opportunity afforded by the early strength in the general list was evidently seized to unload consid- erable line of Reading.
 The heaviness in Norfolk and West sern and Baltimore and Ohio was sym pathetic with the weakness in Read ing.
 ; The fractions were strong again; Brooklyn, Rapid Transit had sold above 125, and Metropolitan Securities at 81 1-4 The activity in Brooklyn encouraged the strength in the other shares.
 Local fractions are about the easiest stocks to move, because they are con- trolled by cliques and have not wide market.
 The reports of the Southern railroad lines for the second week of June in dicate good traffic conditions in that section. The Southern railway system, the Louisville and Nashville and the Gould roads all made large gross gains. The disposition of United States i Steel shares began yesterday to- as- sume the leadership of the stock mar ket, and created a favorable impress sion, and tended to produce an im- prsssion that the setback in this trade 1 will not go much, if any, frther- if, l in fact, it has not already eliminated. ] The United States Steel corporation ! has made some big sales this week: l and so, too, has the Tennessee Coal ! and Iron company, and the trade is in ! excellent shape. Report also comes that the Baltic shipyards at St. Peters, burg had been leased to the United | States Steel corporation for ten years, and that added to the strength of the | Steel stocks and induced more buying.