The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-08
STOCK MARKET FEATURES
THE STRIKE ON THE SUBWAY
HAD BUT LITTLE EFFECT.

BuIIish Talk ON Amalgamated-The
Markets Immediate Future-Talk
That Pennsy Is to Issue s1Oo,OOo,000
Bonds - Mexican Central - Southern
= RaiIway-Other Gossip.
BulHsh talk on Amalgamated Copper
is again heard. 1t is said that the COM
pany will make some kind of state
ment and put the stock on a four per
cent basis. 1t is urged also that the
company's position is much improved.
It is further claimed that the company
is now on easy street. and likely to stay
there. Par is talked of for the stock by
the same optimistic people. ...,.-
In several quarters in Wall street the
opinion is expressed that the result of
stock market operations for the next
month and half is likely to be COM
paratively nothing on account OF the
danger of running into tight money,
with exerted speculation. sut-.
The Interborough strike as market
factor exerted much less influence than
was. thought likely to be the case before
the market opened. On the curb the
fluctuations in Interborough were con-
fined to comparatively narrow range,
and on the stock exchange Manhattan
was anything but a prominent feature.
Metropolitan Street was strong at the
outset, but grew weak, as it was
thought that its increased earnings
from the strike would not mount up to
a high figure. Moreover, sales of long
stock were met, ,,s.44 LII. .;gS: ID,
That Mr.. Hill and his friends, barring
putative plans for other disposition, will
be in actual control of the Northern
Pacific and the Great Northern after
the distribution Of the Northern Secur-
tiles assets is not. doubted in Wall
street.
st. Louis and Southwestern shares
are talked of as more promising than
Texas Pacific shares, despite the bull
talk on the latter. ..,s
A dispatch from Philadelphia says:
The North American says: 1.-THE Penn
sylvania Railroad company, at it's an
nual meeting to be held on March IA,
will ask the stockholders to authorize
an issue of $100, 100000 of new bonds.
The proceeds of these bonds will be ap-
piled as follows: To the purchase of
new stock to be issued by the Pennsyl-
vania company to meet it's financial re-
quirements and to provide for con-
struction work on its lines west of
Pittsburg, $30,0O0,O00; to retire bonds
maturing this summer, $27,5OO,O0O; for
New York tunnel terminal work, $12,-
100000; for general extension and con-
struction work on the Pennsylvania,
chargeable to capital account, $12, $780,
000, and for locomotives and equipment,
$17500, 000." a4.
The bears yesterday took a little
heart, and did so because stocks have
had big rise, and there was a waiting
attitude in the market.
1t would not be surprising, according
to some brokers, to see National Lead
stock go lose to 40 again on the under
standing that the merger of that COM
pany and the United Lead company is
practically contaminated
Sloss- Sheffield common was helped by
the recommendation of the executive
committee that dividend be paid on
the common stock. Wall street gener-
ally regarded the southern steel deal as
a thing Of the past. This, 1t was
thought would help sentiment, because
some regarded the scheme as menace
to the market.
There is said to be good reason for
believing that the recent activity, in
Mexican Central stock is the beginning
of a movement that will carry that Sc
curity to 80 or higher. 1t seems to be
only a question Of time when the in
come bonds of the company will be re-
tired Attention is called to the fact
that the share capitalization of the
company is no larger now, with it's $500
miles of lines in operation, than it was
when the total mileage was only about
one-half that amount.
Stocks showed a heavy tendency in
the late trading, and there was contin-
ued pressure of stock for sale. Distrib-
ution of holdings was particularly ap-
parent in Union Pacific, Erie, Reading,
Amalgamated Copper, Rock Island and
( United States Steel.
Southern iron and coal interests state
that the outlook for February earnings
is far from encouraging. The weather
during that month was the most Sc
we're and trying ever known throughout
the south and was long continued. 1t
is impossible to get men TO Work IN zero
weather and very difficult to handle
material during the continuance of ex-
tre1ne cold. Moreover, many mines were
seriously affected by water. some of
them being very largely flooded. In
addition the Tennessee Coal and Iron
company ct with a serious reverse by
reason of the fire in it's Sumpter NINE
This mine is believed to have been set
on fire by striking miners.
A Wall street news agency sent out
the following yesterday: 1--WE under
stand that the pool in Southern Rail-
way stock, which has existed for some
time was dissolved yesterday after
noon. There is excellent authority for
the statement that recently powerful
European interests have bought large