The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-21

About New York CentraI-Big BUSH
ness for the Western ROADSIDE, 900
More Cars Needed-O. and VIM
dustEiaIs Active, Etc.
London came up smiling yesterday
morning and bought 10000 to 10000
shares of International stocks on bal
ance. Added to this was a break of so
to IS points in Sterling exchange. This
started stocks out of the doldrums and
New York Central, which had dropped
close to $50 rallied up nearly three
points and the market after a slight
selling off in the afternoon closed
strong. Reports popped up that an Of
t1cial announcement of an important
character as to New York Central was
imminent. No confirmation was forth
coming, however. General business con-
tinues fine and trade booming.
A Chicago dispatch last evening says:
SO rapidly has the movement in mer-
chandise increased that railway officials
are optimistic over the future and ex-
pect the spring tonnage to exceed all
records. So far it is largely ahead of
indications of continuing. There has
been nothing like the buying of goods
in recent years that has been exper-
fenced since the first of the month.
Consumption throughout the west is
large and expanding, and the facilities
of all railroads are being strained to
handle it,
Another Chicago dispatch says: Had
roads operating east of Chicago and
st. Louis 10000 more cars than at pres
ent they would have no trouble in using
them. The congestion that prevails at
all terminals is becoming more acute,
and delays in the movement of cars
more Vexatieus to shippers, some cars
| having been out over three weeks. The
roads would gladly borrow cars and en-
gines were they obtainable, but all
| railroads are in the same fix and need
| all they have. and more too"
From the above it is evident that
| railroad earnings ought to be excellent.
| The only fly in the ointment" is the
| money question. For a few weeks at
most call money will be little dearer.
Probably because of the easing off in
| the money the stock market grew both
| strong and active in the later hours,
and closed at the best figures Of the
| day. IT. III - Z. ..l
There was general belief that the
| supreme court would issue a mandate
| yesterday which would lead to the i'm
mediate distribution of Northern Secur-
| tiles assets and end the contest between
the rival factions once for all. This
| was responsible for the midday rally in
4 lItG SIOEhS dll0ClCu. NilSils HuWSNCl,
/ such announcement was delayed, trad
/ ers threw over their stocks again.
Sugar was weak on the further indi-
| cation of trade depression given by the
closing of the. Williamsburg refinery.
1 The pool in tile stock has had such
things to contend with ever since it
was formed 1t evidently did not get
/ President Havemeyer's view to start
| with. ~ ... ..stf
Il ri a1 CHI Satisfaction in
i the advance in Locomotive, Shelters.
\ Steel boundaries, Car Foundry, Repub-
1 lie Steel, and Copper. The Steels were
dull. ...s
Prices rallied sharply in the last hour
| under the lead of minor steel shares
and Canadian Pacific. Tennessee Coal,
/ which sold at ST15 in the morning, rail-
lied to 92a Canadian Pacific sold close
to $50. -s5..-,Ess.
/ After st. Paul had sold down to 179,
/ Union Pacific to 1909, Atchison to SSss,
| New York Central to 1904, Copper to
4 7S&, Steel preferred to 94k, and the
common to S4k, there began to be ev-
| idence of good buying for natural
| turn in the market, and also by the
| short interest. Traders who bought at
| this time found the supply OF stocks
limited. ...,.s--..... ...s..
i American Locomotive on what was call
ed inside buying" and American Smelt-
i, ing and Refining on the same
f. Talk of an issue of valuable rights
to New York Central stockholders &C
| counted for the uprising of the price
/ of the stock yesterday. On the adj
| vance the western pool liquidated con-
| siderable Of their stock, Nv
/ One story that had most to do with
the recovery was that the directors OF
| the New York Central would decide to-
| morrow to accept the Ontario and West
ern, which the members Of the board
of the New Haven, so the tale ran, had
formally agreed to transfer. This did
| not meet with affirmation. The tech
nical condition of the market probably
| helped Central more than anything else
as from 1879 down to 100 a fair-sized
short interest developed. This quickly
turned yesterday on evidence that the
4 stock was being supported
| The selling in Union Pacific was call
ed good until the room heard that
the Gates following had thrown over
quite a block. Some well known com
i mission houses were among the early
sellers, whereupon there was q! great
deal of talk of the enormous blocks that
the Harrimans had disposed of around
i 1875, The first rally appeared to be due
| TO covering by room shorts. The trad
ers thought long stock was not COM
ing out in encouraging quantity, and
1 decided to cover