The daily morning journal and courier., 1905-03-27
STOCK MARKET FEATURES
SENTIMENT DIVIDED AS TO WHAT THE MARKET WILL DO.

An Upward Tendency Expected by
 some-Others Look for an Unsettled
 AIarket-Hints and Gossip About ya-
 rious Issues. Opinions as to the course of the mar ket this week vary, some authorities holding that another bull movement is on, now that there has been a healthy reaction;" others maintaining that the market will be unsettled owing to the fact that stocks have had great rise and that the money question is far from being eliminated as a factor. Sem timent is turning to the better indus trials owing to fine earnings and big business. The feature of the day Saturday was the smart rally of over points in On- tario and Western. This revived the recent rurnor of joint control of this system by the New York Central and the New Haven, the latter to permit the former to share in it's present own- ership. There were also rumors that this would be followed by a guaranteed dividend, but estimates as to the prob able rate ranged from to per cent, or rather small in view of the price to which this stock has been now pushed.
 The bank statement was better than expected, there being an increase in re- serve owing to large contraction in loans and deposits Trade reports con- trinued extremely favorable. s5 @$78s
 The talk in well informed quarters of the street continues as bullish as ever on Canadian Pacific, Union Pacific and New York Central.
 Peoples Gas benefited from growing estimates of recent earnings, those for the March quarter being estimated as showing 3% per cent. on the share cap ital. The outlook is better than ever, it is said, and record profits will rule for some time to come. It is about time, however, for Chicago revolution ists to start 8 campaign for cheaper gas. ~.
 Sentiment in, Wall street circles at the close of the week was extremely bullish and further improvement was predicted for the stock market this week, espe- cially in the shares of the companies in which active accumulation of the vari- ous securities has been under way for many weeks past.
 Commission house business, it has been said for days past, has continued to run light and disappointing so, but there is an increase of inquirers.
 Interests in Pressed Steel Car expect that the earnings in the current year will be large enough to pay the regular dividend of ' per cent. on the preferred stock, pay off at least $1,000,000 of the outstanding gold notes and show sub } stantial surplus applicable to dividends on the common stock. The fact that the amount of business on the compa- ny's books is the largest in it's history indicates what an urgent demand for cars there has been in the recent past.
 The interest in Colorado Fuel and Iron was intense in some quarters, due in considerable measure to the question of the value of rights under the read justmentf plan, which will not be deter mined until April 3. when the price of the stock and bonds will be taken as a basis. E s& ''%y ts, s~.$> Z,
 The last weekly report of the Cana dian Pacific showsa gain in gross earn- ings of $198,00O, making from July 1 a total gain of $3,364000. The company has shown an unbroken record of in- creases for many months, and, as there is no prospect of a diminuotion in ,traf- fie it is safe to say that results for the current fiscal year will make a wonder fully favorable comparison with the preceding year. r. -..
 St. Louis Southwestern preferred, it is asserted, has been taken by good class of buyers, and apparently it's price will be advanced to much higher level while the same thing may be said of Missouri Pacific and Southern Railway.
 President Mellen, of the Consolidated, says that, so far as he knows, the sub ject of his roads acquiring the Con- necticut Railway and Lighting compa- ny's property has never sbeen consid- cred.
 There is a growing sfriendliness to- ward Metropolitan Street Railway stock, based on what looks like more than reasonable certainty that the ' per cent. dividend will continue, in which event the issue is too cheap in the market. Dick Brothers & Co. have put out an appreciative circular on Met ropolitan in which they say: '"The Met ropolitan Street Railway company op- crates 47S miles of street railways in New York city, including the mileage of the Third, Avenue railroad. It might be well to note that the company's last statement of earnings indicated that the opening of the subway did not have any marked effect on Metropolitan re- ceipts. We regard the present fran ehise of the Metropolitan Street Rail- way company as one of the most valu- able in the world, and we cannot con- ceive that the Metropolitan Securities company could risk it's control by de- faulting on the dividend when by pay ing the deficit for a few years the nat