The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-08-09
STOCK MARKET FEATURES
MORE
SPECTACULAR HIGH
RECORDS.

Money Easy-LiberaI Profit Taking
.skyscraping Lackawanna, 45O-DeI-
aware & Hudson Crosses 2O0-Other
New RecOrds-BuIIish Feeling Strong
General Gossip,
Stocks were strong and higher again
yesterday and the bears were in their
holes.
There was considerable profit taking
but the offerings were we'll absorbed
and fresh purchases were numerous.
New high records for the year made
in Lackawanna at 450, Delaware and
Hudson at 201 Baltimore and Ohio at
lis S-4, and Northern Pacific at 213. The
largest gain in these stocks, and for
that matter, the only sensational. adj
vance of the day, was ten points in
Laekawanna. This movement natural
ly created surprise in view of the great
Hoboken fire, and it's heavy losses Erie
sold up to As ga, which was equal to
the previous high record, and Reading
of the previous high point.
LackaWanna stock was not in the
least affected by the disastrous fire
which, it was estimated, might cost
the company $1,0O0000,
Union Pacific showed genuine anima-
ton for the first time in many days,
and reached the highest price since last
winter.
There was evident prof1t-taking in
the Southern steel group. All of them
reacted under this pressure. No news
developed in regard to the reported
merger scheme.
London bought Erie and Baltimore
and Ohio and sold Reading and Illinois
Central. Transactions by cable were
about $4,000 shares.
New high records were made yester-
day by Southern Railway, Mobile and
Ohio certificates and United Railway
investmen. f''
The coal stocks were all strong again
yesterday. S.
The street was on the lookout for evil
dences that the professional traders
were trying to take profits. They
thought the heavy selling of Erie and
Steel shares by firm with a Philadel-
phiaL branch reflected this liquidation
The firm in question was estimated to
have disposed of $4,000 Erie during the
morning! Yet Erie was vrey strong
under this selling.
The weekly crop report of the wealth
er bureau was very favorable for corn,
and this, of course, presages an excel
lent statement tomorrow, with the
probability that Indications will point
to the greatest yield ever known.
Wall street is guessing as to whether
the syndicate which underworld the
Pennsylvania convertible bonds would
be able to put the stock up any, or
would try to do so, in order to induce
buying of the new bonds. Yesterday it
looked a little as if it would be taken
in hand.
The profit taking in the United States
Steel issues. it was specifically stated,
was not for account of the leading
banking houses of the street, nor for
its close friends, but by scattering
holders. The specialists, however, said
the selling was better than the buy
ing.
The report of ST. Paul for June indi- !
Gated a gross increase of $374,O00 and a
net increase of 100000. The govern
ment weekly crop bulletin was reason
ably good, but had apparently been dis
counted in the staple markets The
money market remained unchanged.
Europe sent over reassuring opinions in
regard to the peace conference, which
is about to begin at Portsmouth,
Dividends are to be resumed on the
preferred stock of the Republic Iron
and Steel company, it is said and it is
believed that the directors will take
the necessary action at their meeting
on the 2Sth. The company has for some
time been a lender of money in the
street.
Because of the peculiar situation in
tho south, the demands of that section
are likely to bear heavily upon New
York banks, when the crop movement
gains full Roadway,
The Increase In the receipts and earn
~ings of the Metropolitan Street Railway
company's system in July, despite the
competition of the subway, was said to
be largely due to the new police regula-
ton of street traffic Cars are no long
err INSTRUCTED at the street CROSSINGS
and better and quicker service is the
result.
Cotton advanced fractionally in New
York on speculative buying, and the
deterioration shown in the weekly crop
report issued by the government yes
terday. This report told of rust in the |
eastern section of the belt, but the in
sect damage, which often does such
havoc, appears less extensive than
usual.