The daily morning journal and courier., 1905-02-13
STOCK MARKET FEATURES
STOCKS HIGH LEVEL AND SOME
 REALIZING.

halIrOuu E4afnlnEs 1Or AeaE Ooou-S'
 s. Steel Co.'S Bonus System-The Ag-
 SressIve Bears-The London Outlook.
 Henry Clews advises caution and profit-taking. He says: Towards the close Saturday the market showed re- actiOnary tendencies due to extensive profit-taking. The approach of holi- day, causing two days suspension of business, also exercised a deterrent ef- feet on speculation. The period also is approaching when many prominent op- orators take their customary winter outing in more genial chimes. General conditions, however, favor an active and irregular market. In the absence of adverse features special properties may be advanced still more, as impor- tant deals are in the air which will tend to stimulate speculation therein, but the market is very high, and since the big holders have been steady sellers the technical situation is not as strong as some weeks ago. On all sharp advances hereafter we advise taking profits There is almost too much optimism for safety"
 The entrance into the Atchison board of two representatives of the Union Pa ciffc interest, the firmly maintained price of Union Pacific and Northern Se- curities stocks and the extraordinary advance in the Great Northern prefer red shares are all considered plain indi- cations that methods of legal unifica- tion of the leading western railroad properties are in contemplation follow ing the dissolution of the Northern Se- curities company, which day by day grows nearer.
 Missouri Pacifc's gross earnings for the first week of February, just out, showed heavy decreases compared with the figures for the corresponding week last year, and were thought to reflect the effects of the corn rate war of the Gulf against the Atlantic lines in which he Missouri Pacific is involved. George Gould in an interview says: Certainly the Missouri Pacific has not lost $500, ,000 by this war, as has been irtimated by some experts, and when the matter is thoroughly sifted I am sure that it will be found that the Missouri Pacific did not start the rate war. feel reasona- bly, certain that within a few weeks this trouble will be settled, if not ear Her"
 There is an aggressive professional bear crowd in the market which ex- poets to have greater speculative lati- tude in the absence of the western bull party and other operators who have been committed to the long side, This bear element has so far been unable to gain any advantage in the market. s The amount of Union Pacific railroad convertible. 4 per cent. bonds has been reduced, through conversion, to $67,S6S,- 900 from the original amount of $100,- 100000. The amount of Union Pacific stock outstanding is SIPS, ,161, 900.
 The freedom with which the market was filled up with Missouri Pacific around to9 few days ago has consid- erably discouraged bullish sentiment on that stock. +e :.. .. The compilation of the Chronicle of gross earnings of the railroads of the United States for the calendar year 1904 shows that on 1855 reporting roads, with a mileage of 1T966S, the receipts amounted to $1,773, ,33S, ,S7S, as compared with $1, ,762, POI ,391 on mileage of 176, 4s2 in 1903. All of the prominent companies did not make gain over 1903, but the railroad system as a, whole did so.
 General commission business has been falling off steadily ever Since the cessa- tfon of activity ten days ago in several of the low-priced railroad stocks in which brokers were inclined to eneour- age speculation.
 Transfer books of the larger railroad and industrial companies continue to show that more securities are going into new names than out fold ones This is the principal manifestation of sus- tained public interest in the stock mar ket.
 The United States Steel corporation has determined to extend the bonus system to the Lake fleet masters, upon the recommendation of Manager Coul- by, of the Pittsburg Steamship compa- ny, which controls the corporations Lake fleet. Under the plan a bonus will be paid to twenty masters of the. first-class steamers with the best rec ord for the season. The five masters with the highest records will receive a 15 per cent. bonus on their salary, while 10 per cent will go to each of the next fifteen masters. There are about forty masters in all. 2e s5t T&$'r@
 Earnings of the Canadian Pacific for the first week in February show an in- crease of $140,000, making from July 1 an increase of $2,722,0 900, comparison be- ing made with the same time in the pre- ceding year.. 't lrf-' E.
 Officers of the United States Steel cor poration have estimates that the sav- ing of commissions on supplies and the saving on prices paid due to a consoli- dated management. is represented by $14,000, ,000 i'll the annual net earnings of the corporation. This covers one-falf the 2 per cent. dividends on the prefer red stock.
 c. G. Gates & Co.,, New York, say: we shall not be surprised to see Amal- gamated Copper and the Steels lead the market this week, with the railroads like Baltimore and Ohio, Union Pacific, Reading, Norfolk and Western and St. Paul closely following, and probably leading again before the end of the week. ' /" Y, #$.
 :! THE LONDON OUTLOOK.
 London Feb. 12.--The stock exchange, although quiet last week, displayed con- siderable firlnrless. due to the nnonetarv