The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-04-04
STOCK MARKET FEATURES
: STOCKS STRONG WITH FOUR PER
CENT MONEY.

GENE MONEY.
eebre Favorable Outlook for Easy
Money-BulIs Taking Renewed Cour-
age-RaiIroad business Out West
More Commission Business--southern
Iron and Steel Shares Buoyancy--
The Strength OF the Eries--Other
Notes.
London discount rates fell below Q per
cent. yesterday despite immense seeur-
tty issues in London, an expanding
English stock market and other causes
that absorb money. Besides London
has made liberal advances to help
finance Wall street. The situation
abroad is interpreted to mean easy
money for Wall street, and cessation
Of a call from. abroad for American
gold. Another factor of note yesterday
in the early operations there was a dis
position to discount the fact that the
written opinion would finally dispose
of the case, and the whole railway list
move up with gains of to 2 points in
New York Central, Union and Southern
Pacific and the Erie shares, which
stocks were the leaders of the market.
The first announcement from Washing
ton was that the mandate had been
stayed until April II. Upon this rail-
roads, or those directly interested, ran
off about a point, but when later it
was found that the court ruled that
the former owners could not return
their specific shares but must take pro
rata of the assets the market cheered
up again. On the rally liberal profit
taking occurred. . .q,,.....,.e.,.s... -,
A Chicago special to the New York
Post says:e A more satisfactory condi-
ton as regards traffic and general bus
mess, also as to earnings, exists among
Western and Southwestern and North
western railroads They are getting
more out of their equipment by the
cleaning up of COMPOSITIONS that have
existed for nearly a month. The car
movement is well balanced and no
empties are being hauled, which swells
earnings to more satisfactory proper
tions, and they show large gains for
the month of March, as compared with
February"
Commission business was better yes
terday, and 1t was buying of good
class. The indications that money
would not be very high, the general
awakening to the industrial activities
the country over, the good outlook for
the crops, together with the revival Of
deal rufnors, which the approach of the
Northern Securities settlement allowed
introduced new elecent into the sit
uation.
The buoyancy Of the southern iron
and steel shares suggested strongly
that progress was being made by the
promoters of the merger project and
the bankers who are to finance 1t.
There were further conferences yes
terday OF the bankers and the directors
Of the Southern Iron companies having
in charge negotiations looking to q
merger of these southern properties,
but no definite conclusions were an
nounced.
Concerning the strength of the Fries
two stories were advanced: One, that
New York Central and Pennsylvania
interests were buying; second. that the
Erie road would be part of the new al
lance following the dissolution of the
Northern Securities company. The rise
In Erie was also accompanied by re-
por THAT the second preferred stock is
to be placed on 8 per cent. basis. The
heaviest buying Of Erie shares was by
a single firm, which is reported to exc
cute orders for d pool in the stock. It
is some time since Erie has been used
to steady the market 1t looked as If
1t was thought it was a convenient
time to put it UP.
Bull tips are beginning to circulate
again on Texas and Pacific, which is
spoken of as one of the most promis-
ing Of the Gould stocks, OH the favor
able conditions in the ,company's terri
tory.
Chesapeake and Ohio, Canadian Pa
cific and New York Central were the
strongest American shares in London.
Shelters was ex-dividend at Ia per
cent, but gained it all Immediately,
and established a new high record.
Lead also sold at the best price of the
year.
1t seems to be a growing belief that
prominent interests in United States
SteeI are ihcle opthilioIic ou the iu-
ture of the stocks than at any time
since the dividend was passed on the
common.
President Mellen's statement that the
Ontario and western might be disposed
of to some other corporation, probably
the New York Central, Influenced Spec
ulation in the stock, which rose above
63 1-2.
Edwin Hawley and his associates in
the Colorado and Southern Railway
have completed arrangements for the
extension of the road to the guir, 1nak-
ing II, in connection with the Fort
Worth and Denver City, a through
lire from Denver to Galveston. The
cost Of the extension, which will be be-
tween sS,oo0,OoO and s9,OoO,Ooo, will be