The daily morning journal and courier., 1905-03-25
STOCK MARKET FEATURES
LIVELY RALLY ON THE SHORTS
 ALL ALONG THE LINE.

Money at Four Per cent.--Bull
 Talk on U. S. Steel and other Stocks
 -Mefs Strengthened Liquida- ton by small Pools Overlook IsI-
 and Bull TaIk--Gates' Theories, Etc.
 There was q lively upward turn in the market yesterday, due to shorts covering, and in place of Thursdays s weakness considerable strength was manifested, such market leaders as New York Central and Union Facihc being particularly strong, as also were the southern iron merger stocks anu the steels.- There was considerable buy- ing for the long account on the theory that the break in the market had clear ed the decks for another upturn, nqul- dation having been considerable. The break in exchange carried demand plils down to 4S5 1-2, the lowest in several years at this. season, and within halr a percent. of the gold importing point.
 Forced liquidation by the smaller pools was thought to be about over. Then, too, the market was influenced by the peace prospects abroad. Muen interest prevails as to what kind Of showing the banks will make to-day.
 The rise in the United States Rnb- Der stocks was based on reports that the regular dividend on the preferred will be supplemented with an extra per cent. disbursement, making per cent. for the current year.
 London was a heavy buyer yester- day of Steel preferred and of the Pa ciffc shares. Much of the support evil dently originated this side of the water.
 The Philadelphia clique helped to pull up the price of Metropolitan Street Railway, and inside manipulation made Metropolitan Securities look sympa- theticaIly strong in the forenoon. It was also said that now that the Met ropolitan people needed help from the municipal authorities great bullishness on these stocks had suddenly develop ed in political circles; -.,...-s
 Members of the Rock Island group are decidedly, optimistic in their ex- pressions of opinion to friends as to the general business outlook.
 The early advances in stocks were we'll maintained until the close in most cases.
 Gates & Co issued circular to cus- toners that though they thought the market might sell at a lower level 1t could safely be bought at the decline.
 The pool started in to bid up stocks again in order to get the public in. Traders were, however, disposed to take profits on the rise.
 In higF priced stocks like Union Pa- ci1c, New York Central and Steel pre- ferred, it was the short interest that had most to do with bringing about the rally. %. <. .@..>.se .... ii ~~5
 A measure to increase railroad taxes in New Jersey s500,0O0 has passed the house and will go to the senate, where 1t is expected to pass with slight amend nents.ss$
 Some of the speculative pools are said to be borrowing time money for a six months period and to have aban- doned operations on the basis of call loans. s..,s-5..J <
 Banks this week show loss of 3D. 934,000 in cash, as estimated for the Evening Post yesterday. This loss was entirely due to withdrawals by the sub-treasury, s4,642130 being taken on routine. .s ...,.. ... ,..-
 The character of the buying after the short interest has been satisfied is expected to determine the course of the market from the present level.
 It was in the industrial specialties that the real movement of the day cen tered. On the new financial plans an- nounced by the company this morning, Colorado Fuel jumped very sharply. A very rapid advance in the lead issues was due, apparently, to a continuance of the pool activity, which has been no- ticed in these stocks for some time Rubber Goods was heavily bought, os- tensibly by an interest which wishes tc acquire a large representation in the annual meeting, now close at hand. AL though the company is earning fully B per cent. on it's common stock, the best information is that dividends will be deferred for another six months at least.
 A Paris dispatch says: The negotf- ations for "a new Russian loan have been resumed and are proceeding sat isfaetorfly.
 A London dispatch says: The sue cess of the Japanese loan is assured It has been fully underwritten and the bonds age now quoted at S-4 premium
 There. was an abundance of bull tips on the United States Steel shares. The source was said to be of the best. Pitts. burg is now bullish on both the com. mon and the preferred, and prominent banking interests have not hesitated tc express cheerful opinions regarding fu ture prices. ..<. .s,..-.. '-... '.. ~% There was considerable speculation as to how much the Colorado Fuel rights would be worth. The buying was ol tl1esame character that was noted o1 Thursday, that is, a mixture of good and mot good'' buying, but the stock rose sharply and ruled strong through out E%
 Dun's Review to-day says: "Holder and makers of iron and steel products appear to have secured control of thu situation. It is no longer considered desirable to delay the placing of con tracts in expectation of better terms On the contrary, in many steel shape it has become impossible to secure de liveries at specified rates, some mill having withdrawn from the market be