The daily morning journal and courier., 1905-02-20
OUTLOOK FOX THE MARKET
 STILL VERT FAVORABLE,

VI oS~ooAAIS paSS lo tue lrusL eOnpan- ies. 4
 Union Pacific stood for about a third of the total transactions. The buying was of the same persistent character as it had been all the week, and tended to produce conviction that a decision in the Hartman suit will be handed down in few days-perhaps next Mon- day. Northern Securities on the curb reached new high record, and was still absorbed by the same people who were putting up Union Pacific. The so- called Hartman following was con specuous in both stocks.
 Federal Smelling stock has advanced over fifteen points the past week. a movement considered natural enough in view Of the fact that Federal con- mon stock is to go upon a regular 10 per cent. dividend basis. .
 The buying. of the United States Steel stocks last week was called good" by observant brokers on the floor.
 Speeialties, it is expected, will govern the market for some time to come. 2
 Pennsylvania was heavy again and was sold on talk of another stock issue for improvements and new equipment.
 Texas Pacific and St. Louis South western in the Gould list, Peoria, East ern and Nickel Plate among the Van- derbilts, with Corn Products and Unit ed States Steel common Of the indus trials, may figure conspicuousIy in the near future by upward movements.
 The Chronicle gives the January gross earnings as increasing about 6 per cent. The bad weather contracted revenues somewhat. tsf%
 It is said that Chicago and Great Western, too, seems ready to advance toward the materially higher market value which intrinsic worth warrants. In Soo common, Mexican Central, and Kansas City Southern there are signi- ficant purchases for foreign account. It is now practically agreed that Kan. sas City Southern preferred can go this spring upon a i per cent dividend basis. @.. HAIL ...=-~
 A notable thing about the weeks rise in Union Pacific was the fact that so few people thought the price was too high. An increase of the dividend next time was considered both feasible and reasonable. The talent argued that the equity in the stock made it intrins;eally worth we'll above 13O. Everybody had the tip to buy the stock, and those that followed it profited. .4s..
 Earnings by the Western and South western roads for the second week of the month indicate the hard weather conditions. Missouri Pacific lost ever $1S0.000 gross. "s .=.
 The room traders have been alter nately bulls and bears on. Rock Island. The stock has Jagged and at times it looked like sure money" to buy it. But so much long stock was forthcon- ing that further attempts to bull it ceased. Short sales, on the other hand, did not produce large profits. The spec iaIists are puzzled over Rock Island.
 The bearish room traders are inclined to give up selling short while money remains easy. But they. expect dearer money soon.
 Missouri Pacific was heavy on the publication of the offer to sell 25,ooo,- 900. This issue has all been take and $15, ,000 900 will go abroad.
 Just before the closing Northern Se- curities touched 160 on the curb. This was when Union Pacific was selling near 12S. 's*-
 Reviewing the financiala situation Banker Henry CleWs says striking feature is the abundance of funds seek ing safe investment on a 4 per cent. basis. Tn 1904 over s4500oO,o0o new bonds and s222,ooo,0o0 new railroad stocks were issued, total of over s670,- o0o,0e9 railroad issues. Since January over $1o0,0O0,OO0 additional railroad is sues, chiefly bonds, have been added. Even this big output does not seem to satisfy the public demand, which is for tunate for the railroads. Mir, Clews re- gards the outlook for the market fav- orable with financial skies almost cloud- less. Professionals have but little trouble to mark up their favorites. MT. Clews warns the public to beware of 1 tho tips of professional tipsters.