The daily morning journal and courier., 1905-03-14
STOCK MARKET FEATURES
YEspERDAY,s STRONG AND
 RUOYANT MARKET
Easy Money Continues to Help Manipu- latsrs Elevate Prices-Reasons for Rise Alleged to sbe Justihed--New York Central and Allied Stocks Very Strong.

York Central ana Aiiieu shocAs FeAs
 Strong.
 As foreshadowed by the indications
 Saturday, yesterdays market was a
 strong and buoyant one. Speculation
 was on very active basis, with de-
 cided broadening of the market and the
 establishment of an unusually large
 number of new high records for the
 year in stocks of more or less import
 ance. Great profit it-taking was discern
 ible, but this did not dampen the ardor
 until late in the day, when prices be
 gan to sag little. The bulls then took hold with renewed yigor and shot New
 York Central up to 1651s, it's highest
 point for the year and the highest since
 the bull climax of 1901, when it reached
 17411s nine points higher. This figure,
 175, is now talked of for Central. Talk of vast consolidation of Vanderbilt
 lines and a transcontinental system
 crops up more and more, lending en-
 chantment to the speculative outlook.
 The news bearing upon speculative
 conditions was all of an assuring char
 acter, despite Russian runors that the
 war is to continue. The low-priced Vanderbilts and other loW-priced shares
 shared in the upward tendency. Re ports of railroad earnings were also
 more favorable than those of February.
 report concerning New York Gen.
 tral was that control of this company
 is to be acquired by Union, Pacific by
 the issue of collateral trust 4 per
 cent. bond of the latter company at the
 rate of 175 for each share of New York Central. This it was argued, should
 make Central work to 175. The street
 was a little skeptical about this.
 Tips were numerous yesterday. New
 York Central for 175, Katy" preferred for 75, St Paul for 19O, Pennsylvania for 155 or 16O, etc, were heard in Wall street. Union Pacific was feeble and acted a little tired, as it has done for some time, and this stock and Reading acted as if long holdings were being mar keted. Nickel Plate opened three points higher, at 50, and had a net advance for the day of 3ss points.
 The Steel group acted well, as if held in reserve for higher prices.
 Big Four and Chesapeake and Ohio were easy yesterday. after their big H advances. The London Settlement shows an in- creased speculative position, especially < in American and industrial stocks, al- though the tone remains good. l Pennsylvania stockholders will to-day authorize the bond issue of $50,000, 900 which the directors proposed. :, Of the southern and southwestern group Missouri Kansas and Texas was { a feature at midday, the preferred be- { ing marked up on quite heavy transac- ] tions with report that it is to be < placed on a per cent. dividend basis < next month. Texas Pacific also at tracted much attention, and at times < ruled firm. Southern Railway common < did not make much progress, but 1t was reported to have been well bought. 3 Missouri Pacific was taken in large amounts and showed signs of pool ma- l nipulation.
 Mexican Central issues were popular and wers given good impetus through X London.
 A Chicago dispatch says: Merchan- ! disc is being rushed to all sections of the west to get into the hands of gen. < eral distributors before the roads break q up and prevent its passing into the S hands of consumers. There is a great 2 rush of grain from the west to Chicago ( and the east to take advantage of the | low rates which are to come out on the < first of April.
 { Stocks like Chesapeake, Reading and \ Copper indicated that the pools were x not all buying.
 X The trading in different stocks that I from time to time led the market was l the largest of this year. The specula- I five element shifted from one stock to J another with a following composed of l the smaller traders and some commits Il sion office clients. This produced enor- 4 nous transactions in such issues as Il Pennsylvania. Union Pacific New York 4 Central and the Steels. A Delaware, Lackawanna and Western { scored further advance and made 4 new high record price.
 A Chicago dispatch says: Every east \ ern road operating out of Chicago and St. Louis is having more business than s if is able to care for. The immense traffic in iron, steel, coal, coke and gen. Il eral merchandise is taring the motive < mower to it's utmost. Three of the X leading roads report that they are 10000 4 cars short of their daily requirements, \ md are crowded with the large offer- q ings of corn from their western con- H signees.