The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-06

as to the Future-BuII Talk in Ger
tain Stocks-Caution and Wariness
Are Also Advised.
Flourishing conditions still attach 10
the steel and iron trade. promising IN
creased prosperity for the steel STOCKS
and some even predict a steel boom
akin to that of 1902. Meanwhile the
steel stocks have crept up and up from
the low and forlorn condition OF rev
months ago to near the dizzy heights
at which they were first introduced u
the investing public. Confidence IN the
steels was then at a very low epp. NO"
confidence is returning and some lnVes-
tors are Laying them away" The
country is still growing and growing
enormously. Perhaps its growth Will
be such as to warrant higher prices Tor
the steel stocks. The merger of the
southern steel stocks, if accomplished,
will mean greater stability for the steel
stocks. ts~. .:5
The oracles of the market, while pre-
dieting higher prices by and by and
that the trend of prices for good stocks
is upward, still advise caution and
wariness, as stocks have had a very
big rise in the past nine months.
The chief Improvement in the day
Saturday among the active shares was
recorded by Atlantic Coast Line, Sugar
Refining, st. Paul, Northwestern, New
York Central, Reading and Union Pa
cific. The local traction shares were
firm, and, despite the report of the,
New York City Railway showing a de-
ficit, after charges, for the December
quarter of $540,944, an increase of $501,-
$50 as compared with the same time in
the preceding year, the Metropolitan
stocks closed at fractional gains.
The reaction in the group of southern
iron stocks was only moderate, extend
ing to points in Sloss Sheffield and
B / IL in Tennessee Coal during the
greater part of the day. The absence
of further sensational developments re-
assured the street
Canadian Pacific was again taken by
a good class of buyers, the absorption
of the stock suggesting the probability
of the development of great scarcity
of the issue in the near future.
The bank statement was poorer than
had been anticipated, showing a de-
crease Of s6,256000 in surplus reserves
i and an expansion Of $13,0O0,000 in loans.
y This, however, was without much eff
ect when the statement came out on
4 the tape. Some stocks actually rallied
little.
n Il. The reports that Gould was after the
Lehigh Valley road are now pro-
n nounced baseless. r
Texas Pacific showed renewed
strength and it was whispered that 1t
was booked for higher prices. There
B was also continuation of bull talk on
Southern railroad preferred, but the
n price of the stock is considered high by
competent judges, as it has never yet
shown one per cent. earned.
Since the close of the Union Pacific
3 company's fiscal year on June 80 last,
S $31, 900 of the bonds have been con-
* verted.
It is expected that Lefigh Valley will
n be listed on the New York Exchange
some time this year. 1t has been very
active in Philadelphia during the gene
3 raj rise in all hard coal stocks the past
E few months. 1t has sold there at $40
IN share. A few years ago it was under
4 $40 a share.
Y In the opinion of Mr.. Clews unless
all indications fail, the period is APP
preaching when the stock market will
show rapid and wide fluctuations. A
very optimistic undertone prevails be-
cause of generally satisfactory bust
IN ness conditions and the abundance of
# easy money. The elimination of this
l,,,ie ie,
81 stocks may reach a higher level under
special influences, but technically the
\ market is growing less and less
' strong"
Bull talk on Peoples Gas is renewed,
and a further "upwardness'' in sugar
a is alleged to be due
s New York Central had it's impetus
from London, where it was SIS higher
at our opening. Reports of holding
# concern similar to the Railway Securi-
III ties company followed the Chicago dis
~ patch of a 5000, 900 corporation Of
n that nature. 1t sold at 1853 toward the
q closing, and then broke to 156 3-4.
Good bull talk on the Fries is again
heard.
II Charles G. Gates & Co. say: eve
are optimistic on the outlook, as a
n III whole, and look for higher prices next
week, when we should again advise Sc
N curing profits for the time being, be-
II lieving in a market of wider f1uctua-
N lions from the present level than has
Il been the case for the last six months
I'M The last issue of $4,000 shares of
Steel preferred to employees has been
taken up. 1t was issued at 81 Ia. The
\. total of 100000 sold in this way aver
I ages 70, and shows a profit of 20 points.
T,S The chronicles" final report of rail
road earnings in 1904 shows a gain in
gross Of $S,45S,5s2, and in operating ex.