The daily morning journal and courier., 1905-05-10

istie TaIk-The Rise i'm P.-Louis-
 viIIe's Prospeets-AIIeged Absorption
 of Erie-0ther Gossip.
 The political atmosphere abroad was cleared yesterday by announcements of a pacific sort. This helped the market here.
 More than one Wall street commits sion house representative could be quoted as saying that things have been put in order in anticipation of a com paratively dull summer, and a market more or less featureless.
 The failure os broker in Ameri- cans at London. with liabilities of about s250,00 was without effect either there or here, as his line of 40,000 shares was sold out Monday and he helped to depress the market then.
 | A pessimistic broker refused yester- day morning to change his tone in spite \ of the reminder that stocks had de- clined 10 to 20 points the past four weeks. The burden of his complaint was not the foreign nightmare as he called it. but the fact that friction among the western railroad interests would grow more serious. l New York Central's strength helped the market and revived the talk con- corning harmony between the entire Vanderbilt outfit as to operating and l financial methods and what benefits l were to arrive in which New York Gen. tral stockholders would participate I largely. - .s @ I Trading was mostly of professional ! character. .a. .. .s The opening strength caused consid- erable retreat on the part of the short
 interest. and the buying of the market otherwise was much better than of
 late, it being quite apparent that good, support was being extended to leading
 shares by banking interests, particular i " in the case of Union Pacific, the course os which once more did much
 to make sentiment.
 I The market was helped by the cur
 rent belief that the government month ! ly crop report, to be issued to-day at 4 D. m., would show a promising out Hook for cereals. This was one of the ,, motives for bidding up the granger stocks. i..
 I The statement from President Roose-
 velt's Denver speech on railroad rate
 problems that attracted most attention l was this: You will be as jealous to i give justice to the railroads as to exact l justice from them.'
 I American stocks ill London displayed I a stronger tone in sympathy with the l general improvement. Prices came gen- l orally higher. In this market the ar
 bitrage houses were buyers on balance | The reported acquisition of a large amount of Erie common stock by
 other trunk line interests did not in- duce any buying of Erie by the gener- al public. Perhaps one reason of this
 was the collapse that occurred in the stock market after the hoisting of cer- tain stocks to new high records on just
 this sort of talk sZs5.s.s. <. I The rise in Union Pacific began with, loud bidding byiH. Content who took I very little stock, however, and was
 therefore suspected of. acting for Jacob I Field. c. B. .McD Donald then bought it freely up to 120 IA. Ts x
 The supply Of Union Pacific stock at 120 was moderate and the price went
 above this level. There is believed to have been heavy inside buying be- tween 116 1-S and 120 on the different
 movements that have occurred between
 those two figures ssa The attitude of all classes in the spec
 ulatives community seemed to be one of
 growing apathy. It could fairly be
 said that the events os the past two
 days had fulfilled the expectation en- I tertained at the end of last week, that the market would become a quiet trad
 ing affair. with narrow fluctuations up , and down. '5si @ 3s K .3.'s.5
 \ It is the opinion of many careful ob- { servers that while there may have
 been considerable liquidation in the
 Steel shares. and perhaps sizeable , short interest set up, these stocks will
 hold their own, and in fact enjoy the support Of a large buying power as the
 market rights itself.
 4 In Louisville and Nashville's 12 point decline from the years top record
 friends of the stock fail to see anything \ to dan1pen their enthusiasm. II Efsss=24@- {