The daily morning journal and courier., 1905-04-15

The Rise fin [. C.-Liquidation but Stocks We'll Taken-The Banks and Money-U. P.'s Activity-Ney High Records.
 The market was strong, active and buoyant yesterday giving opportunity Tor realizing with those so disposed. Ad- Vances in some stocks ran from to 5 points.
 St. Paul set the pace for the market recording the extreme advance noted, and was followed by Union Pacific, New York Central and Illinois Central On the ''curb" Northern Securities made an even greater rise than St. Paul moving up S-4, and both stocks established new high records. Securities sensa- tional advance was in anticipation of the rights that might accrue from possible increase of Great Northern stock.
 The movement in Illinois Central in. the afternoon was thought to be the re- suit of the resumption of bull opera tions in the stocks of the Gates party. The strength of St. Paul attracted much attention. It was heavily bought by interests close to bankers, who are Identified with the company.
 Although there was a fair amount of strength in the rest of the railroad list the important advances occurred in the Hill-H -Harriman-R Rockefeller shares.
 The local commodity markets were depressed by rather general liquidation. This was specially effective in wheat, which closed half cent below Thurs day after early advances. Corn was also lower and cotton declined rather sharply before the close.
 There was a good supply of stocks at tke advance in the first hour. The stocks were we'll taken. and with the absorption came better class of buy ing. @.,. ..r..
 The gross earnings of the New York Central and Hudson River Railroad company for the month of March show an increase of more than 8 per cent. over the same month a year ago. AL though January and February were stormy months and while most of the large railroads in the United States re- corded big decreases for February, the gross earnings of the New York Gen. tral for the first three months of the present year were 100000 in excess of what they were for the same three months of 1904.
 Stocks like New York Central, Atchi- son and Reading, which had been very strong in the early dealings, lost the greater part of their gain in the final hour.
 The directors of the Northern Pacific have declared dividend of 3-4 per cent, payable to stockholders of record on May 15 This action, together with the closing of the books on May g., was interpreted in Wall street as mean- ing that the dissolution of the Northern Securities company as at present con- stituted, would be completed before that date. ...
 United States Leather pfd. made a new high record, selling between 101 IA and 102 and off to 101 S-4 The bonds brought 99 1-2.
 Confidence in many of the deal theo- ries, which waned considerably when the market was reactionary, has now picked up considerably. .
 Most of the issues which were most buoyant Thursday were at Times heavy yesterday, showing signs of extensive profit taking Notable among them were Smelling company.
 Pressed Steel Car was bid up over points. and reached a level higher than that held previous to the passing of the dividend. It is now discounting re- newal of a disbursement of less thaa the old rate.
 The banks show large gain in cash holdings for the week ending yester- day The preliminary estimates place this increase at S2,7O4,00O, as against a gain of only $673, ,000 last week, when the Saturday returns showed a large actual loss. From the interior the banks have gained a,515, 900 cash. the treasury con- tributing $1, 1,1S9,00o additionall The gain from the government represents the heavy pension payments and disburse- ments for postoffice requirements.
 New high record prices were made yesterday by American Locomotive pfd, American Woolen, Philadelphia Rapid Transit, United States Cast Iron Pipe, and United States Steel pfd. The continued rise in Union Pacific was indirectly due to the boom in Northern Securities. As the owner of $S2,00o,0o0 Northern Securities stock Union Pacific would come in for the greatest share of the extra dividend or privileges, whatever they may be. Be- sides, the extended rise in Northern Securities stock adds greatly to the market value of the former company s assets should 1t care to sell them. There was, some talk of competitive buying of Union Pacific, and this ex- erted an influence on speculation when the upward swing was fin full progress.
 It was altogether market where gos- sip of deals played the chief part to the exclusion of every other matter If 1t is true that stock exchange specula- ton thrives on mystery, then the deal ings had abundant opportunity to four ish yesterday.