The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-02-09
STOCK MARKET FEATURES
ONTARIO AND WESTERNS UP
WARD FLIGHT.

The Activity in the Iron Trade-Dia-
mond Match's wonderful Machine
: Readings Renewed Activity and
strensth-RubBer Preferred's Big
Jump--sIet's Earnings.
In Philadelphia Lehigh Valley was
very strong. The tape had it that the
road was earning twenty per cent. A
year ago the stockholders We're de-
nanding that dividends be resumed,
and they have at last come, after
eleven years.
At periods the day protit-taking,
which proved extensive, carried the list
off, but the tone of the market con-
tinued very firm and the selling was
well absorbed.
The market became very wild in the
closing half hour, with violent bidding
up of the coal stocks, and some of the
traction shares, and strong evidences
of selling elsewhere in this final move
rnent, several speculative pools seem
ed to combine.
United States Rubber preferred early
made a sensational advance of nearly
six points.
Wall street is awaiting. the publica-
tion of the quarterly statement of earn
ings of the Metropolitan system with
a good deal of interest.
Pittsburg wired that the United
States Steel corporation had closed a
deal for the purchase of 10000 tons of
pig IRON
Charles e. Gates & CO. say in their
circular that st. Louis Southwestern,
Kansas City South and that class Of
stocks earning large returns and pay
ing nothing are certain to come to the
front before long, also that Union Pa
cific, Atchison and Baltimore & Ohio
are always safe.
The fact that the market has so
steadily advanced and SO steadily fall
ed to induce holders of stocks to part
with their holdings is cited as account
ing for the fact that many prominent
traders unhesitatingly cling to the bull
side. The higher the level, it is point
ed out, the tighter the grip on long
stock. - :
Reading developed renewed sensa-
tional features, the common stock early
in the day breaking the high record
price of 95 1-2, made on February 3,
and going well above that figure. The
story that the second preferred stock
will be retired was again about.
There was another rapid rise in the
stock Of the New York, Ontario &
Western yesterday. 1t went to Al 7-S
on the story that the Consolidated
railroad would guarantee dividend
of 2 per cent. for the next year and
2 IL per ceont. thereafter, which was
doubted by many. London was buying
the stock. .a< a.*
Another report was that the minoroty
shareholders will be offered satisfac-
tory terms by the New Haven road,
as a basis for bringing over their stock
to the later company. ~5
In his annual report to the local and
other stockholders of the Diamond
President Barber says, among other
things:
During the past year we have de-
veloped a most wonderful machine,
which we believe will almost revolu-
tionize the production of the so-called
Swedish match, which particularly af-
fects us in our foreign operations. The
machine S capable of producing and box
ing 100000 matches a day, requiring
the employment of but three or four
operatives Substantial advances have
likewise been made in the manufac-
ture of matches and boxes of other
styles in this country"
A Rutland, VT, dispatch last night
says: AT a special meeting of the
stockholders of the Rutland railroad,
held in this city to-day, it was voted
to adopt a ne wset of bylaws. The
new code makes some changes in the
duties of the officials, and provides that
each officer shall act under the direc-
ton of one of the vice presidents,
The New York Evening Post saws:
eff the magnitude of a country's con-
sumption of iron is a faithful index to
the strength of it's industrial position,
some rather remarkable differences
might be drawn from the iron trade re-
turns for January, made public to-day
The salient point of these returns II,
that last months production in this
country broke all records, exceeding
even the 1,713,0O0 tons to which the out
put rose in the feverish days of May,
1908. In the face of the great produc-
ton of 1,776,500 tons, stocks of iron,
unsold or undelivered, fell last month
from 100000 to $4,000 tons. This is a
remarkable showing: it will be recalled
that in the spring of 1903, whose record
in output has been referred to. stocks
on hand We're steadily increasing.
There can be no doubt of one fact, in
connection with these January figures
A very active industrial revival must
certainly be in progress in this coun-
try, if iron, whose previous maximum