The daily morning journal and courier., 1905-09-25
STOCK MARKET FEATURES ACTIVITR AND STRENGTH OYER
 GOOD TIMES.

strong HandS'-Iaetics or buIls anu
 Bears-SOme Wall Street Opinions
 Canadian PaeiGc's second "sOO"-
 Erie and Its Big AcquisitiOn-steel
 Common.
 The stock market acts as if it want ed to mount higher yet.
 Prices in many active stocks have scared to dizzy heights, but the proph- cts say that the high prices are justi- fled by the big earnings of both the railroads and the industrials.
 The bulls in the market point to the fact that whenever money threatens to grow tight gold imports will flow in and make money easy again.
 So prices hold strong, threatened re- actions do not occur, and the bulls sing merrily of higher prices, and point to the low priced stocks as having plenty of room to rise.
 Whenever the bulls have ibulled a stock up 10, 20 or 30 points, if gilt edged, or or 10 if not gilt edged, all the news regarding the stocks so pulled that comes out is of the most roseate kind. So some day or other when there has been a big drop in prices, and it looks as if the bottom would fall out of ev- erything in Wall street, then the news that is fed out is of the most lugubr.ous kind, of the kind that scares the timid would-be buyers so that they are afraid A. I,a yEyilN Wall street fellows rush in and quietly. pick up the stocks preparatory to holding them for another big rise in due time.
 At present the bull campaign gives no indication of being on the wane.
 Ontario Ss Western, it is figured out by some from the New Haven's annual report is to be a per cent dividend payer. ,t-
 The New York TriIbune's financial column says as to Canadian Pacific and it's Duluth, South Shore and Allan tic systems:
 Canadian Pacific making new high records this week is expected by inter- national bankers to be benefited by an- nouncements having to do with the fu- ture financial policy of the company. The sturdiness of Canadian Pacific eX- pansion is typified by the amazing de- velopments of it's auxiliary, the, Soc system, whose progress (comparing 1900 with the fiscal year just closedD is re- flscted in an increase of gross earnings approximating 23 per cent-net mount ing over gross at the rate of 3 to l.
 There are indications that the Cana dian Pacific has still another Soc in it's Duluth, South Shore and Atlantic sys- tenn. There have been special reasons for a waiting policy in this latter prop erty. Vast sums have been expended upon it's physical improvement. There have been long years of building for the future" But now a development campaign seems ready to proceed. Earnings show expansion. But what is of future importance in the Duluth, South Shore situation is that exten- sions and connecting lines will bring a volume of traffic and net financial re- turns which will give to the company Q new status. It may not be irrelevant to point out anew that Duluth, South Shore preferred is selling now about where Soo common sold about two years ago when it started upon its rise of over hundred full points:
 Impending developments in St. Louis Southwestern will be beneficial to that company's preferred shares.
 As to Southern Railway commons rise various runors are set aftoat. One is that the stock is to be cut in two. There is good deal of it. about $120,- 100000. Reduced: to $60,000,000 it could pay dividends some time or other. An- other report says: A glance at the com- panys earnings is sufficient to show that there is only small margin for 8 dividend on the common stock. Trad ers were inclined to leave it alone Sat urday. Reeollections were revived of the tremendous transactions in this stock at the time of the Louisville deal, when the price went above 40. Many who bought then have not been able to get out at a profit.
 The buying of United States Steel appeared to come largely from banking and steel interests, giving an impress sion of confidence in the future of the trade. London had had the point for several days that these stocks will work higher.
 Fries absorption of the c. H. & D, system is variously regarded. One view is pessimistic, another is that a net gain of $3,000,000 year is what Cin- cinnati, Hamilton and Dayton's acqui- sition can provide forthwith for Erie so vast and far reaching is this com ibination and it's influences.
 Some Wall street opinions are as fol- lows:
 Dick Bros & Go. say of the market: Nevertheless, nothing more than reac- ttons may be feared until real selling Is seen. The most conspicuous feature of the present stock market is the a5- sence of liquidation"
 Atwood, Violetet & Go. say: Con servative trading on the long side of the market is the most certain for profits from the present outlook. While the short side for a quick turn might prove profitable from time to time, yet the tendency seems to be so strongly in the other direction that the possible profit does not warrant the risk"
 James B, Taylor of W. B. Franklin & Coz with the short interest small and with the money rates running up sharply, as might easily occur in view