The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-04-27
STOCK MARKET FEATURES
a BUoKAYT START AND RATHER
WEAK CLOSING.

louisville Affairs n Strong but FIuctu-
ating Feature-GoOd Selling Indi-
Gated In the Later Doings-Good
Rains in wheat BeIt-Easy Money
u. S. steePs Prosperity-LOuisville
and the Leasing story-Good Rail-
road Earnings.
The stock market yesterday was
buoyant much of the day, but grew
weak toward the close The weakness
is attributed to the selling by leading
interests that bought stocks to stem the
tide of the present sharp decline. The
United States Steel shares halted at
first, but subsequently moved up with
the general market. Speculative Wall
street affected disappointment over the
quarters net earnings on the claim
that not enough was charged off for
renewals, depreciation, construction and
additional property. The compony's
orders ahead on the books, however,
are immense, insuring large profits for
months to come. All the plants are
being operated also to nearly their full
est capacity. 1t is urged, however, that
the steel rail part of the business, the
most profitable part. is not highly fat
tering in quantity. One point of con-
siderable interest is the quarters show
ing after all expenses and the preferred
stock dividend. The balance left is ST.
100000; a quarterly l per cent. dividend
on the common stock would have called
for $5.0OOOOO. 81. ...
Copious and needed rains in the wheat
belt were a bullish factor, and easy
money was another like factor.
Very few persons could dc anything
In Northern Pacific The recollection of
the disaster that overlook the shorts in
1901 prevented anybody from going
short of it this week, while it was gen.
orally considered as high enough for
per cent. stock. Most of the buying APP
peared to come from bankers close to
the company. c.E'
Norfolk and Western ran off in the
late trading on the declaration of the
regular dividend instead of the expected
increase.
Excellent reports of railroad earnings
come in. The principal gains were:
Louisville and Nashville, $4,000; St.
Louis Southern, s51, 900; Southern rail-
way. $71Oo0; Missouri Pacific, $4,000,
and 500 $4,000. The Atchison show
ed an increase in gross for March of
$431, 900, but through a large expansion
in operating expenses this was turned
into loss in net of Sal, 900.
M, K. It's president stated yesterday
that the Dutch shareholders of the COM
pany are opposed to paying dividends
on the stock at present and want the
roads efficiency first brought up to a
higher standpoint.
The putting up of such issues as
American Sugar, Kansas City Southern
preferred and Colorado Southern sever
al points each was not due to any news
developments, but merely speculative
work.
In the first hour yesterday over 100000
shares of Union Pacific changed hands.
In that time it sold above 12S. The pur-
chases were largely in the nature of
shorts covering. U. P. fell off some
near the close
The activity of the numerous pools.
with view to inducing the public to
come into the market, was feature of
the day. In order to help prices up
ports about deals. Wall street was slow
to credit the stories.
Western interests returned to the
buying side again yesterday. Gates &
Co. took stocks all through the list.
The most prominent purchases were in
Southern Pacific, Steel preferred, Rock
Island and Union Pacific. They bought
10000 Southern Pacific and 10000 Steel.
This change of position suggested a
completion of liquidation both in stocks
and wheat.
louisville after selling above 155,
slumped IL points and then went to 9
new high level. 1t was reported that
preliminary papers had been signed
leasing the road to the Atlantic Coast
Line on a q per cent. guarantee. Much
Of the buying of these stocks, which had
been extended over a week, when they
first began to move upwards, has beer
by banking interests, who presumably
had knowledge as to what was going
on. Louisville's earnings, it is contend
ed. can be made to show upwards of Il
per cent. on the stock. Atlantic Coasi
Line would naturally benefit by lease
On the other hand, a Savannah dis
patch says that President Ericsson, OF
the Coast Line, said yesterday that
there was nothing in a business way tt
force Coast Line up to its present
height, and that the rapid rise was due
to spectators. z
Another report was that the Hett5
Green interests in Louisville are respon.
sible for the current advance in the
stock and in Atlantic Coast Line.
An incident in the Louisville GROUP
was the crossing of Louisville yesterday
Afternoon by Nashville and Chattanoo'
ga, the latter a 4 per cent. and the for.
nlert a 6 per. cent stock.
@ For the fifty-second time this year the
total transactions for the day crossed
the million-share mark. Commission
houses We're more active than they ex.
pected to be week ago.
AraaIgamated Copper was one of the
strong features. 49,.
BOY BAGGED PANTHER.
Hill thirfppn-year -Oi