The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-08-07
STOCK MARKET FEATURES
RULLTSH TALK CONTINUES IN
MOST QUARTERS.

Business Conditions Are Fine, Crop
outlook Fine and Wall Street Says
present High Prices are Not High
Enough-The steels-Other Gossip
Is the Market Near Top:
The general trend of Wall street talk
is that present conditions and the i'm
mediate outlook favor still higher
prices.
Admitting that prices for most of
the gilt edge properties are high, Wall
street says that the discounting of good
conditions is not complete.
All that the specialists could say of
the rise in Big -Four was that it looked
as if the bull campaign had been re-
sumed. Mr. Twombly is credited With
the responsibility for the upward move
ment.
Day after day number of stocks
made new high records. In some this
was due to very evident clique manip-
ulation; in others to unexpected but
genuine buying.
Advices from the grain country are
uniformly Favorable, and there is every
encouragement still for the belief that
the country is on the eve of corn crop
close to record dimensions. Anticipation
of another splendid showing when the
departments monthly estimates appear
next Thursday, ought to be an import
ant influence in next wees stock mar
ket.
The Illinois Central has net gain Of
81, 301 ,490, which establishes the conserv-
atism of the dividend policy. The di-
yidend on Norfolk and Western COM
mon can be increased this fall from
three to four per cent. from the 100000
increase in net for 1904-05 and leave a
Nttle to spare
Canadian Pacific has made one of the
largest gross gains, the one $3,OO0,O0O,
and the other $2,677,514. Southern rail-
way ends the year with a surplus of
B2,151, 900, which is eduivilant to l Sd
per cent on the $12O,000,000 of common
stock.
1t was predicted in bullish quarters
that the U. S. Steel shares would du-
plicate the performance of Amalgamat-
ed Copper and quickly recover the di-
vidend. The stock goes ex-dividend to-
day. At any rate the state of the steel
and iron industry does not predicate
any relapse in the market position of
the Steel securities. Never has the in
dustry been In better shape.
One authority says: Some distribu-
ton of stocks is thought to have been
effected lately which, if enlarged, will
leave the market more vulnerable to
bear attacks. We, therefore, think it
advisable to take profits on the bulges
and buy only on recessions in order to
avoid being loaded with stocks at the
higher prices"
Crop conditions the past six weeks
concerning wheat, corn and the smaller
cereals, have been excellent. The gov
eminent August report on Tuesday, tc
be issued at the first time at noon, will
establish quite fully the fact that the
total wheat production will be $4,000, 00t
bushels, or 125,000,00O more than last
year, and that of corn 2,500000,000 tc
2,75O, 900 bushels.
A former New Havener, now of Iowa
who is visiting in New Haven, reports
that excellent authorities ON the sub
ject in Iowa report the prospects of the
corn crop in that state as splendid.
An able metropolitan writer observes
that indications are not wanting Of fur
ether progress Inward a period of in
f1ation in stock exchange securities out
oF oil THpnpprtiDT1 IN iT71rn n5ia "a ar.
pective returns on investments. Trans
lated in the interest of brevity, this
expression means that stock marke
boom is contemplated and not improb.
able.
Huge paper profits have been made
in Shelters this year by number o.
people. But there is yet to be seen how
successful the attempt to convert those
profits into cash will be.
London was closed Saturday because
of holidays abroad, to stay shut unit
tomorrow. This was an influence
which tended toward the curtailing Of
local operations.
A low surplus bank reserve is no
necessarily hindrance to speculation
for the rise. Prices went up at fGri
Gus pace during August and September
1903, when reserves were falling rapid
ly.
Henry Clews says: "The light float
ing supply of stocks continues the dom
inant feature of the financial situation
Professional traders have during thu
week made number of concerted dem
onstrations against the market, bu
have y,,n+ 11yi+, ipdiffprnnt sIrronSs. au(
indications are not wanting of furthe
progress towards period of imitation
in stock exchange securities out Of al
proportion to immediate or prospectiv,
returns on investments. AS al
ready noted the standard investmen
stocks are becoming so closely hell
they are practically out of the marke
rs snacula five securities and This il