The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-02-10
STOCK MARKET FEATURES
ONTARIO d WESTERN HIGH
RECORD BUT NO GUARANTEE.

RECORD BUT NO GUAhANTEE'
Gates Going Away but Gives Out
BuIIish TaIk-some Good Selling and
Some Good Buying-Rate War Has
Already Cost Roads Over s1,OOo,ooo-
Connecticut Light s. Power Company
Notes.
New York dispatches last night say:
B. f. Yoakum and Fl. E. Huntington
were elected directors of the Colorado
& Southern railway today, succeed
ing E. j. Berwind and J. P. Cotton.
The American Tobacco company to-
day declared an initial dividend of 2
Is per cent on its common stock for
a period not stated. -...
An advance of IA points in West
ern Union was explained as due to the
execution Of an investment order for
1000 shares.
John w. Gates, discussing the stock
market, said yesterday afternoon Che is
going away soon for little vacation):
II believe the standard issues will go
to a higher level. There is no reason
to believe otherwise. Good stocks will
be taken in hand and put higher, while
other stocks will be neglected"
The old pool in Glover Leaf was in
the market again with the usual stories
of a sale of the property to some other
road. Ill
It. Is estimated that the grain rate
war has already cost the gulf lines
$500,G and will cost the western and
eastern lines fully 100000 within the
next few days.
American Mailing preferred was
weak on selling orders. The pool which
gave out SO many bull tips seemed to
be letting so.
New high record prices were made
yesterday by the Federal Mining and
Smelling common and preferred,
Manhattan, Great Northern preferred,
and Ontario and Western.
London again bought Ontario and
Western, but the opinion was strongly
held that this buying really originated
from this side of the water.
Wall street was discussing yesterday
what would happen to the shorts
should the remaining $50 of the sub
scription to Metropolitan Securities be
called in. It was the opinion that
those who sold the contract short
would be responsible for the $780, Others
thought not
President Mellen of the New Haven
railroad said yesterday that there is
no truth in rumors that the New Fla
ven railroad proposes to guarantee 2
per cent. on Ontario and Western.
There were no other developments in
connection with the latter property.
Other runors were that the New Haven
road would give up the 0. & W., which
nobody took any stock in.
The chance that Manhattan would
soon issue the remainder of it's treas
ury stock amounting to $4SOO,00O was
by some thought to account for the
stocks strength. Under the lease, how
ever, it can't be sold until next Janu-
ary. AS the old stock at the same time
was selling above $50 this gave valua-
/ bic rights to the shareholders The
price reached to-day is the highest
St1lCc IOSUJ WHICH II TcctCHeQ 1iO Ill Oc-
tober.
London bought about 35, 900 shares of
stocks. The early cabled quotations
before our market opened, were en-
couraging.
Throughout the day yesterday prof.
it taking was INDUCED in on the the
DRY that the upward price movement
was about over and reaction due.
Again it was urged that the coming
early departure of big traders to vari-
Gus clines might take away market
support.
A local broker says: Conferences
between the Consolidated railroad and
the Connecticut Railway and Lighting
company, for the taking over of the
latter, are still going ON. They have
been in progress for the past ten days.
As a result the price of c. r. & L. Co.
bondsscontinue to advance.
Further heavy orders for copper are
reported from China and Japan.
Washington, Feb. 9.-Attorney Cen
eral Moody has appointed Judson Har-
mon of Cincinnati, who was attorney
general during the second administra-
ton of President Cleveland, and Fred
erick N. Judson, prominent lawyer
of st. Louis, to investigate the alleged
action of the Atchison, Topeka & San
ia Fe railroad in granting rebates to
the Colorado Fuel & Iron Co. This
employment is with the view of taking
legal proceedings against the company
if after investigation such proceedings
seem justified.