The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-08-04
STOCK MARKET FEATURES
DULLNESS BUT FIRMNESS PRE-
FAILED.

Prices Closed at About the Best-Lim-
tied neutrality-suspicious. de Bank
Statement-sOuthern Stocks Upheld
by pools in Face of Bad Situation
The Eries-SmeIting COmmOn-Few
stocks offered.
Business was not lively on the stock
exchange yesterday.
Speculation here and in London halt
ed little to see what the peace COM
missioners will do, and there were
queries as to what the bank state
nent Saturday will show.
The southern group of stocks was
strong again and still higher despite
the yellow fever, and the decreased
figures of the cotton bureau as to the
coming yield of that product, July's
figures being 74.9 per cent. as against
II per cent. in June, this decreased
percentage being the lowest in five
years.
Conservative interests, and especially
those with southern affiliations, were
skeptlcal of the movement in southern
stocks. Conditions, they point out,
are anything but favorable to bulling
those issues, even though the situa-
ton as to such influences as the yell
low fever and cotton were no worse
than are generally understood to be
away from the section.
Louisville and Nashville and Allan
tie. Coast Line were manipulated by
the Gates interests, who are located at
Saratoga, and were higher. The old
story that the Coast Line would take
l., & n. over at Z per cent. basis
was trotted out again.
There are not a few who maintain
that Smelling common will in a COM
paratively short time rank with such
Industrial stocks as American Sugar
Refining. The stock is believed to be
scheduled for a 7 per cent. dividend
basis in September.
On heavy buying Southern Railroad
common rose to IS 1-2 in spite of yell
low fever and a smaller cotton crop.
The pool probably found good many
were short. Of the stock.
The opportunity to market the
Changers and many other specialties
while the demonstration was going on
in the Southern stocks and Reading,
was not lost.
-. &gain it was rumored SThat Erie
common, would prove a second Read
ing common with all that that would
indicate. and the Wasserman party
stated that the new mileage to be,
built on Erie's. New York division
would allow the road to carry rs per
cent. more freight.
Some estimates of the long holdings
of the pool in Southern stocks range
from 100000 to 100000 shares of Him
ois Central, louisville Atlantic Coast
Line, and Southern Railway common.
It is manifestly for the interest of
the clique to support prices. They
are alleged to have bought much of
their Louisville above $50.
The Steel Foundries $3,5O0,000 bond
issue is said to have been underwrit-
ten at q, which makes only per cent.
paid for loan accommodations.
The general argument used yester-
day for the rise in the coalers was
that some were going up because 9TH
ers had risen sharply, and the relative
worth should be maintained between
them. A further rise in Lackawanna
to a new high level occurred, after
which Jersey Central moved up, Read
ing then followed.
The strength Of the market was due
moist entirely to scarcity OF stocks.
Offerings were small.
The opinion seems to be very gener-
ally held that with the return Of J. P.
Morgan some important announce
ments regarding the Erie property
are likely to be made.