The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-07-05
STOCK MARKET FEATURES
PRICES WEE HIGHER IN LON
DON YESTERDAY.
Gains from One-HaIf to Two and One
Half Per Cent. in Principal Issues
Crop and Trade Reports Favorable

Half Per Cent. in Principal Issues
Crop and Trade Reports Favorable
The Gold Importing Question.
Prices for American stocks in London
were much higher yesterday. Among
the gains over New Yorks closing Of
Tuesday were Anaconda 2-12 Canadian
Pacific IL, Atnhison So, st. Paul 49,
Illinois Central ga, Louisville 7-8, New
York Central PIP Pennsylvania rs,
Reading It's, Southern Pacific IL,
Union Pacific IL, Steel common 8-S and
Steel preferred ga.
Although the closing of the market
Tuesday was quite buoyant, there was
no panic among the shorts and many
of them covered, as a holiday was i'm
pending.
Easier cali money is looked for this
week, but long time money is where
the pinch Is That continues high.
There are some important banking in
terests which hold that the monetary
situation is righting itself, and in view
of the fact there Is a disposition to re-
gard the securities markets with more
favor. The engagement announced on
Tuesday of $2,5O0,OO0 Of Australian gold
for import at New York brings the total
50 far secured on this new import move
ment up to $4,000, 900. Foreign exchange
remains close to the gold import point,
and 1t is believed that only little effort
would start an influx of the precious
metal on large scale.
Our bankers could at the moment, IL
they wished. draw large sums Of gold
from the London market. They are,
however, as Is well known, unwilling to
do this on account of the adverse effect
that the action might have in London.
or, as better way of putting the mat
ter would be, perhaps they are unwil-
ling to draw gold from London under
prevailing conditions unless the money
is absolutely needed here.
The Erie for the fiscal year just end
ed, allowing the month of June to show
earnings the same as last year, will
show gross earnings Of approximately
$50, 100000. Should this be the case, as
1t has heretofore been demonstrated In
these columns, the returns available for
the common stock on June 30. 1905, aft
err all charges, dividends, etc, will be
approximately 5 per cent. 1t Is indeed,
obvious that the Erie during the present
fiscal year viii reveal an earning power
SURPRISING anything ever known in the
history of the reorganized company.
The weather bureaus weekly report
of weather conditions declares that, all
though too cool weather had been ex-
perlenced in the Rocky Mountain Sec
ton, climatic conditions have been ia
vorable elsewhere, while various trade
reviews Of affairs In the iron and steel
business are Of an invariably optimistic
nature.
Some Wall street opinions are as fol-
lows:
Watson & Co.; A rally is long over
due and will come unexpectedly when
things look the worst.
John G. O'Keeffe, of H. L. Horton &
Co.: Market has a distinctly better
tone. Looks like further rally.
Dick Brothers & Co.: The immediate
course of the market will depend entire
ly upon whether or not liquidation is to
be Immediately resumed. If there is
renewed selling for the long account,
...,1,,t 1ou,nr rricac NAV no caan IF
on the other hand, this sort Of selling is
suspended, stocks will probably turn
quickly and rally sharply on the short
interest, which now seems to be extern
sive. We think that prices have been
sufficiently depressed to warrant con-
sentative purchases.
Marshall Spader & Golf called up
on to forecast this market on an esti-
mate of its technical condition, we
should say it was ripe" for an ad-
vance, though at several times during
the decline the shorts have covered, and
the market may lack the full force of
his buying now.
Miller & Co.-The bears have certain
y been very successful, and they will
no doubt use their every effort and
press their vantage as long as the sup
port of the banking interests and the
outside investment demand Is lacking,
A. o. Brown & Co.; Until liquidation
is complete there is little prospect of
permanent improvement in prices.
r. A. Mcintyre & Co.; We believe
that stocks carefully purchased now
will show a handsome profit within the
next twelve months.