The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-11-30
NEW MORNING JOURNAL AND COURIER R1AY
STOCK MARKET FEATURES
AFTER THANKSGIVING FESTITI.
TIES WHAT?

| Market Prices Expected to be Held
Firm and Made Tempting for Janu-
airy hvestOrs-More Analysing of U.
P. Repositories Gossip.
The course of the stock market for
1 the next four weeks will be awaited
with interest. and to many tired bulls
a handsome up-turn will meet their
long-felt want,
One opinion that finds many adher-
ents is that the market will be nursed
carefully to avoid conflict with the
money stringency, and made strong
and tempting for January investors.
Many brokers thought it was some
thing to be sincerely thankful for that
the call money rate did not rise above
~ per cent, nor remain long at that
level on the eve of Thanksgiving day.
A recognized expert, after estimating
that in the current year Union Pacific
may possibly earn II per cent on its
common stock, says regarding the So
called analysis Of the report for the
past year THE extravaganza figures of
equities that have been put into cir
culaton are misleading when translat-
ed into per cent on stock. These
equities, whether they be undistribut-
ed SURPRISES on stock owned (such as
Southern Pacific or abnormal charges
to maintenance can be best regarded
certainly in the case of Union Pacific
as buttresses protecting other income
and net earnings from too sudden dim
mutton in bad times, The time is not
yet in sight when American railroads
can safely divide SURPRISES to the hilt
or limit maintenance charges to bare
upkeep."
On the ground that there was a large
short interest in the stock, part at least
of which could be forced to cover, New
York Central was moved up sharply
and not only was there an appearance
of very fair buying for local account,
but London sent in orders on the same
side. 1t appears that there has been
selling of the stock within the last few
weeks by large spectators who bought
the rights as a hedge.
After its rise OF almost 10 points, or
nearly 80 per cent, in its price within
three weeks, Missouri Kansas and Tex
as acts as II the movement was over
for the present This was very natural
and in entire accord with precedent in
such cases.
1t may safely be assumed that the
rise in the price of Katy common stock
to 43A has brought a good deal of
stock from investors and transferred it
into the hands of spectators, The
latter could be forced to sell by a sharp
reaction, the former could not.
Wheat east of the Rockies increased
1892 000 bushels, Europe and ahoat
decreased 100000 bushels, World s
Corn east of the Rockies decreased
373 600 bushels Oats increased 1,70S,
600 bushels.
This week $0,000,00O of Pennsylvania
bonds will be started on their way to
Paris They weigh fourteen and a half
tons and they viii be carried in iron
boxes Many of the bonds are in small
denominations to suit the French In
Vestors
Following are the California Fruit
Distributors carload fruit shipments.
November Is, grapes four; November
16 same, (The season is practically
closed till spring. Little fruit to be
sent out during the holidays) Noyem-
Der 20, 100000 pounds prunes; NoYem-
Der 81, 1900 pounds, ana one 10000
pound car-dried Bartlett pears; Novenn-
bcr 20, two carloads prunes, 10000
pounds.
Stripped of other income Union Pa
cific earned from transportation the
Of about Sb per cent on in
taken as contributing $500 a share in
the present market price the balance,
81 or thereabouts represents an earn
ing power from the railroad lines lower
than that Of Southern Pacific Judged
by this standard therefore, Union Pa
1. ~ ...t1.v 4,1I