The daily morning journal and courier., 1905-05-15
STOCK MARKET FEATURES
AN OPTIMISTIC FEELING PRE-
 DOMINATES,
But Trading Market Expected With the Trend of Good Stocks Upward The U. S. Rubber Co. Merger With Rubber Goods Co.-Capital s75,Ooo,- GOO.

GOO.
 Saturdays market was purely profess sional, and after the bank statement came out prices receded.
 The somewhat unexpected decrease of S2,O00000 in surplus bank reserve could scarcely have been held at all responsi-, ble for the days reaction in stocks, be- cause the great ease in money rates renders the banking position at the mo- ment matter of indifference.
 General sentiment among observers appears to favor the long side. Tn stock market parlance, the trend is upward ? There are others however, who do.'h+ it. They think that stocks have dis- counted present favorable conditions, and that the railroad rates inquiry, the unrest" out west, etc, indicate lower prices.
 There was selling of St. Paul by many of Fridays buyers, due to President Earrings announcement regarding the extension to the Pacific coast
 Pool liquidation of Peoples Gas fore ed that stock under par for the first time in months. It was offered down to 9S% on moderate sales. The pool liqui- dation commenced last month around 115.
 Tips that stocks would be a sale on any advance Saturday or to-day were around in the morning.
 Consolidated Gas was again weak un- der the influence of scattered liquida- ton.
 In connection with the announcement of twenty-six changes in the traffic de- partments of the Erie railroads it is stated that every enc of them was a pfonlotion from within the ranks of the Erie employees.
 Railway rate regulation, as further incentive to caution, has been brought fresh before the attention of financial circles. The speeches of the president and the secretary of war leave no doubt that the administration is as firmly de- termined as ever that legislation on this subject shall be enacted at the special session of congress to be summoned in the autumn.
 Recent reports of proposed consoli- dation of the United States Rubber company and the Rubber Goods Manu- featuring company were confirmed Sat- urday, when it became known that the United States Rubber company had sent to it's stockholders a circular an-. nouncing the adoption by the directors of resolutions recommending an in. crease of the capital stock to S75,0O0-. GOO, including $40, 000,00O first preferred stock and $10,00000O 6 per cent. non-cu- initiative second preferred, and author izing the acquisition of not less than tWo-thirds of the capital stock of the Rubber Goods company.
 A syndicate has been formed, it is announced to finance the projected ac- quisition, this syndicate including di- rectors of the United States Rubber company and the president of the Rub- Der Goods Manufacturing company, all acting in their personal capacity The directors of the Rubber Goods compa- ny have authorized the execution of a conditional contract with the syndicate, authorizing it to sell and to deliver to the United States Rubber company not less than two-thirds of the stock of the Rubber Goods company, upon the terms of the conditional contract which has been executed and delivered. The con- tract is not finally to become operative until after the special meeting of the stockholders of the United States Rub- Der company, which has been called to be held at New Brunswick, N. J., on. May 25.
 The United States Rubber company has $25000,000 common stock, of which 2S,666,0O0 is outstanding, and $25, ,000,O0G 8 per cent. non-cumulative preferred stock, of which $23,525,5 ,5OO has been is- sued. The Rubber Goods Manufactur- ing company has $25,000000 common stock and $25, 900, 900 per cent. cumula- tive preferred, the amounts outstanding of the two classes being, respectively, $l6,941,700 and $S,O51,4oO.
 The circular which is being sent to the stockholders of the UnitNl States Rubber company calls attention to the fact that for several years that com-> pany held stock of the Rubber Goods Manufacturing company, and shows how it is natural that the relations be- tween the two companies should be ex- tremely close. The circular further ex- plains that the relations between these two companies are in no sense competi- tive, but merely supplementary
 The net earnings of the Rubber Goods Manufacturing company for the last fiscal year, the circular says, were in excess of $1,500Oo0 a sum sufficient to meet the full dividend on the prefer red stock and a substantial sum for the common stock, although the latter dis bursement was not made. es-s s a- I Z ssrgt %