The daily morning journal and courier., 1905-12-20
STOCK MARKET FEATURES
BREAK E'S GAS QUEERS BULL OPERATIONS

Biz Trading and Sharp Rise in U' P'-
 Give Ninety Cent Gas and Reduces
 Dividend from to Per Cent.-T.
 c, I.s New Directors
 The market was dancing along quite bullishIy yesterday until the bears late in the day got at work at Peoples Gas. and knocked it off five points. This being a Chicago stock, much med- dled with by politicians, fears were entertained that more financial trouble was brewing in the Windy City. Pre- yiously, the market had done pretty well, and U. P. had moved up six or seven points above it's low price the day before. at.
 Wall street continued optimistic, talk ing the view that all that happens is for the best, even Chicago bank fail- ures. When the bears get in charge if they ever do again, this rosy view will vanish quickly.
 Talk regarding the market was that 1t had proved its underlying strength in the test that Mondays Chicago bank trouble gave it. It was on this basis that a good deal of buying of stocks occurred.
 In the past month Union Pacific has had a 15 pont rise, and there have been nearly 100000 shares of it dealt in, equal to 1-2 times the capital stock. nay yOital CfnplS q traded in.
 The big interest in the market still centers in the, ,industrials.
 London sold 30,0OO shares in addition to 5O,00O on Monday, but business is dwindling on the approaching holidays.
 In Berlin yesterday prices on the bourse were f1rmer, and an optimistic feeling prevailed regarding the Rus sian situation. Russian imperial As closed at 1925, against 79 on Monday, and Russian bank shares at 12425, against 122. Americans sagged.
 Tennessee Coal. was cratic with an opening decline of a point, an advance of 1-2 and 0 point decline at mid day. There was good deal of bullish gossp on Republic Steel shares. It was said that g. holding company was be- ing formed to take them into the southern combination.
 There was talk of an extra dividend or an increase in the regular dividend in U. P, but the popular story was that the Hill-Morgan interests were buying into the property.
 Towards the close the stock mar ,S4 Foi onfiUn- h11t showed little rallying power. The general list closed weak Amalgamated Copper scared back to par again.
 John W. Gates. c. $. Guthrie, L. c. Hanna, E. W. Ogleboy, Grant B. schley, S.. G. Cooper, E J. Berwind and Oakley Thorr,e were cl: cted direct ors of the Tennessee Coal and ron company yesterday.
 Lehigh Valley stock ruled yesterday at Philadelphia at from S2 34 to S2.
 Activity on the stock exchange was reflected in a further advance In the price of memberships to $S9,000, a new high record. The last sale was at s88,- GOO,
 Tne statement of the Sloss-Sheffield company for the November quarter was a strong one, and it helped the members of the southern iron group. The surplus amounted to $257 ,424, an in- crease of $216,717 over last year.
 T. c. L. declared quarterly dividend of one per cent. yesterday.
 General opinion among conservative houses was that the change in manage ment effected yesterday fin the Tennes- see Coal company was another exploit of what has been called the "high- binder finance" of Wall street.
 The buying of American Sugar has been by Washington houses. There is the usual talk of favorable legisla ton. American Beeet Sugar followed the other stock in a belated movement.
 While there is no intimate relation between Peoples Gas and the failure of the Walsh banks, the stock is the only with speculative influence that belongs in Chicago. It was a con- venient vehicle, therefore, to create sentiment yesterday. There was a re- port also of a decision in the courts adverse to the company.