The daily morning journal and courier., 1905-05-16
STOCK MARKET FEATURES
CONTINUED STRENGTH BUT DULLNESS ALSO REVEALED.

Stocks Crept Around ListIessIy-A No- table Increase in Bond Buying-Gas Stocks and Fractions Weak-Fran- chise Decision Postponed. Stocks moved about in very dull and listless style yesterday, but firm ness prevailed. The sales were only about half a million. The leading movements were in Union Pacific. members of the Northern Se- curities group and in Amalgamated Copper.
 It seems to be the universal opinion that the market will rule strong this week, but that there will be no sensa- tfonal advantages except perhaps in a lew specialties in which there is no gen. eral interest.
 The gas stocks and the fractions nov ed up somewhat violently on the fail- ure of the supreme court to hand down a decision in the franchise tax case
 The continued strength of Northern Pacific, Great Northern and certain northwestern railroad issues started run1ors that an understanding is about to be reached for the redistribution of territory and the division of control of Northern Pacific.
 Stocks generally were offered rather sparingly and this was a great help to the professional element in bidding up prices.
 The pools were active in various spe- clalties, notably American Locomotive. Smelling and Canadian Pacific, but aft CT a vigorous marking up all of them appeared to be trying to sell. Traders were quick to notice this and promptly stopped buying.
 The market refused to make response to some unfavorable matters, which. had they occurred in the recent past would have exercised considerable in- fuence on prices. For instance consols at London declined sharply and Amer ican securities opened generally lower, with moderate selling on balance, while another failure of moment was reported on the London stock exchange
 The bidding up of Brooklyn Rapid Transit and Metropolitan Street Rail- way during the morning was based on the belief that the supreme court would hand down no decision on the franchise tax at noon.
 The commodity markets advanced for wheat, corn and cotton on heavy rains i'll the west, south and southwest, with reports of considerable damage to win- ter wheat in the last-named section.
 A very respectable element is predict ing that the big deal theories will grad ual1y lose their hold upon the specula- ton. and that to bring the public into the market these will have to be aban- SIa i,,s fa r>f T ee,;o substantial factors, to crops, to condi- 4 tions of trade and industry, and the like.
 From the indications yesterday the next bearish factor will be in the nature of a crop scare. It will involve both wheat and cotton The rains in the southwest have been tropical in char acter for nearly a week.
 Those who looked for a big bulge in the Rubber stocks at the opening, on the announcement of the recommends tion to increase the United States com pany's capital stock $75,OO0,O00 for the acquisition of rubber goods, were some what disappointed.
 It is said that a strong Pittsburg sym dicate of stock operations is behind the movement in Pittsburg Coal, and that it intends to make it active.
 The street was in doubt as to the ad- vantages of the. deal between Rubber Godds and the United States Rubber companies Rubber Goods, after a small early advance, broke nearly three points in an effect to take profits on a small speculative line acquired few wekse ago.
 The balance sheet of the New Haver as of March 31 last shows an increase oi about $29, ,000,00 in the securities owned of other companies. They now amount to about $42,000,000. The gain in tht past year is supposed to represent pur. chases in street railway companies ir New England. <
 The decline in Consolidated Gas con tinued, and Peoples Gas was agair pressed for sale on the fear that tn, current agitation against public-servict corporations might compel a reduction in this company's dividend as it has il the case of the New York and Brooklyn companies.
 Commission houses did little and wer advising their customers to take profits on the advance. The western contin. gent bought around the room. @ Ann0uncemellC Was Hlaue yeSIerda. that hereafter several trust companies will publish quarterly reports respect ing their condition, on much the same lines as the national banks do in fur. nishing their statements to the comp troller of the currency. The trust com panies will soon be required by the stat banking department to make a repor at least four times a year, and some o the trust companies have arranged t, publish their figures as soon as possi bla
 Chicago dispatches to the Evenini Post say: With the effects of tn teamsters' strike, which has material,