The daily morning journal and courier., 1905-05-26
STOCK MARKET FEATURES
SH4RPREACTIoNFoLLOWS RISE
 OF PREVIOUS DAY.

Undigested Stocks = Profit Taking Lawson Again-U. P. Gyrations- MetropoIitan-Car and Foundry-A. c. P.-Kcene TaIIx-Optimistic Views. Stocks weakened yesterday and did not hold the rise of the previous day. It looked as if stocks that had been brought to cover short contracts on the report of the settlemen of the North western railroad situation had not been digested. The supply yesterday was very free.
 Many of the stocks offered yesterday were bought within the past few days at a much lower range of values, and the temptation to realize was too strong to be resisted. The early market, which was quite large one, afforded ample opportunity for profit-taking, which was improved. ss.s @,. < @ #
 Lawson was out with another calam- ity cry yesterday, and two or three small stock brokers failed. Lawson sent over. some new dispatches in which he promised to make new exposures in regard to somebody whom he alleged < to be carrying enormous amounts of stocks as speculative account, but the trading community did not tlutter much over it. -.. The dissolution of the steel rail pool had no effect on the United States Steel shares.
 The failure of the reported truce among western railroads to have any effect on stocks excited good deal of comment. There was, as a matter of fact, no confirmation of such an agree rnerlt.
 $. The supply of Union Pacific at 121 was large, and the market declined un- der it before general speculative condi- tions changed by Boston attacks. At 120 stop-loss orders were reached in quantity. Most of the stock sold was bought the day previous,
 One report which caused most of the afternoon selling was a series of unfa- vorable reports concerning the steel trade. The Steel stocks stood well, however. GE ..
 Reports were around again that the New Haven and Ontario and Western had come to terms on the matter of the dividend to be paid, and that it was to be 3 per cent. From 49 the stock was advanced to about 5OA. On this rise 1500O shares were taken by various ! houses. s# A
 There is still a considerable harping on the fact that the dividend on Metro politan Street Railway is guaranteed at per cent, and a multiplying of claims by friends of the stock that it will soon leave far in the rear with prices as have recently ruled
 The first external indication of the re- cently-reached understanding between the Hill and Hartman interests is the announcement that the Northern Paci- fic and Oregon Short Line will jointly build road several hundred miles in length into the Neg Perces country.
 Cotton was depressed yesterday. ow- ing to heavy profit taking shares.
 The earnings of the Amalgamated company are authoritatively stated never to have been so large as at pres erlt, and its physical and financial con- dition is thoroughly sound, At the prices that have ruled for copper metal for many months past the Amalgamat- ed company has secured large profits.
 James R. Keene is said to have ex- pressed his views of the market in these terms: A crazy, unaccountable, unrea- sonable decline set in while a great rise was in progress. The rise ought now to be resumed The country is too active from end to end for the market to re- main quiescent or indifferent"
 The American Car and Foundry com pany has declared a dividend of 1-6 per cent. on it's preferred stock for two months, or at the rate of per cent. per annum. The dividend is payable July 1. Books close June 8 and reopen July 8. This action of the directors in de- claring dividend of 1-6 per cent. for two months instead of the usual 1A per cent for three months was taken to bring the quarterly dividend periods and reports in conformity to the fiscal year and annual statement.
 A conservative representative of a large bond house said: we have a grand business in sight, if only things are allowed to move along in orderly fashion. The bulls and the bears have all had a good time; now let the other fellows have a chance"