The daily morning journal and courier., 1905-05-05
STOCK MARKET FEATURES
CITATIONS OF CONsoLIDATEI
 GAS CHIEF ATTRACTION.
Continued weakness of U. P.-Beltef That tue $1oO, 100000 New Stock Issue Will Come--Bears Busy--Lakc Shore Sells a Bunch of Its Reading at a Nice Profit--Liquidation.

Nice Pr0fit--Liquidatlon.
 There was renewed selling of stock bought on the recent big slump to stem the offerings. and besides there were other like offerings. The bears are ac- tive and seize every opportunity to get in their work. .ss .z s... .ss.
 One thing that troubled the bulls was the absence of buyers at the lower lev els The disposition seems to be to wait for lower depths. .--
 From the start Consolidated Gas was weak, breaking down to 190 and then going to 187 3-4 before 1t rallied. Con- solidated Gas was then put up from 1S7 1-2 to 199 14, partly on the effort at Albany to raise the price limit in the gas regulation bill, from 75 to 80 cents. This amendment was defeated in the afternoon, and the stoc fell to 195. The confusion in the gas legislation is still so great as to make the use of it, as an influence on prices easy and effective.
 The worst break of the day was in the Northwest, which lost Il points, 2 Omaha losing on efforts to sell a mod crate line of long stocks. On the an nouncement that the stockholders would receive valuable rights the north west sold well in the thirties.
 The news that the Lake Shore and Michigan Southern company had dur ing the last year disposed of a: large block of its Reading stock, and a re- port that Baltimore and Ohio had done the same thing, did much to mnsettle Reading stock to-day, as we'll as some other issues. The manifest reason for this was that if the companies mention ed thought it well to take profits on their Reading, it must be high enough. This started a discussion as to whether the same thing is not true of some other high priced issues. The bears na- turally magnified the incident in ques- ton.
 A New York dispatch last night says: President w. H. Newman of the Lake Shore and Michigan Southern Railway company, in his annual report to that company to-day, called attention to the sale by the company of 79,000 shares of Reading common stock. He said that the amount realized by the sale was turned into the general treasury of the company"
 Bull talk is beginning to be heard again on the Metropolitan shares, which of late have not come in for more than neagre share of market attention, and in this respect have not held their own Mth many issues supposed to have few CT claims upon speculative considera- tion
 A Chicago dispatch says: A cut of 10 cents per hundred pounds has been made in rates on dressed beef and pro- visions from Chicago to New York. This cut, which is a reduction of 3S per cent. in the export rates, is made to meet the low rates made by the Gulf lines through New Orleans, which has been getting the greater part of the export business of late.
 A story was widely circulated that a certain account amounting to 100000 shares, which was carried through the slump last week, was liquidated yes terday. There was nothing to indicate that this was true.
 The fear of a sharp break in Union Pacific was probably the dominating factor in the market. In view of the fact that Union Pacific stockholders Millbe asked to-day to authorize $10O,- 000000 pfd. at par it is interesting to note that the best bid of the specialist for the present preferred was 90. The official bid has been under 9S.
 There was liquidation in various pool stocks like Shelters, Sloss Sheffield. and Canadian Pacific.
 A trader took this position yesterday with regard to the market: we must have more solid bottom on which to build the next bull market than the one reached at present. Stocks are not firmly grounded, but are feeling along towards that condition.
 A Wall str5et man says: Those best acquainted with Union Pacific regard it as growing enormously strong financial ly. It is figured out that it has deyel- obed an earning power of at least 12 per cent. on the common stocks, and it possesses enormous profits on the vari- ous investments it has made in the last seven years. Some of it's friends con- sider it intrinsically worth as much as Northern Pacific in the open market most of the time.
 F Fa