The daily morning journal and courier., 1905-12-21
AST0CK MARKET FEATURES
OPERATIONS NARROWED WITH
 PRICES IRREGULAR.

Union Pacific Again Led-Fifteen Per
 Cent. Money Caused HaIt-POpIe's
 Gas Went Lower-N. '. Centrars
 Fine shOwing-LehIgh VaIIey-Rus-
 sia-MeFs Regular Dividend.
 Yesterdays market was an irregular one, and when call money got up to 15 per cent late in the day prices halted. Union Pacific was the leader again yes- terday in the upward movement.
 A Union Pacific director said yester- day, as to reports about Union Pacific paying higher dividends and contest for control talk: All there is to it is simply this: The Union Pacific is a splendid property and making splendid earnings, as its annual reports, lately published, showed. It can pay higher dividends. Its stock is worth the money. There is no contest for it's con- trol."
 Union Pacific has had 10 per cent. rise of late, Talk is heard that it will go to 175.
 Arrangements have been made for the transfer of a New York exchange membership at $90,00O, which will es- tabIish a new high record price. A month ago records began to be brok- en in exchange memberships, when a seat sold at $S5, 1000. Early last week sale was made at $S8,0O0, and on Sat- urday another sale took place at $89,- 900.
 The tone of the market was firm, de- spite the halting tendency. Inside in- formation in Philadelphia in regard to Lehigh Valley is that there will be no increase in the Lehigh Valley dividend this month. There has been some talk of an extra dividend, but in view of the unsettled conditions in the mining regions it has been concluded wise to stick to the regular per cent semi annual disbursement.
 PeopIe'ss Gas tumbled 5 points more yesterday, owing to the dividend re- auction. Insiders, it is claimed, worked LID the price of the stock on the plea that 1t was worth higher prices, and then sold out on the other fellows, who didn't know the dividend was to be reduced. Same old Peoples Gas, same old Wall street game.
 The reaction in Tennessee Coal to 140 1-2 indicated that the new con- trol had secured all the stock neces- sary, and that the short interest was eliminated.
 The further depression of Southern Pacific yesterday, with an early de- cline of a point, perplexed Wall street. It looked partly like liquidation by in siders, partly like bear attack. The general assumption is that there will be no dividend on Southern Pacific common for at least a year.
 No action was taken by the Ameri- can Locomotive directors on common stock dividend. The regular preferred stock payment was ordered
 n. c. I. and Republic Steel were in less demand, now that the best is known. The rule to sell on good news was being generally followed yesterday by traders Tn the stocks named.
 On Europe's markets, the threatened general strike" in Russia, ordered for to-rnorrow, necessarily had a bad ef- feet; its influence was modified, how ever, by the news. of a heavy export of gold from St, Petersburg, and the vary ing differences drawn from it.
 It was stated yesterday that the net earning for the December quarter of United States Steel will be the largest for the same period in the history of the corporation. The amount will be between $S,OO0,OOO and $S5,OO0OO0. Steel preferred opened lower and then sold at 105, but there was no snap to the buying in. either it or the common stock. There is no suggestion in the action of this stock of bullishness on the part of the Morgan interests.
 Peoples Gas, which has paid per cent. for several years and now goes on a per cent. basis, sells below par, while Union Pacific, which has just be- gun to pay 5 per cent, with a pros pective 6 per cent, sold at one time yesterday within 1-2 point of New York Central, and the Vanderbilt stock has paid per cent. since 1900, and has paid dividends regularly for a genera tion.
 The markets action was excted and hySterical towards the close and there was unquestionab1y enormous profit taking under cover of the earlier move- ,ment in Union Pacific.
 Last year was the best in earnings New York Central has ever had. The total gross was $S5, ,S49, 900, an increase of $7,276,000. The net increase was $2,- 142,000 and the increase in surplus was $1,221,302. The Lake Shore lost net about S400,000, as it continued it's policy of the previous year of using up all the increased gross in operating ex- penses No changes were made in the Vanderbilt dividends, with the excep- tion of renewal of payments on Rut- land.
 New York Centrars own annual re- port for the calendar year was con- eidered particularly gratifying, and as @ result the stock rose 1-2 points by midday to 150 5-S. New York Central for the December quarter showed an increase in surplus after dividends of about $500,0O0.
 Metropolitan Street railway declared the regular dividend yesterday of 1 3-4 per cent, just as if it was earning it.