The daily morning journal and courier., 1905-05-30
STOCK MARKET FEATURES
DULLNEss SUCCEEDED BY AC- TIyTTY AND HIGHER PRICES.

Union Pacific and All the Active
 Stocks Closed Higher-Japanese Bonds Lively and Higher-The Trae-
 tions and the Franchise Tax Decision
 -London's Entiausiasm-CrOp Dam age Reports Said to be Exaggerations The stock market gave a marked re- sponse to the news of the brilliant vic- tory of the Japanese fleet.
 After quite period in the afternoon the market walked up and acted as if 1t took the view that the smashing of the Russian fleet meant 8 speedy peace. Union Pacific was one of the leaders and all the active stocks also responded. In London, where European sympa- thy for Japan originates, and where the largest holdings of Japanese bonds are held, there was buoyancy. Paris was firm for everything except Rus- sian bonds and Berlin sent higher prices.
 There were enormous transactions in Japanese issues. The 1-2s, which on Saturday were several points under the issue price, opened up points to 90; but most of the business in them was around S9 The 6s were ? to 8 points higher. The market closed strong with the total transactions little more than 100000 shares.
 The absorption of Union Pacific was taken up by the street to indicate that insiders were buying over coming events. Other authorities took the view ttsat rise of this and other stocks was only speculative in order to make an honest penny or two.
 London had the advantage over us in point of time. and really took more enthusiastic view of the victory than New York did.
 Sugar stock had a handsome rise go- ing to 1855. Traders thought the stock would look cheap with the dividend off. The busy season of the sugar trade is now at hand
 The local traction shares advanced fractionally after the decision in the franchise tax came from Washington, upholding it's constitutionality, but later they reacted, losing all of the Improvement. The early advance was due to short covering and what is termed in Wall street as supporting orders" Further covering of the shorts in the transactions is looked for.
 Traffic officials of the Atchison esti- mate the Kansas wheat crop at 2,000,- % bushels, or 17,oo0oO0 bushels more than last year.
 Good news falls about as flat ain the present market as did unfavorable re- ports year ago.
 The room still hears that there has been inside absorption of the stock. The backward disposition of United States Steel shares prevented any con- siderable rise in the general market, even is there were not other factors that checked a rise. The Steel issues were steady most of the day, but there was nevertheless some selling pressure whenever they rallied a little, This made traders cautious about bidding them up.
 There was talk of increased dividend on Jersey Central.
 Quite a number of the big traders were away yesterday. Most of them are on the bear side.
 The holiday to-day was blamed for much of the dullness yesterday.
 Assertions of serious crop damage are considered as gross congregations sent out by speculators for market pur- poses, and they do not consider them seriously. 1f ""
 In Union Pacific London was credit ed with purchases here of 15,000 shares. Hartman brokers bought it and there was evidence of banking houses close to the property buying above 120.
 Commission firms think the dulness will last some weeks and that stocks are a purchase only on weak spots. On the other hand the average man can- not see where anybody can get ammu- hilton for a big bear campaign.
 In Chicago 8 better general business is predicted by western and southwest ern railroad officials, barring a spread of the labor troubles. These disturb ances have to a certain extent inter- rupted business in many lines, but in others that have been hampered there Is an improvement
 ----=------=-----.-------.-s-. ----=-------==-----..-------.-s-
 It will Surprise You--Try It.
 It is the medicine above all others