New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-09
sErG dividend
BONDS.
STOCK MARKET OPERATIONS.

Weakness In the London market for American
recurities and uneasiness IN all the European
markets over the situation in the Far East were
responsible for declines on the local exchange IN
the opening dealing, while in the subsequent
forenoon operations and in the early afternoon
trading the selling movement continued almost
without interruption. In the last hour covering
OF shorts caused advances throughout the list
some Of the active shares closing on an average
Of ! per cent above the low prices Of the day.
although at net losses as compared with the
final figures n Saturdays market There ap-
peared 20 be a total absence Of strong buying
power IN the greater part Of the five hours OK
trading and as e consequence the bear party
experienced little difficulty in making a con-
siderable impression on values, especially in
Union Pacific, Northern Pacific, 81. Paul, Anal
ganated Copper Tennessee Coal, Consolidated
Gas, Peoples Gas, Reading, Pennsylvania. Louis
Vile and Nashville and United States Steel pre-
terred. PEOPLES Gas sold down over points on
the result OF gas legislation in Illinois while
Consolidated Gas was off 81 points some Of the
selling II the latter issue coming from houses
with Tarnrnany connections. The Illinois gas
bill, which IS now in the hands Of Governor
Deneen, gives the city Of Chicago the power to
fix the price of gas for five years, but as 1t is
charter act II must be voted on by the people at
the fall election which doubtless viii be fol-
lowed by q long period Of litigation. There ap-
peared 10 be no evidence Of selling Of Peoples
Gas by the leading interests in the property, and
no gign Of uneasness or their part over the
future OF the company.
Foreign houses sold over 10000 shares in tn,
local market, and the fact that there was heav!
liquidation Of American securities in Londor
naturally caused activity among the advocate
Of lower prices especially as in recent weeks
tie International stocks have received good sup
port from the London interests. as, for instance
Canadian Pacific and the Hartman shares
These stocks, however, have not lost anything
in intrinsic value by the speculative sales in
the last three weeks. while the outlook favora
further appreciation in their intrinsic worth,
owing TO the conditions favoring increased earn
ings and better dividend payments 1t is rea-
sonably safe 10 predict number of advances
IN dividends before the end of the current year.
and there are factors in the position of business
and money in the country that encourage the
belief that there VIII be no setback in the indus
trial prosperity Of the United States for long
time 10 come. There is no use at present in
speculating on the crops this year. outside of
winter wheat. q large yield of the latter al
ready being practically assured, but with the
exception Of the crop outlook there is at the
moment no cause for uncertainty over the course
OF the country's Industrial activities The share
Ao4ueIs 4Bnt response 10 the new Pennsylvania
bonds, making ii necessary for the underwent
ing syndicate 70 take nearly the entire amount
Of the issue. caused considerable selling of
Pennsylvania stock, while ii exerted az unfavor-
able impression on sentiment. Nevertheless il
was thought at the close Of trading that the rallv
that began in the last hour, and which con-
tinued until the close. would be resumed in to-
days trading. barring. Of course, adverse de-
velopInents- There was no change in money
rates, but sterling was 10 points higher for de-
maud.