The daily morning journal and courier., 1905-05-13

Stocks-IIIinOIs Central - Colorado
 FueI-Pittsburg Coal shares-steels-
 Gould stocks-Two Kinds of Advice.
 The dullness of the past few days was succeeded yesterday by a strong and active market, and prices rose all along the line, Gas stocks excepted, and with Metropolitan still weak.
 Rumors of coming deals were revived, and rumors of an increase in the diyi- dend on Baltimore & Ohio..
 The cut in the dividend of Consolidat- ed Gas from 2 1-2 to ? per cent. for the quarter, and the similar cut in the Brooklyn Unions dividend had their ef- feet on prices of these stocks. The ac- tion of the gas trust directors was en- tirely unexpected to Wall street, which at once attributed it to belief on the part of the gas managers that the lighting commission created by the leg islature will so regulate rates as to cut heavily into the, profits of the gas companies. -
 Reducing the Consolidated stock from a 10 to an eight per cent. basis means saving of $1,60O,O0O year on the ESQ., 100000 of stock outstanding. Last year the company's net earnings were $9o00,- 900. Dividends on the stock amounted to $6,4OO,0OO leaving $2,s00,0OO surplus for the year.
 The demand for stocks outside of the gas stocks was increased and the sup ply seemed smaller. a., ..-G...@s .rs. T To,a5 5s@.,l te,Jr Iz. ak shares on balance. This action was the outcome of the conclusion of the fort nightly settlement without the materi- alization of further endorsements. As result, more cheerful feeling prevailed not only on the Amsterdam and Berlin bourses, both of which cen- ters were buyers of Americans.
 Illinois Central's heavy earnings are helping claims that the 1-2 per cent. ''extra" declared for payment on the stock in March will turn out to be the first of regular" dividend at the rate of z per cent. per annum.
 It looked like the resumption of pool manipulation in American Locomotive.
 The only feature of the market that was not generally liked was the active participation of the Western contin- gent, which bid up prices rather rapid ly in soc stocks.
 Colorado Fuels advance was said to be due to the resumption of inside op- erations. The new bonds remain to be marketed They ruled active and strong yesterday
 Wait for another reaction, some brok- eres told their clients; don't extend lines on this level and so on. Altogether a very cautionary tone was adopted, and very little confidence expressed in the market, doing more than backing and ! filling for the present
 The Gould stocks were stronger and more active than in long time. This was regarded as significant. St. Louis Southwestern preferred jumped sharply on what looked like manipulative oper- ations.
 Steel preferred was heavy compared with the common and the general list. It was with much difficulty that it was bid above 90, although the common rose to 32 and showed a rally over points from yesterdays lowest. When the Steel ran up a little a good deal of stock was sold This selling was based on the reported quieting down of the demand for pi giron and certain finish ed steel products.
 The Pittsburg Coal shares were bid up again and the specific news was that a settlement of the bituminous coal war was possible. These shares are likely to be prominent among the in-. Gustrials.
 One, feature of the days discussions was the talk about increase in rail- road dividends-most of it conyerging 7 Oh Baltimore and Ohio, Reading, Nor- folk and Western, and Union Pacific, with statements that Southern Pacific common wou1ds oon be paced on divi- dend basis. Few persons took the gos- sip seriousy.
 After Union Pacific had opened strong a large supply of it commenced to ap- psar. The selling of c. B. Macdonald amounted to 15,Ooo shares. This was supposed to be profit taking. It tenn porarily killed enthusiasm for this stock In London Union had sold above 123 and it's failure to meet this price was another discouraging fact. However, 1t ultimately recovered it's decline and sold at the highest price on the rally from 116 Is.
 A frequent remark in connection with the reduction in the Consolidated Gas and Brooklyn Union Gas dividends was that it should have been done before, instead of waiting for cheap gas agita- ton to become serious. @
 A member of one of the New York commission houses, who has never wa vered in his belief that the Metropoli- tan dividend guarantee would remain invfolate, ayers that the stock is selling low enough to discount any thing that may happen to the franchise tax ques- tion and that taking the position that the decision will be an adverse one, it will net be long before the stock shows a liz recovery.
 The opinion seems to be growing that on account of the possibility of legisla- tion to control railroad rates, and per- haps reduce them, the principal rail- roads will not seetheir way clear to in- crease dividend disbursements, but will wan 10 husband their resources. MEMORY A NECESSARY THING.
 Forgetelilness is. a common fault. In- das5 ro common is if that sonaa ,,oay,