The daily morning journal and courier., 1905-05-02
STOCK MARKET FEATURES
EARLY WEAKNESS FOLLOWED
 BY BUOYANT CLOSING.

Demoralizing Rumors Not 'erined-
 r,o-,ant Announcement of Report
 ed Harmony Between Big Interests
 Big Buying of U. P.-Less Tonnage
 In and Out of Chicago-U. P'. Pro-
 nosed s1oo,oOo,0o0 New Stock Issue.
 In the early part of the day stocks showed much weakness. This was re- yersed late in the afternoon, when the leading stocks began to soar. This was attributed by many to urgent covering by the shorts. s" s.n.. ......
 During the heavy liquidation which set in early in the day practically all or the leading issues were offered under Saturdays lowest. Union Pacific sold under 11s, New York Central went to 40, St. Paul below 160, Reading to SS and Steel preferred to about 96 1-2. At this level the buying that changed the whole character of the market began.
 The demoralizing rumors on Saturday in regard to individuals and institu- tions were not verified in any one case, and this was factor of much moment in finally bringing about more set tied condition of affairs.
 Pennsylvania declared it's regular 5 per cent. semi-annuaI yesterday, paya- ble May 31, to stockholders of record May 5. - a. s- ss'>s
 There was tremendous selling of stocks during the first hour.
 Consolidated Gas sold under 200 but rallied quickly, and was not greatly itl- fuenced by the committees report.
 The fact that several houses with London connections bought amounts of 15,00O to 25000 each yesterday tended to create the impression that all this was for London, and that total foreign ab- sorption ran above 100000 shares. It was, however, mostly trading for local account.
 U $. Steel 5s sold ex-interest with s4, the low point. They have held bet ter than ever during the recent break.
 There was enormous buying of Un- ion Pacific all the morning by banking interests identified with the company, which apparently showed that they feel satisfied that the heaviest liquida. tion is over. > .3.
 The fact that so many stocks sold under Saturdays lowest created a very anxious feeling during the first hour, and 1t was then that the support that turned the tide came in.
 The reported restoration of harmony between the Union Pacific and Great Northern railroads helped to rally prices. B -%&} :
 What appeared to be genuine "bank- ing supports was given to the market at the end of the first hour.
 Traffic condition on all eastbound roads have 2eased up materially of late, but there is a larger tonnage than in former years at this season.
 Chicago specials to the New York Evening Post say: "The tonnage inov- ed in and out of Chicago last week showed a reduction. The loss in out ward movement was due in measure to the teamsters' strike, which, if con- tinued, will materially affect traffic in Chicago, and reduce the movement of all grains and perishable products to this market.
 "A cut of 10 per cent. in the rates on imports from the Atlantic coast ports to the Missouri river has been made by the eastern trunk lines. The reason given for this latest reduction is that the Gulf lines have broken the arrange ment made here a month ago by all the interested lines not to make any fur ther cuts in rates during 1905, and not to contract for any business to be trans ported in 1906.
 Traffic conditions on all eastbound roads have eased up materially of late, but there is a larger tonnage than in former years at this season.
 The stock market was affected at one time yesterday by a report that an ef- fort had been made to take control of the Union Pacific from the present man. agement. The report was denied and a statement was mae sen1i-officially that the interests in control of the property will recommend to the shareholders that they sanction the proposed $1o0, ,0O0, 900 issue of new stock at the meeting to be held at Salt Lake City on Friday.
 AN IMPORTANT ANNOUNCEMENT
 New York, May 1.-Prominent bank ing interests said about noon to-day that all possibility of trouble between the Union Pacific and Great Northern rail- road interests had been removed as g. result of a big deal just accomplished, According to trustworthy authority, a syndicate has bsen formed under the leadership of First National bank in- terests to take over the balance of $So,- 00G,000 of Northern Securities stock owend by Union Pacific at $150 a share. The latter recently sold $2o,O0O,0oo of it's Northern Securities stock at the high