The daily morning journal and courier., 1906-02-24

Bull Talk Again-"Con" Gas--The
 Armstrong Bill--Light Trading-U.
 P.s Bonanza Talk-Pressed Sters
 Weakness.
 Yesterdays market was a dull one, but strong one, and the closing prices were the best of the day as a rule.
 Union Pacific easily recovered it's div idend.
 Consolidated Gas was quite weak, over the eiggpt cent gas bill. It tumbled four points.
 The outlook in to-day's bank state ment is uncertain, but 1t is expected that another reduction in loans will be made to reflect the liquidation in stock.
 There was much talk over the Arm strong committee report touching the investments legal for life insurance companies. The features of the report which mostly interested Wall street were those enforcing the sale of about $500, ,000, 900 of securities in five year period and the Limitations placed on corporations ill the character of their investments. It is felt that in their de- sire to change the existing order of things the committee has made recom- mendations that are extremely radical, and that some of the gilt edged invest ments in stocks of the companies are better than some bonds which are a legal investment. There was no great alarm, however, as to the coming ol the aforesaid stocks upon the market the time limit being a long one.
 The January gross earnings of the Chicago and Northwestern increased $976,OOO In seven months the gain has been $4,S19,O00.
 Denials were made yesterday that there is a hitch in the Great Northern ore deal, and as consequence there was small rally in the Hill stocks and United States Steel.
 The high opening caused some short selling on the belief that lower prices would follow, but before noon shorts were covering at a loss.
 Yesterdays trading was the smallest of any full day since October 30
 If the story of the $35 share rights" on Union Pacific is true the stock Is selling on basis of about 115 as 6 per cent. proposition. The argument is that 1t ought to advance about half the amount of the rights, or to 1855.
 The street had a story that operators and other speculators are carrying large lines of Amalgamated Copper stock at present, and that the really big people got out of most of their hold ings several points higher up.
 The small surplus of the Pressed Steel Car company which means long de- lay in renewing dividends on the com mon stock, increased the selling of it yesterday with the low price under 56. The banks make little better show ing on the cash movement this week.
 Missouri Pacific's December net earn ings increased $55,497.
 The business done yesterday was by the trading or professional element. Commission houses participated very little in the dealings. There was a, learn ing toward bullishness on the part of the western people. The Gates house was quite a large buyer of Union Paci. fic.
 When news was received of the state commissions order that gas should be sold in New York after May 1 at so cents per 1000 feet, as against the pres ent $1 8 thousand price, Consolidated Gas stock went off rapidly The com missions argument that with the low CT price sales would increase and the company would get the benefit, was not known in Wall street and would prob ably have been ignored in any case The commissions action was unexpect- ed, and the company had been fixing all it's attention on defeating the leg islative bill requiring reduction to SC cents.