The daily morning journal and courier., 1906-07-31
STOCK MARKET FEATURES
PRICES HAD QUITE 4 LITTLE
 REACTION.

Gas Company Stopped Paying Divi-
 dends--Con. Gas Dropped Over Six
 POints--sentiment Had Slight Shock
 Canadian Pacific's Fine Showing l Gossip of the Day. The stock market had quite a reac- ! tion yesterday. It had had steady rise for week or so and was entitled to reaction, and it came easy when news came that Brooklyn Union Gas had suspended dividends. The directors of the Gas company voted to suspend | ividends until further notice. The last | dividend was 1 per cent. quarterly, and | the stock was on an per cent basis early this year. The stock of the Con- solidated Gas company, which is said to | be controlled by interests identical with | those controlling the Brooklyn Union, I declined substantially on the announce ment, The Brooklyn Union company ! accepted the rate of 80 cents per 1,00O 1 for gas, fixed by the legislature, but | the Consolidated company Is contesting | it. With the announcement, made about l:S0 o'clock, Consolidated Gas, which had risen one-half point to 1S9 during ] the morning, began to break sharply one-half to 1 point between sales at the end of half an hour it had declined 1-2 points to 132 1-2. Brooklyn Union Gas, which is rarely dealt in on the ex- l change, was offered at 120. It sold at 121 on Saturday for 200 shares, repre- l senting a decline of five points from the previous transaction. Tn the last hour l yesterday it was offered down to 115, l but for a time there was no bid above | 100. Many persons in Wall street evil 1 dently assumed that the Consolidated | Gas dividend, on which action is soon l to be taken, might be passed also, though this, to be sure, was purely guess work. Sentiment was disturbed for a time, and the entire market sold off sharply. Union Pacific declined from 151 7-8 to 149 7-S, United States Steel l common from 30 5-S to SS 3-4, Reading from 132 to 129 3-4, Amalgamated Cop per from 1O1 3-4 to 99 7-S, and others in proportion.
 It was considered very drastic policy to reduce the stock from per cent. to nothing inside of six months, as Brook lyn Union has done.
 The market started with some buoy ancy, with Baltimore and Ohio, Read Ing, Southern Pacific, Union Pacific, Copper, American smelting, United States Steel, and Sugar features of strength.
 In the average gain of about points l this month the market had changed in technical position so that, instead of having large short interest to depend on 1t had seen this reduced about 50 per cent. and beginning to resist the ad- vance.
 In the late trading the market was feverish and generally unsettled. There was some rallying power displayed, however, after the break. But the whole market was much disturbed by the Brooklyn Union Gas incident.
 The opening yesterday was Monday morning opening and there was very | kDOQ ClldIdClCI O1 OulHluC hGlitkIlQ AIli more of it than at any time this sum- ner.
 London was estimated to have sold 25,000 shares in this morket yesterday purchases being only nominal. It was this that caused a rise in foreign ex- change. The sales included most of the standard issues, including the Pacific stocks and United States Steel
 Until the gas dividend was cut yes- terday 1t was the feeling that stocks would hold strong until after the Unit ed States Steel earnings were made public This will be after meeting oi
 the directors called for 8 o'clock to.
 day.
 JAS the Consolidated Gas dividend sentiment will continue unsettled unti
 the status is known, the executive
 committee is expected to meet to-da.
 and the full board will probably mak
 the announcement by Thursday.
 Wall street has been out of commod
 ity speculation as well as out of stock
 but the break in wheat yesterday t
 the lowest price since 1902 revealed bear pool with some eastern connec
 lions. Recently Wall street has beel
 buying into coffee.
 A notable thing was the absence dur ing most of the day of any sales what
 ever of Brooklyn Union Gas stock, I
 had closed five points down last Satur J day at 121 on a sale of 200 shares. I
 was offered at 115 for a time yesterda, without any transactions The best bi at 2:30 was 100. This stock is elosel
 held and is rare ever dealth in on tn exchange. The 6 per cent. debentures which were offered at 1855 last Saturday l were offered down points yesterday | 190, without sales.
 Southern Pacific was bid to 73 3-4 O , a movement inaugurated early in tn afternoon by Content. The short in
 terest is undoubtedly still factor the advance. A well known house wa 3 said to be borrowing heavily at pc ; cent.
 One of the arguments of stockhold
 CTS in favor of a dividend on Souther
 Pacific is that the Hartman organiEa
 ton has spent S15O, 900, 900 on the prop perty since 1900 and have it now 1
 shape to stand dividend.
 f The extreme declines were In tn l members of the Standard Oil group, a { Amalgamated, Union Pacific, St, Pau - and Consolidated Gas.
 f Canadian Pacifics report for tn I whole year shows a gross gain of $11 1 00O AOO the lareeSt on any susten1 T