The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-04-26

Shown by Various Leading Issues
Opening Was Encouraging-Gossip
of the Day.
The stock market opened well yester-
day, but fell off ingloriously at the
close, led by another downfall in Con-
solidated Gas.
In the morning there was buying back
of stocks that follows sharp reaction,
and the gains were quite substantial in
various cases.
The buying was mainly by the short
interest who seemed a little nervous,
but when trading grew dull there was
renewed selling.
The afternoon downfall in Consoli-
dated Gas had a bad effect on the mar
ket The meeting to act on the divi-
dend Is expected to-day. The talk was
that the dividend will be seriously re-
duced. Consolidated Gas won a new
low record yesterday. Brooklyn Union
Gas and Peoples Gas were also weak.
The street is generally expecting a pay
ment at the rate of 4 or 5 per cent.
The surplus of United States Steel is
now above $9OOOO,OOO Six months more
of active trade will increase it to $780,
100000 The outlook therefore, is IA
vorable to dividend in the fall. There
is considerable talk of a per cent. rate,
payable from the years earnings, but
not made a fixture.
The selling of Consolidated Gas
throughout the afternoon, with most is
sues reactionary, had every appearance
Of the nowfamiliar liquidation of prom
inent interests.
Less anxiety was expressed over the
position Of the fire insurance companies,
which have probably realized in the
market on all of the securities they in
tend to at present. Among bankers the
belief prevailed that call money will
quickly return to the same state as be-
fore the San Francisco fire.
Some close observers attributed the
weakness of st. Paul to expectation
that there will be new issue of secur-
tiles soon for the purpose of financing
the construction OF the companys Pa
oif1c coast extension.
If there were no offsetting influences
the liquidation in the stock market the
past week ought to reduce local bank
loans $3O0O0O0O. But the loss in cash
promises to be large, so Saturdays
bank statement is in doubt.
Because Of the losses in San Francis
co the directors Of the United Railways
Investment company have declared a
scrip dividend of AZ Per cent. instead
of the cash payment originally intend
ed. ...
From the large amounts of Union Pa
cif1c which were taken on the early re-
action it was, apparent that good sup
port was extended, This was of the
same character that has been witnessed
en- previous occasions, after severe
decline.
The heaviness Of Pennsylvania was
based on reports that the company soon
intends to borrow $5O,OOO,OOO more on
lshort-term per cent. notes.
There was more or less selling Of
United States Steel stocks yesterday by
those who had bought it lower down in
anticipation of good earnings. They
took profits on the general notion that
it is usually found judicious to sell on
good news.
The short interest in Amalgamated
and the fact that it sells "ex-dividend"
to-day made it's rise logical. Traders
who bought 1t are looking for an imme-
date recovery of the dividend.
Abroad, Paris reported successful no
tation of its portion of the Russian
Joan, and sharp rise in French ex-
change on London probably reflected
the arrangements made to avert a rise
in the Bank Of England rate to-day.