The daily morning journal and courier., 1905-10-26
STOCK MARKET FEATURES
NET HIGH RECORDS AND THEN f
 BREAK.
Closing Was Weak-Haye the Big Men
 UnIOaded:-COaIers Went Skyscrap-

UnlOaded:-CoaIers Went skyscrap.
 ins-Gossip.
 The market was active, feverish and very irregular.
 New high prices were made by Del aware & Hudson. Reading and Jersey ; Central.
 Lehigh Valley rose also several points.
 The f point break in Metropolitan Street railway stock occurred in the middle of the day, and was described as an after effect of the systems very 1 unfavorable annual report. In other quarters it was attributed to Tam many's alarm over Hearst's chances. Sharp advances in one quarter were offset by weakness in others. The transactions in Reading alone were a quarter of a million shares. Profit taking was followed by new bursts of activity in other quarters. In almost every New York brokers office there was tip yesterday to buy Reading.
 The break in stocks in the last half hour was popularly regarded as a ; check by banking interests in order to prevent overtrading by the speculative community. At the rate the market has be5n expanding this week, loans must have increased a good deal. With surplus reserves at only a nominal amount, bankers find it necessary fre- , quenty to slow down. A reaction was generally regarded as in the nature of warning to traders.
 An important feature was the rise in sterling exchange, practically to 4.S7; another was the severe money strin- gency which developsd at London's stock exchange settlement.
 The lifting of the quarantine in the south helped to bull pools in South ern Railway and Louisville & Nash vile to mark up thsir specialties. ,,r The continued weakness of Rock Is- land was accompanied by heavy liqui- dation. The interests who formerly supported it were apparently not buy ing any to speak of yesterday, but seemed willing it slould take its own course.
 Canadian Pacific increased $175,OOO in the third week of October. The gross gain this fiscal year has been $1,7S5,- 900.
 In connection with the movement in Delaware & Hudson it was reported that new rights are to be issued This was denied. Jersey Central for a time had kept pace with Delaware & Hud- son. Yesterday the latter left Jersey Central behind.
 Although there, was heavy buying of Steel common, the highest the stock sold was S9. .Atethat price one 100000 share lot was sold.
 The increase in the Norfolk common dividend to ? psr cent. semi-amually raising the basis from 3 to per cent.-had beer: generally discounted. There was profit taking when the news came out shortly before 1 o'clock, The payment helped Pennsylvania, which owns a good deal of Norfolk common stock. n>
 On the decline in Rock Island prefer red Clark, Dodge & Co. were large buy CTS. Insiders deny the reports that the dividend will bespassed. They say the stock is being sold on the past, and that conditions are now entirely changed. The low price of the year is 71 Is. Renewed selling in the last hour put the common under 30. ,l
 A representative of the Rock Island company in position to know said: "A turn in the earnings of the road really came last May, or in the last two months of the old fiscal year, and the net earnings are now steadily en- larging. With the moving of the en- ormous corn crop there will be a very different story for this fiscal year from that in the present annual report. A great deal of the gross earnings have been put back into the road in the form of improvements, but that will not be necessary forever. In the mean time the property has been vastly im- proved"