The daily morning journal and courier., 1905-08-18
. STOCK MARKET FEATURES
HIGHEST RECORDS FOR SOME
 STOCKS YESTERDAY.

Average Level of Stocks the Highest
 Ever-Big Liquidation but Offerings
 Easily AbsOrbed-GeneraI Gossip. . Various important stocks sold at the highest points in their history yester- day.
 Business was lively, too. the sales being 1,175,20O shares against 904, 700 on Wednesday, 756,300 a week ago and 678,- 2l5 year ago.
 With all the big sales of recent days no kicking" about the stock tax has cropped out; Wall street is busy and somebody is making a "barrell'' of money.
 The sharpest gains yesterday were in the high priced shares, which, with the granger stocks were the center of spec ulative activity.
 About 100000 shares of Union Pacific changed hands yesterday.
 The present volume of trade, says a broker, will look quite small by com- parison with what will be seen before the bull market of 1905 comes to an end, voicing a widely subscribed to be- lief
 The feature of the late trading was the manufacturing shares, United States Steel, Car Foundry, Pressed Steel, and American Locomotive reach ing new high prices for this movement. All of these transactions appeared to :eTrlanate from the pools. The general list ruled fairly steady, but under the best prices of the day.
 o4 upon the market from time to time by large professional operators, only to be snapped up with avidity through the constant buying of commission houses. London was an influential factor in the advance also. |" q.
 The decline in National Lead looked like liquidation by the pool. Many per- sons, who appear to be tired of lead combination also seemed to be sellers.
 One Wall street conservative says: T do not say that the general market is a sale, but I do say that if were going to make purchases I would buy only those dividend and interest paying stocks and bonds whose return was 4 per cent. or better, even though the is- sues were of a speculative as contrasted H1SiA b S1iL~OASsSu C1llIC CbCLSIs
 One closely identified in an official capacity with one of the Southern iron properties asserts very positively that the consolidation of those companies is bound to come.
 Two things seem to check public ab- sorption of stoeks-the fact that most issues are near the highest on record, and the fear of the consequences which may follow a possible hitch in the peace negotiations at Portsmouth.
 ~ Analgamated Copper was the subject of much conjecture, as it rose above S6 at midday. It came next to Union Pa cific in point of activity. There was no news to account for 1t, but pool brokers seemed to be doing most of the manip- ulation.
 The London stock market closed with a fairly fbuoyant tone on the optimistic views held 'tkere with regard to the outcome of the peace negotiations at Portsmouth. ~..
 Tennessee Coal, Republic Steel, Sloss- Sheffield and Colorado Fuel experinced a good degree of activity. The pools were making them.
 A broker says: ""The promise now is for the largest corn crop in the history of the country. The crop situation is 50 favorable that there seems to be but one safe side to the market, and that is the side of advancing prices.' .
 Federal Mining and Smelling com- .pany has declared the regular quarter sly dividends of 3-4 per cent, on the preferred and 1 1-2 per cent. on the common stock, and also an extra divf- dend of per cent. on it's common stock, shll payable September 15
 There were less favorable weather re- ports from the Northwest.
 F. H. Harri1nans trip to Japan is said to include in it's itinerary not only visits to the Hawaiian and Philippine islands, but an excurson of more ar less length to Corea and Mancbl1ria. where, doubtless, 8 great development Is to take place under Japanese leader ship. Tn movement in Pacific Mail is undoubtedly related to expectations of a great expansion in traffic on the set- clement of hostiltties in the far east. ! Many features remain to be unfolded in Union Pacific affairs. These give the stock great attractions, but the Street knows it must wait even though it goes on with it's guessing The talk that the inside party were manipulating Rock Island was not credited in well informed circles. The stock has risen in sympathy with the Pest os the market. Trading opinion is to the effect that the Gould stocks are the most uanger- 1 DGs to be short of in the present mark | ct, as conditions are most bullish in the Gould territory than anywhere else.
 Sentiment was decidedly bullish. Nine out of every ten men though the | market ought to react before they could l ~> = T