The daily morning journal and courier., 1905-10-17
STOCK MARKET FEATURES
ANOTHER DULL DAY AND
 PRICES IRREGULAR.

An undertone of Firmness-Money at 6
 and Then at 3-BerIin's Tight Money
 Steel Commons Aspects-LaeISa-
 wanna Gets Close to 5O0-Wabash's
 B's a Feature.
 The market was exceedingly dull yesterday and alternated from weak ness to strength, but with no intermit- tent dullness. The dulIness was char acterized by uniformity.
 The net results of the days work was insignificant.
 Discounts were higher abroad, and an advance in tn price of bar gold gave the impression that London was trying to avert another increase in the Bank of England rate on Thorsoay' There is not likely to be any relief un- til the Russian loan is arranged.
 Money rates here were quoted at 6 per cent, falling to in the last hour The final payment for the second series of Japanese 4 1-2 per cent. bonds' which required $2o,OOO,00O, passed with out any disturbance.
 Discussion yesterday turned largeiy on the relative firn1ness of United States Steel common-as to whether it is supported by strong interests, or whether the natural demand for the stock, because a low4priced one, is holding it LID. Perhaps a majority fa- vored the theory that it is supported and most opinions held that this sup port came from Morgan interests.
 The bear faction was noisy with re- gard to their intentions as to Canadl- an Pacific, Copper, Shelters, St. Paul and Union Pacific. Here. they offered down without bringing out any stock.
 Delaware, Lackawanna and Western reached a new high record yesterday 49S 1-2. an advance of 1-2 points over the previous high record, which was 489. This advance was made on two sales.
 wabash debenture B's were rapidly bid up to 76 1-2, 8 gain of 5 per cent'' and Wabash preferred trailed after and rose a. point.
 Yesterdays record of barely S6O,OOo shares on the Stock Exchange made an interesting comparison with the total of year ago, when 1,SoO,eOV shafes changed hands.
 United States Steel 5 per cent. bonds sold near 90. They will be ex-interest in two weeks and are expected to get to par by interest day. In May they sold ex-interest at about 97.
 A considerable amount of money was loaned yesterday at 6 per cent on call and the banks in most cases marked their loans at that basis. when the heavy dernade was supplied, the rate declined to 1-2 and under There was some hardening to time money rates, and IA per cent. was asked for certain sixty and thirty laws transactions. The feeling that the high money period might last longer than was lately supposed, be- came more general on Wall street yes terday.
 Amalgamated Copper has not been giving any sign that the dividend will be increased to a per cent. basis next LIEuESQdys GolllC CACAICN1 OSAAS SS"fS out that the stock was.
 A few weeks ago all attention was directed to London; the weak points there have now been corrected. Last week, Paris was the point of interest, and in way, of expectation; but plain notice has since been served, from there, that no help need be expected With this now come abundant signs that the strain on Berlin is growing severe, and that the stock speculation by the public, of which the Imperi- al Banks president uttered his warn ing twelve days ago, is approaching some sort of reckoning.
 In his report yesterday to the stock holders President B. L. Winchell, of the Chicago, Rock Island and Pacific, explains that the decrease in gross earnings of 2 per cent. was the result of a falling off of IS per cent. in frtight earnings, partly offset by in- creases in passenger and other earn ings. The loss In grain tonnage was in consequence of the very light wheat crop in Kansas and Oklahoma. Oper- ating expenses show a, decrease of 2.2 per cent, the operating ratio be- ing 70.5O per cent. as against 7O.66 per cent. in 1904.
 President A. J. Davidson, of the Frisco, in his report to the stockhold- CTS, says that, while the new mileage added to the system during the last two years has caused decrease in
 Continued on Eighth Page.)