The daily morning journal and courier., 1905-09-09
STOCK MARKET FEATURES
STRENGTH SUCCEEDED THE RE-
 CENT WEAKNESS.

There Was Heavy Covering by shorts
 Buying Put Up Prices-BOstOn and
 NIaine's Coming Big Out1ays-U. P.
 and s. P. Show Fine Earnings-
 Chicago Subway-AmaIgama
 Following the recent weakness the mar ket features
 stock market braced up yesterday and shorts covered.
 Prices advanced from to per cent. in the active stocks.
 The strength of Union Pacific. United States Steel and Reading, among the shares that represent the current spec ulative inclination and the advances in Canadian Pacific, Shelters, New York Central, Southern Pacific and St. Paul were the most significant features.
 Efforts to get the leading stock much above 119 were only temporarily sue cessful in the early trading, and occa- stonally it slipped back below that point. The trading was mostly in small lots.
 Wall street is beginning to talk great deal about gold imports and finds some relief from the discussion of high CT money in such a prospect.
 The pamphlet report of the Ameri- can Locomotive company has been is sued. The income account for the year ended June 30 shows decrease in gross earnings of $8,91S,55O, operating expen- ses $7,60S, ,453, net earnings $1,310097, and the final surplus for the year $2067, ,614
 Owing to extreme liquidation in stocks no very bad bank statement is expected to-day. It is not thought a deficiency will appear despite a cash withdrawal of SS,7000OO this week at the banks.
 The Erie railroad yesterday gave an order for the construction of $500 steel underframe box cars of S0,000 pounds capacity and American Railway asso- citation dimensions. All will be equip ped with air-brakes, automatic coup . lers, and all modern safety appliances. This is in addition to the order for 2,O0O cars now building by the American Car and Foundry company, 400 of which have just been delivered.
 The U. S. Steels acted finely. The preferred sold above 103 and Steel com mon to 36 A statement that the Au- gust business of the Steel corporation would be the largest on record and 25 per cent. more than in the previous high record month is verified by the re- ports that come from the different de- partments. The net earnings for this year will be between $120,000,000 and $125,000000. Claims that in 1906 $150 000,- 900 will be earned are being made and are the basis of dividend talk for the common.
 The afternoon rally which took Union Pacific to 130 was sustained during the rest of the day, with occasional slight advances above this figure.
 The advance of nearly 2 points in Southern Pacific brought out story of a dividend in. November.
 Trading for London account was mainly for purchases. some 50,000 shares exchanging hands. The purchases in- cluded most of the active issues, es- pecially Steel common and preferred, the Fries, and to some extent Canadian Pacific.
 In the outside securities Chicago Sub way, the manipulation of which has at- tracted considerable attention of late, sold first at S9 5-8083 3-4, and after dropping to S1 3-4 recovered to S2 3-8, a net loss of 1 IS points. Estimated sales were 5000
 Great Northern pf opened with a slight recession, the interview with President J. J. Hill, which wall street chose to regard as pessimistic, having apparently put @ damper uon the move nlcnt which sent the stock up Thursday almost points.
 Despite the advances the tone of the market was a trifie uncertain and ir- regular.
 The support to the market was for ing little if any extension of the gen. uine investment interest.
 William P. Brown, the leader of the Southern bull ool operating in the cot ton market, yesterday reiterated his be- lief in higher prices.
 In the last hour the general list ad- vanced to the highest level of the day.
 Boston, Sept. S.--An expenditure of ; $10,0O0,0o0 for extensive Improvements of the entire system is contemplated by the Boston and Maine railroad. The read, 1t is expected, will make an, issue of $10,00G,000 of per cent. 20-year re- funding bonds, and there will be new issue of 53,919 shares of common stock, the proceeds of which are to be used for improvements during the next five years.
 Union Pacific increased gross in July $79O,OOO, and net $451,5O7. The Southern Pacific gross increase was $1, 058, 900, and the net $591 ,0S6.
 Amalgamated Copper was relatively much less active than on several days recently, and was somewhat stronger At the market opening the stock ad- vanccd 3-4 to 81, and from this point il only receded slightly, keeping above Thursdays closing.
 MOSOTTTTOES PLAGTTE LONDON.