The daily morning journal and courier., 1905-09-20
STOCK MARKET FEATURES
SOME WEAKNESS FOLLOWED BY
 4 SLIGHT RALLY.

Dividends-C. & O.-Diverse Opinions as to the Market, but BulIishness Prevails.
 The recent rally in stocks carried most of them to about the highest points of the year, slight decline set in yesterday. Great duIlness followed tke decline and after remaining station- ary some time, slight rally set in. Few stocks were offered at the de- cline, indicating little desire to part with securities.
 Some brokerage houses report that there has been a steady accumulation of stocks by investors for several months, the fine prospects of railroad earnings and the big crops making buying an irresistible temptation.
 Joseph Ramsey, jr., who has just be- gun fight to retain the presidency of the Wabash railroad and oust the Goulds from the management of that road, is no longer a director of the Ann Arbor railroad, having been dropped at the roads annual election just held. There was heavy selling of Canadian Pacific. first for foreign account and later by local interests, but later in the day the stock rallied smartly.
 And now Wall street has it that Rub Der common is earning at the rate of 15 per cent. year.
 The rally in stocks came near the close. but it was a dull and listless rally
 Republic Steel officials were more in- clined yesterday to acknowledge that the question of paying back dividends was being considered. The stock sold at 95 1-2 with Moore & Sch1ey buying 5000 shares The running up of New York Central early in the day was probably intended to steady the remainder of the list. Lat er it developed some weakness. The principal buyers were men identified with the clique who moved up Reading, Erie and others of this group.
 Dick Bros. & Go. who have been bul1- ish on Chesapeake and Ohio, have is- sued 8 circular on the stock predicting higher prices fl. -~ : The largest selling was by the specu-
 
 friendly to the market.
 The friction between the Gould and Ramsey interests over Wabash had a rather disquieting effect, because of the far-reaching possibilities. Any scram- ble for Wabash stock, it was argued, might derange the remainder of the stock market.
 New York Central's strength yester- day was attributed to the fact that it is an easy stock to run up, like Dela- ware and Hudson, Northwest, etc.
 There was again talk of a coming import of gold to the extent of $10,000,- 0o0 or $15.O00,000, Announcement was made that $2,100,000 is engaged to ar- rive soon: also $6OO,O00 worth arrived yesterday. +,.
 The backward tendency of Wabash issues with extreme declines amounting to 3-4 to 1-2 points, led some to be- lieve that the recent buying was not based on a desire to accumulate them for control, but was purely of a specu- lative character.
 Opinion of the so-caIled uptown crowd yesterday was diverse. Some of them still insisted that existing general con- ditions must bring about much higher prices, while others maintained that the technical conditions must operate against an advance in prices in the near future. The best opinion, however favored the bull side of the market, and practically all are bulls for a long pull
 Western floods caused the Santa Fe railroad loss of more than $2,O00, ,00( in the fiscal year just closed. This is stated in the annual report, just issued showing gross earnings amounting tc more than $16S,00O,000.
 New York and New Haven stock wa. inactive yesterday. At the opening ot the Boston exchange 209 bid for New aven and PIP asked. Later 25 share: sold in that city at PIP 1-2 Nothing nev came out.