The daily morning journal and courier., 1905-10-19
STOCK MARKET FEATURES
TRREGULARITYINPRICES, SOME
 LOWER, SOME HIGHER.

Stocks Behaved as If Unpleasant Ru-
 mOTs Were on Tap-sOme Nerveus-
 ness-Many Rumors-sharp Rise fin
 Sterling Exchange -S Some London
 Selling.
 The stock market did not act quite right yesterday. It acted as if some thing was not suite favorable to higher prices. There was considerable sensitiveness. as to rumOrs-
 The big drop in Chicago subway stock of over 50 points must have hurt somebody.
 There was considerable selling at the opening owing to bear talk in London.
 There was a further sharp rise in sterling exchange. This checked trad ing in stocks because of a fear that, with money supplies at this center be- ing drawn on both for foreign and do- nestle account, there is little chance for expansion in market prices. Bank CTS were apparently making no eort to steady the standard issues. The run ming up of specialties, such as Locomo- tive did not stimulate any confidence in the market outlook because this pro- cess has often foreshadowed break.
 Brokers discovered quite 8 little gen. uine selling in the midst Of the general speculative oerings or the morning.
 On the other hand there were favor able developments such as continued reports of the expansion of business on an unprecedented scale and the turn ing away of orders.
 Canadian Pacific showed an increase of $274,00O in the earnings for the sec ond week of October. Missouri Pacific and Missouri, Kansas and Texas re- ports were unfayorable.
 The average decline of 1-2 point in the opening transactions was due to the weak state of the London market, where liquidation in American shares was aggravated by reports of failure impending and by rumors of the ill., health of MT. Morgan. These canards were obviously made up to influence prices, for they were both baseless. As to MT. Morgan, he was in this city at the New Haven road meeting and look ing the picture of health.
 American Locomotive was the feature of the day, with a new high record. By early in the afternoon it had cross- ed 63, as against 61 IA, the previous high record. Sales of this one stock up to noon aggregated 50,000 shares, out of a total of S2O,O00. The establishment of close working arrangements with General Electric, and the admittance of General Electric men to the direc- tory of the American Locomotive com- pany, furnished the reason for the rise in American Locomotive. General Elec- trio stock also rose points by midday to 183. %
 At the opening there were rumors concerning the financial condition of several houses that are known to have been trading heavily in Chicago Sub way. One was said to have made a private settlement of quite large losses The episode has been a very favorable one, but it represents an individual condition and is not typical of others of the sort.
 Something more substantial than sen- tinent or sympathy with kindred stocks is said to be behind the recent price movement in Jersey Central.
 The Tennessee Coal and Iron com- pany has announced another advance of 50 cents a ton in the price of foun- dry iron.
 The ease with which Reading moves up and moves down, or reverses these movements, is perplexing to the talent
 Two sales of Lake Shore were made on the exchange yesterday at 321 and 320. This is the first trading this stock has had since August 10, when sales were made at 325.
 Many dividend rumors were current, but had little eect These not only in- cluded a reported early advance in Copper dividend to per cent, but of Delaware and Hudson's to per cent. Jersey Central's to 10 per cent. and a first dividend on Missouri, Kansas and Texas of.