The daily morning journal and courier., 1905-08-17
STOCK MARKET FEATURES
THE BULLS AND THEIR ADHER-
 ENTS IN CONTROL.

Stocks Close Higher-GouId Stocks
 Among Leaders Also Union Pacific
 and Reading-LOndOn's Good Buying
 The Days Gossip.
 That the market had a strong under tone was again evident yesterday.
 London led off with higher prices.
 The only declines of note were in high priced stocks, Lackawanna fall ing 10 points, and Delaware & Hud- son 1.
 Reading was another strong stock, going up to about 112, with 125 talked of for it.
 Union Pacific sold above 135, and Missouri Pacific at 105 1-2, while the Rock Islands were higher. These stocks were moved up on the corn crop prospects.
 Talk of a deal inspired the followers of U. P. to bid up also.s
 Talk of a. corner for Reading was also heard, but was disbelieved.
 There was lively buying from Sara toga.
 The market broadened as shown by new activity in low priced stocks such as Rock Island, American Locomotive common, Chicago, Great Western. Am erican Woolenr common, Colorado and Southern, Kansas and Texas, Corn Products and Pacific Mail.
 New incidents of a bulIish tendency helped the market.
 News comes of big new contracts for the United States Steel corporation, of big increases of railroad earnings and of increased fine prospects for the har- vests.
 Lehigh Valley was the weak feature of the Philadelphia market, selling off more than a point early, but strength ened around 70 9-4, and was sold at 71 T-S, fraction from Tuesday nights close.
 Erie first preferred sold ex-dividend of 2 per cent. yesterday.
 The industrial department was ne- glected, excepting half a dozen issues, including Analgamated Copper, Amer ican Locomotive, Sugar, Smelling, and the Steels.
 As to Reading the reported recent discovery of very rich extension of the company's coal lands were trotted out again.
 The best of foreign buying was in United States Steel, Southern Railway and Erie. Some Union Pacific was also taken by London on the cary recession. It was heavy absorption of Union Pa 'cific during the first hour that turned the market upward. Up to that time it looked as if prices would be allowed to go lower. Lots of 1000 to 5000 shares of Union were taken and later the bids were raised The most important selling for for eign account was Missouri, Kansas and Texas, very considerable amounts of which are held abroad. The highest prices of the day were reached in the last hour. Union Paci- f1c at that time was still the leader, with Reading a close second. St. Paul and Southern Pacific exhibited some firmness, but the general list was sta tionary, and ha the appearance of be- | ing begged"
 On the early recession a good many | buying orders were reached which have | been awaiting execution on a moderate | break in prices, and this helped in bring about the markets rebound.
 Japanese bonds showed a halting tendency, as if it was feared interrup- | tion of the peace negotiations would ] result in general selling movement in them. There was evident effort to dis 1 tribute them yesterday.
 The declaration of a $10 dividend bv the Calumet and Hecla Mining com- pany assisted in focusing attention on Amalgamated Copper shares
 On the advance in Reading common, which occurred at midday, 37,500 shares changed hands within ten minutes be- tween 1l0 and Ill 1-2. There was only one transaction of less than 1000 shares this being 900. The lots ranged from 1000 to 6,700' Then the price sank back to Ill on six sales, 200 changing hands | at ill. There was another whirl with l large sales of 2,OOO to 5,4OO up to 112 I, Later the price rose still higher, but Ghe sales were smaller.
 Metropolitan Street Railway advanc- ed above 130 There was a tendency to Rscribe the Metropolitan movement to the expectation that the completion of tunnel construction on lower Broadway and the restoration of the surface of that thoroughfare to it's normal con- ditfon would help the roads earnings.
 Traders in Wall street yesterday ven- tured to remark that the market is ripe enough to react at least or 5 points. More than 50 per cent of the transactions, it was declared, is of a character no better than $2 business, and while that was the case any kind of turn might easily be engineered.