The daily morning journal and courier., 1905-10-12
STOCK MARKET FEATURES
COMMOTION CREATED BY VAN
 DERLIP'S SPEECH.

And Prices Went Of EasiIy-TaIzen to
 Mean No Bull Market Just Now
 The COaIers' Run Up for Purpose
 EIsewhere-Great Prosperity.
 Wall street had a slight shock yester- day and prices fell off at lively rate over the speech of F. A. Vanderlip at the National Bankers convention in Washington, D. C., yesterday, especial ly this portion of it: Should stock market speculation start from the pres ent high level of prices, in the face of the extraordinary demand for capital and money which crops and business alike are making, the result might cas- fly be temporary disaster
 While MT. Vanderlips speech was very optimistic in the main, the note of warning that he sounded regarding overspeculation in stocks was the one thing that the traders in the market considered. This was because MT. Vanderlip is looked upon as the mouth piece of the National City bank, the great Standard Oil bank, and it's affili- ated interests. It was taken for grant ed that these powerful financial inter- ests were opposed to bull stock mar ket at this time.
 Various of the most active stocks fell off from to 3 points.on the announce ment. The break began at about one in the afternoon.
 On the purchase of 400 shares, 100 shares in each lot, LackaWanna rose 2S points from last weeks highest. It sold at 4S0, then 4S5, 4S51a and 4S8. On Au- gust il it touched 47O. In February, 1904, it was selling at 250, so it-promises to double in price in less than two years. It is now yielding trifle over 2 per cent.
 Delaware and Hudson followed Lack awanna. The report to explain the rise was that 10 per cent. will be guaran- teed by another road. Both these stocks are easily manipulated.
 Great Northern reacted several points on liquidating sales by those who thought the issue of new stock had been fully discounted, and it would be well to ''sell on good neWs.''
 Southern. Railway common earned 1A per cent. in the past fiscal year. It will have to earn three times as much be- fore a dividend will be paid But, with the yearly increase in earnings, there is good equity in it, and it is this that sustains the price of the stock.
 American Locomotive established a new high record for this movement, crossing 60 at midday. It later declined with the remainder of the list. There is still no news in regard to the much rumored dividend.
 The violent rise in the coalers ap- peared to have been nothing more than a rise to help sell other stocks.
 The country's iron production for September, published yesterday, shows an increase of 45,200 tons over August and 146, ,93S over July, but was still 7S,SS4 tons below the high record of last May, which was 1863, TIT tons. The Iron Age will say to-day of this showing;
 Our monthly blast furnace returns show that production in September, in spite of the fact that it was short month, was f,S9S,S73 gross tons, as com- pared with 1,S43,673 gross tons. in Au- gust and 1,741, ,s35 tons in July. Returns from all the steel companies make their pig iron product 1,262,O9S tons in Sep tember, against 1,136,O50 tons in August, an increase in spite of the fact that the Pittsburg district produced only 449,632 tons in September, as compared with 4SS,119 tons in August. The returns in- dicate that the merchant furnaces did not do as we'll in September as expect ed, their production having been 657, 900 tons,, while they made 6SS,S40 tons in August.
 Among the many goodly orders more new ones have come to the rail mills, including 45,000 tons additional from the Northern Pacific, 35,000 tons from the Great Northern, 29,O0O tons from the Minneapolis and Duluth, and 13,O00 tons from the Kansas City, Mexico and Orient.
 A good deal of business is pending in bridge. material, fully 6O00O tons being under negotiation. The Atchison road has just placed 16,000 tons, and the or der for 1000 tons of material for the Saybrook bridge of the New Haven road has also been taken by the Amer ican Bridge company. Small quantities of foreign structural material are being order for prompt delivery.