The daily morning journal and courier., 1905-10-04
STOCK MARKET FEATURES
STRENGTH SHOWNTHROUGHOL T 
 THE DAY.

Heavy Trading and Good Gains-Indus-
 trials Active--BuII Tips on Rock Is-
 land and Metropolitan and Central
 Leather-Erie's New Bon d Issue
 RockcfeIler's Gift Money Loaned Out
 Other Gossip.
 Thestock market behaved again yes- terday as if it was bound to go up' tight money or no tight money.
 Dominating opinions were that the money market would not be seriously troublesome to the stock market.
 A notable development from the point of view of future security prices and foreign trade balances was the govern ment estimate Of the condition of cotton approximately October 1. This indi- cates that the crop will be above Ill., 100000 bales, and the exporting to be done will help eounteract in the eX- change market the high rates for money abroad.
 The bond market yesterday was mod erateiy acute and steady. The principal trading was in Japanese issues, Brook lyn Rapid Transit As, Rock Island is- sues, United States Steel sinking fund S, and Wabash debentures B.
 Money conditions abroad were such that prices of securities tended down. ward. Nearly all American stocks were lower in London, while the Paris and Berlin markets were influenced by the increase in the Bank of Germany rate to 5 per cent. 5.
 Stocks showed good deal of strength in the last half hour, the trunk lines starting a general rally. This extend- ed to the grangers, and closing figures were near the best of the day.
 Bull tips on Rock Island were very numerous yesterday, and the operations in the stock suggested more attention to it by speculative interests.
 Ther has been, it is whispered, a quiet absorption of Metropolitan going on for some time past by insiders.
 One of the incidents of the day was the lending of the $1o,OOO,Ooo donated by MT. Rockefeller. The borrowers did business with General E ducation Board, care Morton. Trust Company" A considerable sum was loaned at 50 5 1-2. per cent
 A great number of trust stocks were dealt in, yesterday.
 Cast Iron Pipe, Union Bag and Pa per, International Paper, Cotton Oil, sloss Sheffield, and Central Leather were among the industrials in which new trading appeared.
 Amalgamated Copper was again strong during most of the day and ap- peared to be we'll taken. Another ad- vance of 1-8 per cent. in crude copper was reported. These advances in cop- per have frequently been used for talk ing profits in copper stocks. The street is sanguine that the dividend on Ann algamated Copper will be increased at this months meeting of the directors.
 Central Leather common was ad- vanced 1-2 points through t46. A pool that is operating in the stock talks 75 for it.
 Announcement of the issue to share holders of the $12,000000 Erie converti- ble As was without interest, as 1t was expected as to amount and terms. Ad- verse criticism as to wisdom of sad ding this, as yet, unproductive prop erty on the Erie is still heard in inde- pendent and conservative banking cir cles. On the other hand the big men, it is said, expect great things for Erie. *+ s<
 With the announcement of the Na- tiolla1 City banks $3,300,0Oo gold en- gagement, sterling advanced yesterday, selling most of the time around 4.S5 1-2. Of the $9,4SO,000 engaged since the im- port movement began September 12 last $4, 900 has already arrived, and $5,020,000 is virtually in transit here. The question of railroad rate legisla- tion will soon take a prominent place in the attention of Wall street, and will be paramount, as the subject of money conditions is now. President Roosevelt has written that part of his message dealing with the authority of regulating rates.
 (Continued on Eighth Page.)