The daily morning journal and courier., 1905-06-29
STOCK MARKET FEATURES
RESUMPTION OF ACTIVITY AND
 STRENGTH.


 Speculative Movements Shift from One Group to Another-COnsiderabI Re aIIzing, But Offerings Well Taken-L. & \. Strong.
 There was extreme profit-taking in the stock market yesterday. many of the standard stocks having had a rise of to 10 points. and some, Union Pa cifc for instance, IS points, from the last low level.
 At the top notch of the day New York Central sold at 146 1-2, Baltimore and Ohio If 1-2. Pennsylvania, Al .1-2, and Reading 100 If. All these prices are the highest of the current move ment, while that of Reading is also the highest ever made for the stock in it's present form.
 There was a big furry in the cotton market yesterday. A New York dis
 
 local cotton market was excited to-day, and prices advanced approximately 50 points in the various options to Janu- ary. This was equivalent to an ad- vance of S250 a bale over last nights closing quotations and followed an ad- vance of 30 points in yesterdays ses- sion and a previous advance in the last two or three weeks of nearly a cent a pound. A number of spot dealers and export dealers appear to have sold too heavily ahead in contracting for deliv- cry to spinners and were compelled to buy during to-day's excited rise; on reports of bad crop conditions. There was heavy realizing by the old bull in- terests but the market was so big and broad and apprehension over the new crop situation was so tense that this liquidation was readily absorbed and prices easily sustained most of the ex- ceptional1y heavy advance with the July option selling up to about $50, with Au- gust and sentember going to 9.60, Octo- Der to 9.e5, December to 9.75 and March oeliyeries practically reaching the 10 cent basis. Sales were estimated at T5O,000 bales. The spot markets were equally excited with spot cotton here advancing 40 points to the basis of 9.90 cents a pound for middling."
 An advance in money rates is due usually July i. This ought to show it. self tomorrow, if it is to appear. With a holiday from Saturday to Wednesday this state of things will be aggravated. This extra holiday business had not been decided upon yesterday afternoon. Some of the international bankers yesterday were of the opinion that money rates would rule higher in the immediate future, and were offering demand sterling for Saturdays mail at 4S7
 Before MT. Hartman goes to Japan the question of dividends this year in Union Pacific and Southern Pacific will be settled MT. Hartman is understood to oppose any increase in the Union Pacific rate until payment is made on Southern Pacific. - --..--. <
 The Hartman group of stocks ''took a back seat yesterday, as compared with the Pennsylvania group, which gave an impression that the men who brought about the rise were "distribut- ing' q good deal of Union Pacific stock The Iron Age to-day will say: "Very little has occurred during the past week calculated to throw light upon the ten dencies which are shaping the market Those who watch the water running in to the mill are satisfied. Others who study the reports of rainfall over the watershed are more doubtful It cer- tainly has not rained orders very hard for some time past"
 'sThe record for the week to date as it is pithily put by the New York Post, Ifs of a rise in stocks when news is bad, and a fall when it is good.''
 Charles G. Gates, who has been auto. mobiling in Europe since spring, has returned. Like his father, he is bull ish on stocks.
 Baltimore and Ohio common stock oc cupied the position of interest in tht stock market yesterday, because of its continued rise on heavy absorption o stock. It reached he highest price sine, the autumn of 1902 when it sold a 11S 1-2
 Louisville end Nashville was the feat ure in the last half hour shooting III to 150 7-8 and closing 150 1-2.. There were many indications that large interests, which last year earned the reputation of speculators on an ex tensive scale, rather than of investors were busy yesterday stimulating thu market.
 HOLD YOUR IRIDIUM.