The daily morning journal and courier., 1905-09-22
STOCK MARKET FEATURES
CONTINUED STRENGTH AND
 BULLS HAPPY.

Louisville and U s. steeIs Skate Up-
 ward-MarI1et Closes strOng-Ignores
 Four Per Cent. MOney-Activity COn-
 lined to Groups of stOcks-Gossip.
 The stock market was strong again yesterday and the bulls who claim that there is no danger of tight money and acted accordingly were correspondingly happy.
 Contrary to expectations the Bank of England made no change in it's discount rates yesterday. It is thought, how ever, that this action is only tempo rary one.
 Discount rates in Berlin rose to the highest of the year and there was an advance in Paris also.
 The advance in prices was confined to few particular stocks or groups of stocks. It was case of professional working.
 There was good deal of profit taking during the afternoon.
 Stocks were irregular in the late trad ing, some issues, such as Southern Rail- way common and United States Steel being very firm, while the grangers re- acted somewhat. There seemed to be some selling pressure in Union Pacific and St., Paul, possibly due to the ex- pected action to be taken at the annual meeting of the St. Paul stockholders on Saturday, in regard to the proposed extension to the Pacific coast.
 Canadian Pacific sold above TIT here and in London. A week ago it was quoted at 165 1-2. It is now selling on a S.4 per cent, income basis or lower than St. Paurs yield. For this reason some- thing is brewing, it is thought.
 Canadian Pacific, St. Paul and Read ing, led the early advance here, and some of the Southern group followed. There was good deal of activity for an hour, followed by 8 calm with re- sessions of 1-2 to point. Around mid- day there was a partial recovery, with Reading again the leader. It reached the highest price on this movement around noon.
 It was estimated that London bought 40,000 shares yesterday. ,. Baltimore and Ohio in August illus trated the current tendency of railroad earnings, large gross increase amounting to $520,000 and only S45,OOO gain in net.
 The rise in Southern Railway conn., mon was based entirely on pool opera tions, and was apparently designed to help liquidation in other quarters. The same thing was believed to be true of the rise in Louisville.
 The present higher rates for sterling exchange preclude, it is thought, any more gold imports for the present, al- though a decline of quarter of a cent on the pound would again make im- ports profitable.
 Federal Smelling common, which has had several sensational movements, is again tipped for a big advance on the basis of 20 per cent. earnings
 There was good buying in the U. S. Steels. More prosperity news came out. There is an advance in steel billets to S25 ton with $2 to $4 premiums for early delivery and the statement that $So,000,000 of 5 per cent. second mort gage bonds of the authorized issue of PHO1tVOVJuUV ceL petI WILL Ut SOlu WIGH bond market improves, thus reducing the amount of preferred stock.
 The advance in Louisville followed g. report which showed gross earnings#of over $S0,000,0O0 and a surplus of $9, ,55s,- 900 for dividends and 9.65 per cent. earned on the common continued the buying of the stock to about 124
 The rise in call money to 4 per cent. occurred early in the day Several large lenders offered large amounts of money on the stock exchange yesterday as soon as the 4 per cent. call loan level was touched. One broker had S4,50O, ,0OO for employment at that figure.
 How the Erie will finance it's pur- chase of the Cincinnati, Hamilton and Dayton has yet to be disclosed. It may be that the plan will be kept in abey- ance until the larger combination goes into effect. At. any rate it will be a nice fat job for the bankers who have consummated the deal.