The daily morning journal and courier., 1905-10-11

l.. O. Were StrOng-Great NOrthern's
 Melon.
 The market was dull one yester- day, but as call money did not rise above per cent. and ruled lower most of the time, the bulls took courage and advanced prices.
 It was a market also of specialties, Cast Iron Pipe, Union Bag and Amer ican Locomotive being features.
 The directors of the United States Cast Iron Pipe company yesterday de- clared the regular quarterly dividend of S-4 per cent. on the preferred stock, and an initial dividend of 1 per cent on the common.
 The bond market yesterday was quiet and steady. The principal trad- ing was in the various Japanese, Am erican Tobacco, and Mexican Central issues, United States Steel sinking fund 5s and Wabash debentures B.
 As call money did not open until shortly before noon, and was in very light demand, the street gave less con- cern to the monetary situation. The opening of the money markt at 5 per cent, rally to 5 1-2, and reaction to 5 by early in the afternoon, gave gen. era1 satisfaction.
 The buying of Union Paper Bag shares, like the tips, came from the in- side coterie, and was accompanied by talk that decisions in the long pend ing suits againstO the opposition con- cerns were expected very shortly, and would more than likely be favorable to Union Bag.
 Union Pacific is one of the largest individual owners of Great Northern stock through the Northern Securities acquisition. But for so high a priced stock as Great Northern it looked as is the news had been about discount ed.
 A report from Sharon, Penn, says that all previous records were brok- en at the open hearth department of the Carnegie Steeel company for twen- ty-four hours ending Friday morning, when 1,627 tons of steel were turned out in twenty mine heats The best previous record for the same number of heats was 1895 tons
 The sharp advance in Great North ern preferred was due to the announce ment of the rights to subscribe at par to new stock to the amount of 20 per cent. of the holdings. This, it was figured, amounts to about So per cent. stock dividend at the prevailing price. The rise in Northern Pacific ap- peared to be entirely sympathetic.
 Canadian Pacific rallied sharply, the price in London recovering more rap idly than here. Apparently the pool thought liquidation had run its course, and it saw no danger from the fort nightly settlement, which many per- sons had been predicting. That the pool in the stock must be strong one was generally conceded in Wall street, from it's ability to hold it aft CT a 25-point rise.
 The annual report of the A. L. o. company, recently issued, showed that nearly 10 per cent. was earned on the common stock for the past year, before appropriating $1SS3,557 for extraordin- ary Improvements, after which there was balance left for common divi- dends of $607, 7,000 equal to about 2 1-2 per cent. on the common stock.
 The American Locomotive pool as- serted that it was bona fide invest ment buying that was pushing up the price of the shares. The A. L. Co. is full of business The expansion of railroad traffic par ticularly in the west, was again forci- bly, illustrated by Great Northerns ex- hibit for September, which indicated an increase in gross of more than $1,OOO,-