The daily morning journal and courier., 1905-09-08
STOCK MARKET FEATURES
WEAKYESS WAS FOLLOWED BY
 DULLNESS.

Expected Pyroteehnics Did Not Appear
 Heavy Selling More DecIines-
 Fears as to the Money Market
 Opinions Mixed.
 Wall street was treated to heavy
 liquidations in stocks yesterday for the first hour. Many holders frightened by bear talk sold stocks at the start. Active stocks lost from one half to one point or more. The market stiffened up and later dullness ensued.
 The recovery in prices held well but the dullness was significant of that tired feeling.''
 Amalgamated Copper, Erie, Reading, Union Pacific and the United Etates Steel shares were the active issues.
 Shortly after noon the selling move ment started up with renewed vigar in some lines, but almost at the same time there were sharp rallies threading, car- rying it to the high prices of the day. Renewed pool activity on the long side was the current explanation.
 The actual closing was heavy with the principal changes for the day frac- tional and to the disadvantage of hold CTS of stocks.
 The Erie issues were again weak, the common falling off full point in the early trading.
 Bear operators went gtInning again for 'stop loss'' orders yesterday.
 The most noteworthy incident of the day was the hardening of European money markets.
 Call money -loaning rate stiffened up to 1-2 at one time and there was "a stiffening rate for time money. The Bank of England also advanced it's dis count rate. and there was strong talk of another Russian loan coming which will absorb millions of the gold hoarded by Germany and France to meet such development.
 In view of the predictions that the banks will shortly be compelled by the condition of the money market to con- tract loans, much of the market dis cussion yesterday centered on the pos sibility that traders may overdo the market of purchasing on reactions for quick rutns.
 Foreign security markets were nat urally depressed by the hardening of money, consols, rentes, Japanese and Russian bonds, all lost ground.
 At the low prices yesterday there was covering by bear traders, and some buying flor a turn" and this resulted in rally. The speculation continued nervous, with the trading opinion much mixed.
 Directors of the Chicago Great West ern railway at a special meeting held in Chicago yesterday voted to increase the preferred "B" stock from SIC, 900 900 to 24,GOOOO0. The increased stock will be used to take over the preferred stock of the Mason City and Fort Dodge 
 Fears as to the future of the money market were utilized by the bears again | yesterday who attacked prices vigor- i ously, in the effort to accelerate the H- quidation. There were reports about | that John w. Gates and his firm, who | were lately rampant bulls, had turned | bears, and were marching in line with Tom Lawson and his followers.
 The "boom' in the steel trade is still | chiefly conspicuous in the steel rail 1 business, and with many large orders placed, notably for next years delivery. Active business in structural shapes is also unabated and that the pig iron market is improving is shown by re- 'ent import engagements, as well as by the Steel corporation. Another striking development showing he extent of the trade improvement is hat the Carnegie company has with lrawn from the market so far as this 'ears deliveries are concerned, and with more orders on hand than it can i'll. It is added that orders are now he largest since the 1902 boom. Off, ,ials of the United States Steel corpo- atton also confidently predict that it's Onnage will be largest On record