The daily morning journal and courier., 1905-08-29
STOCK MARKET FEATURES
UNEASINESS WAS NOTICEABLE - DURING THE DAY.

Dipped at First Then Got Courage and
 Rose Higher-NIiteheIrs Possible Coal
 Strike TaIk-Heavy Traffic in the
 West--ShOrt Selling and Covering
 Gossip i'm General.
 Stocks took slip in the early deal ings yesterday, but grew courageous and closed after vigorous rally.
 The English market was weak to start with, decline in consols being re- ported. and 35,OOO shares of Americans were sold by London, chiefly interna- tional stocks.
 Lawson also came out with a blast directed at the Copper stocks.
 Then announcement. came from the coal fields that next April the miners would demand recognition of the union and an eight hour day.
 These were the depressing influences that sent prices down in the forenoon, and were shown in declines of three points in Great Northern and North western, 2 7-S in Reading, ? S-S in New York Central and St. Paul, in Amal- garnated Copper and Delaware and Hudson and 1 to 1-2 in various other stocks. ~-'~
 The heaviest early selling of Amal- gan1ated Copper came from the bucket shop clique, which took advantage of public attack on the metal trade to 1f eAF is doubtful if much long stock came out on the reaction. The buying was regarded as fairly good.
 ~Ins London yesterday attacks from New York induced freeN realization in the copper market yesterday. Some bear selling assisted in the decline. About 1,750 tons of the metal were sold. .>'. ,... :>
 The directors of the Republic Iron and Steel company yesterday placed their preferred stock back to the old per cent. basis. This has been pend- ing for some time and has produced good tlplift in the shares of the com pany. The rate is expected to be main- tained Tire restoration had evidently been discounted.
 
 the company that the corporation is financed for 8 period of thirty years. and the resumption of the dividends on the preferred stock by the directors was on the assurance that it would be per- manent. There will be no declaration of the back dividends to cover the pe- riod since.the last payment. Dividends on the preferred at the rate of per cent. a year, payable quarterly, were paid regularly from October l, 1899, to October 1, 1903.
 A special from Chicago to the New York Evening Post last evening says; "Increasedl business in all lines, the largest business that merchants have ever had at this time, and the best traffic that railroads have ever experi- ! enced at the last of August, are the features.of the Western business and railroad situation Merchants shipped more goods to all sections of the coun- try last week than they have ever ship ped before at this season.
 There was heavy, short selling all through the market, which expected to make a good sized borrowing demand for stocks at the end of the day. Cop
 
 more and Ohio, Reading, Pennsylvania, and Union Pacific showed the most prominent short interest.
 The selling of Reading was prompted by Mir. Mitchells remarks which many interpreted as foreshadowing strike in the not very remote future.
 The selling of Pennsylvania stock has been against purchases of the converti- ble bonds.
 The talk of a. possible strike in the anthracite mines had ten times more effect than the advertisement of a well known literary operator from Boston,
 An announcement from Portsmouth favorable to peace negotiations started the afternoon rise and the short inter- est ran to cover.
 The earnings of the Atchison system for the month of July exceeded in gross those of any corresponding month in it's history, while the net showed better than the first month of any previous fiscal year excepting 1903.
 Speaking of copper (the metaD to- day5a member of the Lewishon firm said:, "Never in history has refined copper been so legitimately strong as it is to-day. There is no surplus any, where, and there is practically no spot copper to be had at any price. Copper deliverable next March is selling at 16 cents pound." The official price Of al! grades of copper was advanced another Is of cent pound, making Electro lytfe and Lake 16 3-S@16 5-8.
 The Missouri Pacific reports increas- es of $S5,497 in gross and $125,S54 in net earnings for June; decrease of $52S, S,231 in gross and $252, 1855 in net for the six months ended June 30.
 The local sub-treasury yesterday transferred $50O,OOO to Chicago, making