The daily morning journal and courier., 1905-09-28
STOCK MARKET FEATURES
4 QUIET TIME EXCEPT FOR
 CHICAGO SUBWAY.

Waiting for the Money PrObIem-DifTer-
 ing Views-Rock Island Common
 CottOm's Break-Denver & Rio Grnnde
 Great Iron Business-U. S. StcePs
 Big Earnfngs-Pennsy's New Stock
 Issue.
 The stock market yesterday was dull and the changes slight. The only sen- sation. was Chicago subway's continued downfall. It was S4 very recently and got down to 50 yesterday,
 The uncertainty as to the money sit- nation held back the traders.
 Transactions were a little less than shares.3
 Money conditions were unchanged and call money stood at 1-2 per cent Some experts claim that money will not become tight, others are afraid that it will.
 The main activity was in Brooklyn Rapid Transit, Southern Pacific, which yold above 69, Union Pacific, Copper and the U. S. Steels. The Hill shares were at one time strong and to 1-2 points higher:
 All the retiring directors were re- elected at the annual meeting yester- day of the New. York, Ontario and Western Railway. company. The lease of the Port Jervis, Monticello and Sum- merville road, as well as those Of the Ellenyille and Kingston railroad and the Pecksport and Connecticut railway were approved. A total of 477,O0O shares was voted at the meeting. The report was very favorable.
 The popular notion concerning the rise of Brooklyn Rapid Transit, again the active leader of the market, was that, the Philadelphia traction syndi- cate had been buying into the prop erty.
 Mexican Central and Denver x RIO Grande showed a little activity for a change. Mexican Central's report shows that the road was able to reduce op- erating expenses $2S4, 600 because of the substitutfon of a gold for silver basis.
 Rock Island common has been indif- ferent to the general advance in mar ket values, to the big crops in it's ter ritory, but is expected tomove higher soon.
 Enlployes of the Ottawa (Ont.) Elec- tric Street Railway have just received $10OO from the company To men who received no demerit marks during the year aibonus of $10 was given; to those charged with only five marks, $5.
 The sharp rise in sterling to 4.S5 3-4, in the opinion of foreign bankers eff fectually ir.terrupts the movement of gold to this country. This tirmness is considered by no means permanent, however, and bankers were still on the lookout for fresh gold in London.
 James R. Keene is believed to be one of the prime leaders in the manipula- tton of Brooklyn Rapid Transit and Southern Pacific
 Plttsburg estimates of the earnings of U. s. Steel for September have nam ed a net earnings figure of about $32,- 000,o00, which would be $2,000,000 above those of the June quarter. and $14,00O,- 900 above the September quarter of last year. The highest September quarter net showing was 6,945, 900.
 The quantity of gold that is being taken for import does not satisfy those who believe that borrowers will have to pay considerably higher rates for loans unless $3,000,000 to $5,000,000 a week in gold is received until October 15. Advices received from Philadelphia stated that the directors of the Penn sylvania company had decided to issue at once S20,000,000 capital stock. The d. 1o As,1-o sylvania Railroad company at par. It | was stated that the proceeds from the l sale of the new stock would be used towards taking up the $5O,OOO,OOO 4 1-2 | per cent gold notes, which will short ] ly fall due. Denver and Rio Grande shares were l in fair demand for awhile. yesterday | morning. The preferred stock is just 1 under 1-2 per cent, income basis It l sold at 103 IA in 1901 and 90 1-2 two | years ago. Yesterdays sharp break in the cot ton market as @ result of violent liqui- dation may be effective in depressing the price of exchange through enlarg- ing the export movement.
 The Iron Age to-day will say: "The past week has carried farther the re- markable buying movement that burst upon the iron market two weeks ago, and the September tonnage is easily the greatest tonnage for a single month in the history of the trade'
 There was considerably anxiety in Wall street as to the cause of the break in Chicago Subway. One close to the company said that there was absolutely nothing the matter with it's finances. It was stated in the afternoon that the pool in the stock, which ran it up to S7, got tired of supporting the price, and finding that the public would not take any more of it, had no alter native but to let it go. ].