The daily morning journal and courier., 1905-11-24
STOCK MARKET FEATURES
STRONG PLACES AND WEAK
 PLACES WERE NOTABLE.

While U. P. Ran Up, Reading, Shelters and B. R. T. Fell OT-Steels Bid Up Rock Islands Weakness Foreign
 Markets Tneasy-Bfg Liquidation.
 The stock market yesterday was an interesting one. The pools were busy, some Tightening their load, others in pulling tEeir speciaIties It looked as if sOme stocks were bid up to distract attention from selling to take profits in other quarters.
 The talk is still of higher prices next year, but stocks are being distributed as Last as they can be got rid ot
 Ine securities markets abroad are weak, owing to political complications, and uncertainty as to the outcome of the Turkish question.
 Prices on the BOerse yesterday were weaker upon the Porte's rejection of the demands of the Powers for financial control of Macedonia, rumors that Count Witte is Ill and dearer money for the monthly settlement.
 Brokers who have been very bullish day after day on such stocks as Smelt CTS and Reading said that they were afraid of the market and thought dis tribution was going on.
 Formal announcement of the new Japanese loan, which is to be offered at 90, was without effect upon the mar kats.
 Prof1t-taxing on a large scale occur red in Brooklyn Rapid Transit. H. Content & Co. sold 25,000 shares It is believed that the Berwind pool con- trols the situation, and that there are TO deals pending.
 Yesterdays foreign bank statement was scarcely reassuring to those who look for period of low money rates.
 The abrupt decline in the shares of hn Tel i'm c noted. They have offered little resist ance but there is nothing to indicate actual demerit in them. It is of some significance, however that the present paying stocks which have an invest ment value, whereas a while ago it cen- tered on Rock Island common stock.
 Messrs. Dick Bros. & Co. advise their clients in this way: "We regard the present condition of the market as arti- hctal and dangerous and we would urge extreme caution in making speculative compliments at this time. The furious manipulation may continue and may re- suit in some further startling advances, but we regard the risks contained in speculative purchases at this level as very much greater than the possible profits"
 The break in the Frisco stocks and in the Rock Island preferred was due dend on the second preferred of Frisco would be "repudiated." This was offici- ally denied. It was said the cash for the purpose was already inbank.
 The pool in United States Rubber and Rubber Goods shares chose an unfor- tunate day yesterday for bringing out their specialties Talk of dividend on the common was again heard, but it was unaVa1ling. Rubber Goods, fa- Vorite of q. R. Keene, was bid up.
 Close observers of the market say that the recent buying of Metropolitan has been of good character. In some nnnftnrS fhn iTonrnECinr CtpOnrr1Ty yails that the recent sharp rise in Brooklyn Rapid Transit foreshadows the approaching consummation of a general and extensive deal affecting at least the surface local traction compa- niesof Greater New York. It is assum- ed that naturally the Metropolitan Street railway system will receive, pro- portionate benefit in any such scheme that may be carried out
 The fact that only par was secured for the $12,500,000 New York city loan yesterday as against the price of nearly 1o0A. last April was variously explain ed; Most people thought the fall in price was a measure of the present scarcity of available capital.
 Metropolitan shook itself yesterday y and made the bears climb. It ran up nearly points early in the day but slacked off later on a point or two. It was said 10000 of the buying repre- scented short covering.
 Pool liquidation was very apparent in Reading and Shelters.
 The rise in Metropolitan Securities was not so sharp. There has been no good news about either this company or the Metropolitan this month. The state pent of week ago for the September quarter, in which the street railways made the largest gross earnings of the year. showed deficit of $246,2S2, after paying Metropolitan's dividend.
 NAt the present time Anaconda is under stood to be producing 10O,000,000 pounds of copper, 4,000,000 ounces of silver and $300,000 in gold annually. A rough ap- proximatton of the net profits for the calendar year is $7,000,000,
 The idea that Erie is going to be taken hold of as Reading was, and by the same people, does not commend it. self to all observers. Some of these point out that this is sprung on the street every time the stock is strong; but note that there is always ready a disclaimer as soon as it turns weak again. There has been ample support for Erie around 47, but the power to lift it much above 50 has not been de- veloped, despite all the claims and pre- dictfons made The stock sold at 52A three months ago, but that price has not been approXimated since, although in the meantime it has been urged that the speculation in Reading was beir g transferred to Erie. The point is dwelt upon that the preferred stocks will have to sell much higher before much gan ha wit ha