The daily morning journal and courier., 1905-09-06
STOCK MARKET FEATURES
PRICES STIFFENED AND OUT
 LOOK BETTER.


 Heavy Short Covering and London Buy ing-There Was Heavy Selling Also -Bears Uneasy - Canadian Pacific and Reading StrOng-wild Times in Cotton Market-Government Cotton Report.
 The advances in yesterdays market were due to heavy covering by shorts, and London also bought 5O,O0O shares, which accelerated the pace.
 Paris was disturbed again over the Moroccan affair. Russian bonds and French rentes sharing in the decline. Here the market ruled higher most of the day, with important gains through out the list. Trading was heavy and well distributed, Reading and the Steel shares again leading in the advance. The great. feaures yesterday were Reading, which rose points to 120 3-S, and Canadian Pacific, which advanced points to 166 1-2. Elsewhere there were advances of to points, which were not held, however. The, closing was irregular and spotty with Canadian Pa cific and Southern Pacific at about the best of the day.
 The New York market followed Lon dons lead in Canadian Pacific, and by noon the stock had advanced over four points. No very specific reason appear cd for the advance, but general talk about the stock was strong.
 Wild excitement prevailed in the cot ton market yesterday, when under the influence of bearish government re- port estimating the condition of the crop at 721 per cent, prices broke 5, 10 and even 23 points between sales. In fact, the situation bordered on a panic, bulls and bears alike completely losing their bearings and throwing cot ton over regardless of values. The crop estimate had been expecte dto be lower than 70, although the bears had predict ed 72 The bulls, however, held that this was unnecessarily high, and f1gur- ed on about 70.
 Reports of heavy purchases of rail- road equipment seemed to be reflected in the mornings advance of point in Pressed Steel Car This rise was &C., conaplished on rather slight trading The United States Steel shares were &C., tive and strong, with fractional ad- vanees. and some heavy purchases were made in both issues at or slightly be- low the highest points.
 Too many people evidently thought the same way and sold stocks on the bulge, expecting a reaction. Some of them had to take up the stocks at a loss. '1".
 The market undertone was still strong, and no fear was expressed, but the sufficient buying strength existed to prevent any radical decline. The support accorded to Reading gave ad- ditional weight to this view.
 A good many brokers thought that the market was rising too fast. They said that as soon IS the London buy ing ceased and the short interest was satisfied there would be a reaction.
 Toward the close the market was quiet and irregular, with an increased , selling movement, some recessions re- sulting from unloading by London ar- fbitrage brokers. Amalgamated Copper held it's own until the last hour, being held up mainly by the expectation of another quarterly dividend at the di- rectors' meeting a week from to-day. Just before the close it fell off slightly from the days highest figure
 Market literature was bullish, and the intimations of some bankers that money would not materially advance increased the caution, as to short sell ing. The short interest was largest in Union Pacific, Pennsylvania, Erie, Shelters and Copper
 A Denver dispatch says: Judge Moses Hallett, in the United States district court to-day denied the application of the United States government for an injunction to restrain the Denver, Northwestern and Pacific railroad (the Moffat road), from building through Gore canon. The government engineers had proposed to build reservoir in the canon for the storage of water for ir- rigation.
 The short interest that developed in Shelters last week, when the stock sold down to about 123, was pushed yester- day and made to take up some of it as high as 12S.
 Wall street heard yesterday that the Pennsylvania Railroad company is like ly to issue about $160OO,0O0 of equip ment notes to provide for the 16,OOO new