The daily morning journal and courier., 1906-07-26
STOCK MARKET FEATURES
THE BULLS WERE IN CONTROL
 AGAIN.

SltuatAOn - Banking Interests Give Support to Prices--fiarriman Shares Very StrOng-SOuthern R. R. Dividend Talk-U. P. and s. P. Very Strong Steels' Big Earnings and Big New Orders-Lots of Bull Talk.
 Yesterdays market was bull mar ket all right, and gave new evidences that strong interests were backing up the bullish feeling.
 Sentiment in the European financial centers was more hopeful, and Amer lean stocks were stronger in London than for some time past.
 Russian securities were higher.
 The change in sentiment from Tues day was quite marked.
 The short interest gave signs of un- easiness.
 The action of Southern Pacific, which rose to above 73 supported the talk of dividends on the stock. They would, of course, benefit Union Pacific, and it is estimated would give the U. P. com mon stock an earning capacity of 15 per cent. on the present basis of earn ings.
 Southern Pacific sold at the highest price since 1902, when it touched 81 IA in the Keene campaign Before it reached 73 it hesitated a long while around 72 S-S, where there was plenty of stock for sale. In January it reach ed 72 7-8, The earnings on the com mon this year will be about per cent There seemed to be an unlimited de- 1nand for Southern Pacific all the aft ernoon. On a series of continuous sales 450O, shares were taken at 7S, No effort was made to force 1t, but the stock was taken as it came out The progress of this stock and Union Pa cifc was steady but sure. They were regarded as the Headers" The other grangers were simply following them. For the first time in ten days Lon don took ,bullish stand on our stocks. Arbitrage houses bought 3O,0O0 shares The recovery in Russians and a boom in mining shares set that market up in better shape than it has been this summer. Cables described 1t as clps- ing with a boom In Kaffirs and Amer jeans.
 Prices closed near the top with the grangers still leading, but with many other stocks displaying moderate &C., tivity. There was distinctly broader tendency, though it is doubtful If there was any public participation. The peels were doing their best, however to get outsiders to come in. Good crops" was the argument most fre- quently heard for the rise in the mar X ket.
 ! The fact that Amalgamated sells ex- dividend to-day induced some good buying on the belief that it would re. cover the 1 3-4 per cent. to come off There were suggestions in good quar- ters that the stock would have g steady rise above par.
 Brooklyn Rapid Transit at times was just as strong as it vas weak yester. day, showing that the fluctuation 1T this issue is for the most part manip' hlated one way or the other.
 The activity In the United States / Steel stocks was confined to the com mon. It rose over a point while thu preferred held yesterdays gain was estimated that July net earning! would be $13,00O0OO. The quarterl! statement will be given out next Tues day. It Is said the corporation now ha S0O00, ,0O0 cash on hand and will shov surplus on June 30 of over $100,00,0 00C
 The fall in sterling led to hopes O gold imports. The break of one-quar ter cent in the price of demand bill was not sufficient, however, to admi of gold engagements. Bankers wer of the opinion that the gold infioy could not be resumed to the sterlin quoted here higher than ASA 1-2.
 The rise in sugar was attended b stories of melon-cutting, and othe pleasant reports of that sort. Tn main basis, as stated here recently, the promising trade outlook for thi season.
 The Iron Age says: That midsum mer buying of unprecedented propor tions is in progress is indicated by tn fact that the United States Steel col poratton has booked a distinctly lare 6r dNeId IdSo tOIliidBS tIllS HhoAth tllai July, 195, and that the daily averag for this year thus far Is much in eS cess of the daily average up to July 2 1905. The orders are distribute through all lines in both light an heavy material All pig iron market show an advancing tendency, end the past week activity had been marl ed in foundation grade in the west, an in basic iron in the east.