The daily morning journal and courier., 1906-09-01
STOCK MARKET FEATURES
4 SLOW, DULL, DRoOPING TIME
  YESTERDAY,


 Bulls Have Set Back Owing to lively,
 Per Cent. Money but Plenty of Col,
 Expected to COme--TO-day's Coming
 Bank Statement --- Pullman stock'
 Rise--Erie and Common Stock Divl
 dend Prospect.
 Yesterdays stock market was a waiting market, and was dull one.
 Money rose early in the day to 10 per cent. and got as high as 12 before its price receded.
 A few bullish features were develop ed, such as an per cent. rise in Pull man over melon-cutting talk, and the marking up of U. P.
 The absorbing question was as to how far money rates would rise.
 The holiday coming at the beginning of the week and in a month when divi- dends and interest amount to about S4o 900, 900 complicates matters greatly. Domestic banks are close to the legal reserve or below it.
 On the other hand there will be prob ably a large reduction to-day in bank loans. Estimates of a S10,000,OOO con- traction were made in good quarters yesterday. This will come from about the largest shifting of loans from do- mestic to foreign bankers in any one HNAnF fhis ,.at1 volume of liquidation in high priced shares. A loan reduction of this size will be necessary to save the present surplus reserve of $420OOOO
 Then to help matters there is solace in the intimations made made yester- day that at least $20,000,0o0 gold will be engaged next week; the St. Paul. Union Pacific deal announced on Tuesday and the Great Northern ore deal wound up then. A few increased dividends may be thrown in for full measure.
 It was general assumed by the street that call money would work easier aft CT yesterday, the greater demand be- ing due to the necessity of brokers making thir arrangements to-day to carry over until next Tuesday, Never theless there was no assurance as to the future, with money still being shipped to the interior on large scale for moving the crops.
 Belief is growing that the Pennsyl- Vania dividend is to be increased.
 About 1-2of 1 per cent, was earned on the $116O00,OO0 Erie common stock last year. This is exclusive of about $20OO00O put back into the road. A decrease in f'other income" of $500, 1000 represents a shrinkage in Pennsylvania coal earnings, The road was operated at 70 per cent, compared with 73 in 1904-05. It will have to get down to 6S Or 65 before common stock dividend can begin.
 The early rise in prices was due to the circulation of reports that New York bankers had made arrangements to import from $5,O00,O0O to $1O,OOoO OO gold from Europe next week,
 One reason why there was so little liquidation was that stocks sold to-day are not deliverable until Tuesday.
 The National City bank announced the enga agement of s5o0,0OO gold in Lon- don. This is the first engagement in Europe since July Is. More engage I1lents are expected to follow q.
 About the only stock that refused to be influenced by the rise in money was Union Pacific. It sold above 19O by midday It was persistently stated that the relations between the company and St Paul would be revealed next Tues day.
 How exclusively the recent market has been one of professional or habit ual speculators' and how little part the genuine investor has played in our ''two- o-mtllion-share days" might safe ly be inferred from the stock exchange recordof to-day. Transactions fell to scarcely one-fourth the total reported on Monday, the 20th and there were long stretchesof time when business seemed to be virtually abandoned.
 Even with the rates for money, bor-' rowers found difficulty in getting much of a supply It was reported that one firm took two million dollars at 1-2 per cent. Who loaned it was not stat ed.
 When call money reacheu lZ per cent. the rate broke on the free offering of $4,00O000 by Kuhn, Loeb x Co. at g per cent. By 2:90 o'clock, however, it was again 10 per cent.
 The increase In July net railroad earnings was 13 8-4 per cent Last year 1t was g 1-2 per cent, and two years ago there was a decrease of over 8 per cent. for the month.
 One of the incidents of the day was the sale of 100 shares of Adams Ex- press at BOG, an advance of 50 points from the last previous transaction.
 It. is said that there is very good proof that the Standard Oil interests have been selling large amounts of Amalgamated Copper around 11O There has been free supply of stock in that Vicinity on each rise.
 Aggressive trading for the short ac- count was restricted by the impending gold announcements, and the whole idea of the speculative community was that the market would be kept well in hand until this good news was out.