The daily morning journal and courier., 1906-08-28
STOCK MARKET FEATURES
BULLS LET GO AND GIVE BEARS
 4 SHOW.

Stocks DrOop in the Afternoon and
 Close Weak--Big Men Reported to be
 Either Unloading or Working to Get
 Another Whack at the Shorts--No Gold Secured Another Cause of weak
 ness---The Days Gossip.
 The stock market yesterday, after a vain attempt by the bulls to lift prices, slumped and closed weak.
 The reaction was largely attributed to the failure to get gold from London. The $5,000,000 gold which arrived in London yesterday from South Africa was allowed by New York bankers to pass to the Bank of England and to German interests.
 Foreign exchange declined sharply 15 points, which brought the market to a basis where ASA IA was the prevailing rate for demand bills
 Wall street didn't get the gold and perhaps didn't need it badly, but it would feel safer with the gold on its way here, The position of the Bank of England is so strong that it's steady accumulation of gold can only mean that 1t is preparing for the day when 1t will have to add freely to its re- serves.
 The high-priced grangers were press ed for sale and before noon had reacted sharply. The market was rallied under the lead of Atchison. Sugar, Missouri Pacific and Copper, but 1t had peg ged" appearance. It was evident that a great amount of liquidation was going on
 Continental markets were disturbed by the terrorist outbreak in Russia, which was responsible for a break in Russian 4 per cents from 70 to 65, where they yield over per cent. There is, no doubt, continued undertone of anxiety in Paris and in Berlin regard ing the situation at St. Petersburg and throughout Russia.
 The steadness of Erie common sug- gests accumulation for higher level. John Wallace sold 10000 between AT if and AT 1-2, soon after the opening, with out affecting the market. There ap- peared to be a broad demand for it.. The annual report next month will show several per cent. earned on the common. Some effort is being made to bull the stock on possibility of retirement of the first preferred.
 A good deal was heard of per cent. money in Wall street yesterday. There were some six months loans made at terms which virtually amounted to per cent. basis. The loans were not large and the extra rate was paid only in cases where the amount was secured by industrial collateral
 Houses with Boston connections are complaining of the lack of response that coppers have made to the movement in New York and to increased dividends on Calumet and Hecla, Calumet and Arizona and Butte Coalition.
 Nearly all the banks received from to 5 1-2 per cent for demand loans yes- terday, and many institutions received the higher rate for renewals. A large volume was put out on a flat 5 per cent. basis, and when most of the demand had been satisfied some loans were / made as low as 4 3-4
 The more confident buying of Steel common of late is said to be due, in part, to the presidents opposition to z change in the tariff The big earnings help also.
 Reading was under good deal ol pressure The grangers as a whole ex hibited more weakness than during tho morning.
 Atchison touched new high record at the opening and again later after i had reacted to 107 c. B. Macdonald was large buyer. He is one of those who believe mat the next dividend vii be at the rate of 6 per cent. The road is earning 12 on the common.
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