The daily morning journal and courier., 1906-07-27
STOCK MARKET FEATURES
BUOYANCY PREVAILED MOST
 OF THE DAY.


 Waiting to Hear From St. Paul MeetIng--Market Closed Strong at Highest Prices--SOme Profit Taking Morgan Due TO-day-strength of U. s. Steels--Gossip OG the Day.
 The stock market held its own yes- terday well and prices almost at the top in most cases.
 There was a weary aspect at one time. while the market was waiting to hear what the St. Paul meeting had done, After the news came out, though it was disappointing, prices shot up again.
 The dull spell came at time when financial feeling abroad was much bet ter.
 Russian bonds rose per cent. in London and per cent. in the conti- mental markets. The failure, so far, by the radicals to excite revolution has given the foreign bankers time to strengthen their position. The next critical period will come when the sec ond installment on the per cent. bonds issued in April is payable, next Wednesday.
 The most important domestic reflex of the foreign situation was a break of almost 40 per cent in sterling ex- change to 4S405, and then a recovery of 25 points.
 On the whole, sentiment was favor able to some further rise. in case in- Huential interests see fit to put stocks up.
 More evidence of profit taking was shown than for some time.
 The absence of selling pressure dur ing most of the afternoon indicated to the ordinary observer that the heaviest liquidation was over for the time be- ing.
 With the rise of to points in in- dividual stocks recently the London market was tempted to profit taking The sales, however, were on a small scale.
 London both bought and sold in this market, but probably sales exceeded purchases by 10000 shares. There was disposition on the other side to think prices were rising too rapidly here.
 The street expects a great deal from the return of J. F. Morgan, who will be at his office to-day, J. J. Hill is on his way from St. Paul. and ought to reach here to-day.
 Yesterdays reactionary tendency of Southern Pacific seemed to prove what was suspected Wednesday, namely, that the buying of S0,000 shares of Southern Pacific by a single firm was | almost entirely to cover shorts Y It is thought that an arrangement has been made by St. Paul with the Uraion Pacific. MT. Rockefeller's ex- planation is that the company has enough ready capital to carry on pres ent construction work.
 Absorption of United States Steel stocks furnished one of the days fea- lures, No attempt seemed to be made to force them up violently, but they advanced gradually during most of the session. One firm, which was the heaviest buyer of Southern Pacific yesterday. took 10000 shares of Steel common to-day.
 The only one of the Gould stocks that betrayed inside manipulation was Texas Pacific, where the Buffers were at work bidding up the price, Missou- ri Pacific did well.
 The announcement that the Brook lyn Rapid Transit company will not extend its lines this year out into the sections where great deal of land speculation has occurred means that money is scarce, and that the land boom may come to a decline sooner than expected.
 The entire list of coalers was strong Baltimore and Ohio showed more strength, and struck the best price ir weeks. Norfolk and Western did bet ter, the Philadelphia buying of Lehigt Valley put 1t up point Reading was bought in by the shorts, and the Erie preferred shares were strong.
 Directors of the Chicago, Milwaukee and St. Paul railroad to-day declared semi-annual dividends of 1-2 pel cent. on both the common and pre- ferred stock. This was at the same rate as the last previous dividend.
 For several days the Gates interests have been large buyers of stocks They seem to have fallen in line witt their campaign for lower prices.
 There is every prospect that tht Norfolk and Western will be placed ol a 5 per cent. basis this fall. Its earn ings warrant 1t and Pennsylvania vii need this increase. Baltimore anC Ohio common and P c, c. have al ready raised. The N, and W. stock il doan is appraised at S6, or 21 point under to-day's price.
 It was expected that the St. Pat directors would announce plan fo Issuing s25,000,O00 of the company common stock. which was authorize, some time ago in connection with tn company's plan to extend its syster to the Pacific Coast. but William Rockefeller said that no plan for fl nancing the road would be announce at present, and that the compan needs no more money just now.
 It was announced that the annua meeting of the stockholders of St Paul will be held in Milwaukee, Sep 2S.
 Bonds were heavy. Total sales, p; value, s1,941 ,O00