The daily morning journal and courier., 1906-06-23
STOCK MARKET FEATURES
EARLY WEAKNESS FOLLOWED
 BY RENEWED STRENGTH.

Great Interest Centered in Southern Pacidc-Rather Quiet Times on the WhoIe-Exchangc Down Again--A Cut in Copper Prices--Time Money High.
 The stock market was weak at the start, but grew stronger and more ac- tive, and on the whole times were quiet. The leading excitement was Southern Pacific, which acted as if there was dividend talk again.
 The early weakness was on the talk that the Standard oil company was shortly to be indicted, as also various more railroad companies, for giving re- bates.
 This talk was forgotten when the market started up as if bound for high CT prices.
 Soma, Wall street brokers are freely advising their customers to sell. oth- CTS said buy.
 Reports were that some heavy traders were buying heavily.
 Pennsy, despite the success of the loans, fell back again into the slough of despond
 It Is believed from the action of Bal timore & Ohio that there has been very heavy selling of it against the rights by interests who are close to the prop erty. Brokers said that they expected to see it loan flat. It was quite weak, and there were rumors of heavy sell ing by fire insurance companies on the recent rise,
 The midday strength of the market was connected with a number of "bull- ish" stories, the accuracy of all of which was open to some question. That congress would adjourn soon was gen. erally known, but the settin gof next Thursday by certain senator brought thih matter nearer reality, and 1t was regarded as an argument for buying stocks.
 Both Amalgamated and Anaconda touched the lowest figures on this movement. The selling of Anaconda was quite violent for awhile. The weakness of these shares was thought to reflect the Standard Oil position whichshas been rendered bearish again by the threatened attack on the com pany by the President. Boston houses were heavy sellers.
 Time money ruled fairly firm again and out-of-town lenders evinced disposi- ton to make further loans In this mar ket at the highest rates
 The short interest in the market was reported to be growing rapidly, and a heavy borrowing demand has been ap- parent
 The southern iron and steel trade came in for further discussion yester- day With view to preventing wrong impressions in the future, the leading southern companies, it was reported, will not make any further Birmingham foundry quotations, but will quote rates at delivery points. The incident of the price-cutting, which helped to cause the break in the steel group, was largely forgotten yesterday, and the general conclusion was that it was of small consequence.
 For the first time in long period a softening was reported yesterday of the copper metal market. Official prices for all grades of copper at the Metal ex- change were reduced 1-S to 1-4, of a cent pound, making IS 1-2@1S IA cents, and electrolytic IS 14@1S 1-2 cents.
 London sold 10000 shares In this mar ket yesterday, mostly Union Pacific and Southern Pacific and United States Steel The purchases were trifiing. Foreign traders were dissatisfied with the break in American stocks after the announcement of the Baltimore & Ohio's increased dividend and some ot them threw over their holdings in dis gust to-day.
 Application has been made to the New York stock exchange to list 6,45O,- 900 additional general mortgage 1-2 per cent bonds of 1889, series B. of the Chicago, Milwaukee & St. Paul railway company. The bonds are issued under the authority given on the mortgage to sell up to $22, 11So00 at the rate ot s2e,O0o a mile for new extensions ant $10,000 mile for second trade.
 Within ten days 1t is expected there will be evidence that the 1906 winter wheat IS one or Ine idrSest on TScOtu
 In the past two weeks the average decline in industrial stocks has beer five points, but only 1-2 in railroad shares
 The reason offered yesterday for t1 rise in Southern Pacific was that tn remainder of the $l0O,OO0,0OO preferret stock, some S60, 900, ,O00-will shortly b. issued, giving valuable rights to tn common stockholders. That the latte will regard 1t in this light, when thei own chances for dividends are dimin ished, is open to question.
 The Inter-Met. stocks seemed to hav touched the bottom for awhile. At al events the selling pressure Is raised ant there is a little more eyideneeof accum ulatior,