The daily morning journal and courier., 1906-07-25

AA4AAunNCu I-uWSE anu nOEt
 Selling by LOndon--The Foreign situ.
 atiOn--SOuthern Pacific's Strength
 The Days Gossip.
 The stock market opened strong but closed weak
 The buying power was reported to be exhausted, and London sold again heavily.
 Stocks declined about 1 per cent. on the average.
 The Russian situation was less alarming, but the lessened prospect as to gold imports had its effect.
 The selling for European account, which started last week, continued and amounted to 4O,OO0 shares. A signlf- cant feature ofthis was the direct li- quidation for Berlin. Undoubtedly the German bankers have more at stake in holding up the weak Russian ac- count than any others, for their own domestic money conditions are in an unsatisfactory state.
 Sterling exchange was higher on ac- count of the selling from abroad and the small prospects of drawing gold from there until the Russian crisis passes.
 The weekly crop bulletin, telling of dryness in the heart of the corn belt, persuaded some of the cliques in the grangers to go slowly. It is a time of the year when week of hot wealth Ar Ynipht do O o,.nat daal of 1o,,,oaa
 The weakest features in the stock list were Amalgamated Copper, Brook lyn Rapid Transit, St. Paul, Southern Pacific, Reading and Colorado Fuel
 The market was dull in the last hour, with a preponderance of small lots dur ing most of the time.
 The total sales for European ac- count in the last ten days amounted to 175,O0O shares.
 Southern Pacific was again the cen ter of attention because it was evident ly supported on the break, as was Un- Ion Pacific, which generally fluctuates in harmony with the lower priced is- sue. Both of them were run up cas- fly in the early trading, then a good out,
 A man in close touch with foreign affairs said after the opening that he thought Wall street was ignoring Rus sia too freely.
 The May earnings of the Union Pa eif1e increased S950,O00 gross and $32S, GOO net. Even with the large expan- sion in expenses the road was oper. ated at 5S per cent. The net gain for the year will be over $3,000,O00 or i 1-2 per cent, on the total common stock.
 In the Philadelphia market the oper- ating was fairly steady, but a batch of selling orders and profit taking soon broke prices all around Lehigh Valley continues to fall off on any offering and was weak around 76 1-2, which is nearly points from its high of last week.
 Amalganated Copper was heavy dur ing the first blush of general strength Eventually it became very weak. The action of the stock was a distinct dis appointment.
 A St. Petersburg dispatch says: Trading on the Bourse yesterday was not so exciting as the day before. A fairly successful effort was made to stay the fall in industrial and private sh, ares generally, but the steady liqui- daLtion cf government securities con- tinued through out the day, Imperial f6urs ending the day point lower, at gS, and i've losing 2 points, closing at jSO."
 The market had an eight-day recov- cry when 1t turned yesteday morning. In that period 1t scored an average gain of 3 1-2 points. It was beginning to be overbought just as it was over sold ten days ago.
 Later reports from Russia were that a general strike would be ordered next Saturday, and that dictatorship was inevitable. This disturbed sentiment here, and perhaps explained the dull ness of the market on the early ad- vance.