The daily morning journal and courier., 1906-01-26
STOCK MARKET FEATURES
LTOUIDATING SALES WERE
 AGAIN IN EVIDENCE.

Also Heavy Speculative SeIling-Bears
 PIuclxing Up COurage-Bulls Brought
 About a Strong CIOsing--VariOus
 RumOrs and Approximations
 The bulls and bears were busy yes- terday and the lormer were on top late in the day, while the bears had their innings previously.
 A large volume of speculative stock came from various sources.
 The market was feverish owing to the liquidation and short selling.
 It begins to look as if large specula- tive interests had reversed their posi- tion.
 It look also as if the public's appe- tite for stocks was being duly encour- aged and as if the market had been overbought in various directions.
 Reading, which has risen 23 points in less than two weeks, sold at 153 as against 164 last Tuesday,
 The reactionary character of Union Pacific during most of the day disap- pointed Wall street. AS this stock goes, son goes the general market-this has become fixed idea among the rank and file of speculators.
 Ten active stocks have had.an aver age decline of points.
 Anaconda was active in the last fif- teen minutes around 274, It came out in small lots, and the sale of 800 shares was required to advance the price 1-2 to 274.
 The public doesn't like setbacks- wants stocks to rise continuously and the feeling is growing that stocks are near their turning point If some talk of big deals do not soon materialize the market will very likely slide off some more. But it is yet to be seen if the big fellows are ready for more than slight reactions
 The general situation yet remains strong also underlying conditions.
 In the late trading large amount of Steel pf. came out around Ill 5-S. Some large blocks were liquidated near III 3-4. The common was sold largely around A S-8. The movement in these stocks excited a great deal of com ment, and at times their weakness un- settled the whole list. On the other hand rally in Steel shares helped oth- CT sections of the market.
 The far-sighted spectators who bought stocks 20 to 50 points lower than present prices have a strong temp tation to sell now that "Barkers''- that is ''The public are "willin' " to buy.
 There was no change yesterday in the price of contracts for the new stocks of the Interborough- Metropolitan stock on the curb by reason of the changes in the merger plan That had been dis counted several days ago.
 There are half dozen operators who sometimes carry on margin nearly as large line of stocks as other men of international reputation own outright.
 The London trading amounted to 25,- GOO sales on balances. There was steady offerings of Southern Railway common but the price was marked up well near the close.
 The heaviest liquidation in stocks ap- peared to be over before the last hour Toward the close there was a substan- tial recovery throughout the list with the standard issues leading, Union Pa- cif1c rallied more than point. Norfolk and Western and c. and o. were strong features.
 Do 0fE ECf1 iy, .f gross last week and Canadian Pacific S259 0OO The net loss of the former in November was $192000.
 The Gates element were reported again to be heavy sellers. It Is estimat- ed that they liquidated 15O,OOO shares Tuesday and that Gates and his follow CTS have sold half million shares in the last week.
 The cue to the current position of the largest interests in the market is best given by Union Pacific, Reading, Amal- gamated Copper and St. Paul. In all of them. though least in St. Paul, the seculative holdings are enormous. There are no signs yet that the big interests are letting their stocks go.
 Rumors were that B. R. T. is booked for 125. One observer thougt1t he de- teeted plenty of U. s. Steel stock com- ing upon the market.
 The rise of over points in Ameri- can Hide and Leather brought out the dividend reports again.
 Amalgamated Copper sold ex-div- idend but the selling was mainly by the trading element, who appear to have followed the lead of large specu- lative interests, after the latter haxe disposed of their stocks