The daily morning journal and courier., 1906-08-23
STOCK MARKET FEATURES
QUIETAND DULL PERIODS AND
 BEARS AT WORK.

the Next Bull Card-The Days Gossip Stocks Not in Favor-GOld Imports Bulls Push Up Steel Common to Years High RecOrd--More Heavy Liquida- tion--CaTI Money Six Per Cent.-Great Deal--WeaIs Closing Prices--Gou1d There were periods of intense dullness in yesterdays market, and Tuesdays reaction went still further. There was activity in Steel common at one time, and immense blocks of the stock were traded in with the result that it's price was showed up to the highest of the year 46 5-S. This was apparently done to steady the market and facilitate profit taking elsewhere.
 IA few stocks made notable perform ances, such as Great Northern pf, which rose 10 points after the opening, and Northern Pacific 1-2, but the ma jority of them fluctuated within g range of 1 to 1-2 points. Most of the day the supply of stocks was in excess of the demand. The closing was near the lowest as Reading broke easily
 Bears took heart at the liquidation of Pennsy and U. P. and fell to selling stocks short. The hears are right in one thing, and that is that some stocks have had a great rise.
 Whereas a few weeks ago everybody was bearish now, with the floow of bull talk out, everybody seems to be getting bullish.
 A few weeks ago the big corn crop was not assured and the big figures as to the big wheat crop had not cofae out. Now these big figures are out and the fact stands out also that the coun- try was never more prosperous.
 Another fact is that the outlook is fine for more prosperity.
 Another fact is that bulls frequently discount prosperity fully.
 A good many traders yesterday took profits to make sure of them even if they had to get less profit than they might have had.
 The slump in Missouri Pacific Tues day and its lack of support yesterday was a bad advertisement for whole whole Gould group. It showed that where there was good profit it was being anxiously accepted.
 One of the next bull cards will be the importation of ot of $4,00O,d00 to $5,- 100000 gold. Exchange houses think that there may be new gold arriving in London Early next week. This will go to the highest bidder. It will not be difficult to draw 1t if many rates con- tinue at their present level.
 The lending of $2,OOO,OOO on call by Kuhn Loeb & Go, near the opening at 5 per cent. was variously construed by many persons.
 It is believed that the Cassatt stock will not recover much until the Harri- man issues begin to pick up again The reason is that two pools are working in sympathy with each other.
 St. Paul pf sold at PA yesterday morning-a new high record. The pre- Vious top was PIP Tuesday-represent- ing a rise of eight points,
 A little better dema2d for bonds has grown out of the rise in stocks. It is confined mainly to the convertible is- sues, Erie Atchison and Pennsylvania convertibles have made up the bulk oi the increase
 That nanipulation-both to put stocks up and to depress Unemployed a large part in the days doings on the exchange was evidenced by the moves in such issues as Great Northern and Colorado Fuel
 The holding of time money stiffly at per cent, for all periods did much to make Wall street cautious as regards the stock market,
 A particularly sharp drive was made against Amalgamated Copper It looked as though the effort was to reduce the speculative following.
 When Great Northern touched 527 l.! yesterday the high recnrd for this movement, story was circulated ir Wall street that J, P. Morgan had pick ed up James J. Hill on his way iron Lenox, Mass, and that an importan conference regarding the Great North ern ore deal was being held aboard the Corsatr somewhere up the sound.
 It is known that people who have never owned the stock have been buy ing it this week between 1S2 and lSI purely ae an investment proposition with a 5 1-2 per cent. yield. Mir Harri man, 1t Is known, has told his friends not to sell 1t now.
 Tn the last ten minutes stocks sol( off sharply on what appeared to be bot realizing sales and bear pressure. Reading, Colorado Fuel, Union Pacific Pennsylvania, and certain other issue; which had scored very sharp gain' were the center of attack.
 The dividend talk has not reached th' industrials as whole. There are onl! a few about which gossip of this sor Is heard. One is Car and Foundry. / pool has been forming in 1t on belief il q small disbursement this autumn Another is U. s. Cast Iron Pipe, whicl Philadelphia and Pittsburg hear vii get 5 per cent.
 The move in the Steel shares wit Mir. HilPs presence in New York again was popularly assumed to foreshado7 the early consummation of the Tor deal, which was naturally what tn originators of the movement intended
 We're it not for the pronounced bull ishness everywhere there would hav been much attention given the poo