The daily morning journal and courier., 1906-08-09

Foreign Houses Bought 1t and Reading
 Large Selling of St. PauI--sagging
 Tendency of List--The steels--The
 Banks-Tlme Money-Weak Closing
 The Days Gossip.
 The stock market was a. rather tame affair yesterday and stocks had a sag ging tendency.
 Pennsylvania stock was again the leading feature of the local market in point of strength and activity, but its allied and controlled stocks showed, in common with the general market, less animation than on the day before. The stocks strength reflected mainly 8 manipulative drive against the shorts.
 Pennsylvania was held above 1S5 during most of the session in a way which signified some important devel- opment which the street has no knowl- edge of thus far.
 The local traction shares were dull and heavy along with the general market, with rather particular weak ness in the Interborough Metropolitan stocks
 London sold moderately in this mark ct, putting out about 10000 shares, out of 30000 dealt in. American stocks on the other side turned heavy, with some discussion of the shooting of the Pap anese sealers in Alaskan waters, argu- ing that this might lead to complica- tions.
 Declines were common in the indus- trial and miscellaneous issues, with noteworthy weakness in the United States Steel shares, Sugar Refining, Col 'orado Fuel and Iron and Consolidated Gas.
 Except Reading, the so-called Morgan issues were particularly heavy during the greater part of the day. Even this stock, after opening up 1-S points, sold off sharply and late in the day was below Tuesdays closing price.
 Much of the pressure upon the Unit ed States Steel stocks since the resump- tion of dividends on the common ap- pears to be due to the belief that the corporation Is now at the flood tide of its prosperity and that future returns will show falling off from the present level of earnings.
 Men who claim to get information from big interests were predicting still lower prices in way which looked sig nificant, Traders thought this either meant that bankers had been liquidat- ing or were willing to see stocks go off before making and further effort to ad- vance them.
 The uncertain position of the banks and the slight higher tendency of mon- ey rates probably had something to do with the setback in stocks. The banks lost about $2,0O0,00O to the sub-treasury since last Friday, and it was contended that with an expanding stock market it would be out of the question to make a good showing in next Saturdays 'lbank statement.
 While New York Central stock ruled fin common with the rest of the market, there was a sharp decline in the com tpany's 3 1-2 per cent bonds, in connec- ton with the announcement of the dis solution of the underwriting syndicate. The profits of the syndicate were dis tributed mainly in the form of these bonds, and yesterdays selling simply represented the realization of profits
 The weakness of St. Paul was unex plained though, after such a sharp rise 1t might be expected to react propor- tionately repidly.
 During the last half hour of trading the market was heavy all around, with the exception of Pennsylvania. Opera tions of the bears seemed to be directed principally at St Paul. The close was practically at the bottom, with trading not on heavy scale.
 More six months money, loaned in this market last April, was returned to interior banks by their New York cor respondents Tuesday and yesterday Many of these loans netted the lenders better than per cent, owing to the commission charge that prevailed in the second week of April. Some large amounts were loaned at 5 1-2 per cent. net, which is still obtainable for the six months maturity.
 Sugar, on which bull tips were freely distributed on Tuesday, was the early weak feature. There was no convincing explanation for the decline yesterday.