The daily morning journal and courier., 1906-08-24
STOCK MARKET FEATURES
4 QUIET DAY WITH FLUCTUA-
 TTONS NARROW.

No Special Weakness--Money High
 Again--SteeI Common Makes New
 High RecOrd-Several Favorable De-
 veIopments--More Gold to Come from
 Europe-Secretary Shaw to Help Money Market--FOreign Borrowing The Days Gossip.
 Wall street is now waiting for some new development with which to start afresh the speculative movement. Dur ing the past two days there has been very heavy liquidation within mod eratee range of prices.
 The excitement over U. P.'s increase of dividend has subsided and some new excitement is needed.
 The drop from the highest price is considered sufficient for the present
 The market position is susceptible to a movement either way for its great rise makes liquidation a certainty, while any good news can be depend ed upon to excite large public de- lnand for stocks.
 Call loans were at per cent, yester- day, but is considered certain that from $4O0O,O00 to $5,oOO,oOO in gold has been engaged in Bondon for shipment next week.
 Whenever Union Pacific got below aS2 there seemed to be large buying orders, as that was the bottom price for the time being.
 There was a big demand for U. S. Steel common at the opening. The first quotation was on a block of 25.O0O shares from 46 5-8 to 46 7-S. It really sold at 47 IA, but the quotation was cancelled as 50 much stock was taken below that price. The high opening of the market re- f1ected very strong line of prices in London. The effort was made to raise quotations here to a level with the for eign market
 Volume of business done was consid- erably reduced-it reached hardly one half of Mondays total-and the move- ment ov values all day was f1uctuating and irreguar.
 The bears sold short as they saw the long stock coming out. The bulk of the selling was caused by the uneasi- ness over money rates.
 The strength of United States Steel during most of the session with re- newed absorption by brokers presum. ably representing important interests, convinced the street that something important is pending.
 The biggest selling orders of the morning were in the Hartman stocks.
 The easing off of call money at 3 per cent, just before the close was an- nounced to have had good effect on sentiment.
 One international banker said the money rate was a normal one for the skipping season; another that imports of from 525,OOC,O0O to $4O,OOO, 600 gold and treasury aid would offset it.
 The market was required to take 2O0,- poo shares of stock before it rallied. Nearly 100000 of Union and Southern Pacific and Steel common were put out in the first hour. It is estimated that since the Union Pacific dividend was announced last Friday fully 1.OOO- 900 shares of the Hartman stocks have been liquidated, as 3,OOO,00O of the two have been dealt in.
 Call loans were renewed at 5 1-2 per cent. for the most part and gradually the rate rose. to per cent That it did not jump Up by leaps and bounds as 1t sometimes does on Thursday.
 Indications that large foreign bor- rowing has occurred recently have been plentiful enough.
 Time money was firner yesterday with small premium above per cent. paid by many lenders for accom- modations carrying over the end of the year. This practice was not gen. eral.
 If the street is satisfied with the bank statement Saturday there will be good basis for higher prices next week.
 The market turned with the advance in Amalgamated Copper to about 110
 Weekly statements of the Banks oi France and England showed decided. 1y strong position
 Secretary Shaw has directed tha SS,OOOOO0 be placed in 150 nationa banks in the interior. This is un doubtedly the beginning of policy tt keep the institutions in the crop nov. ing sections well supplied with cash while the demand continues heavy
 The market ended with a good dea of irregularity, but with no show ot aggressive strength Call money helt at Der cent.
 Another favorable development from the monetary standpoint was the weeks statement of the Bank of Eng land. The bank continues to increase its reserve and is in a stronger posi- tion now than ever. It gained $3,SO0,O0t in bullion during the week.