The daily morning journal and courier., 1906-02-17
STOCK MARKET FEATURES
PRICES WEAK AND FALL MOST
 OF THE TIME.

Lively Liquidation of Stocks Held Up Speculative Account--Lack of Sup port Except at Good Concessions Gossip of the Day.
 Stocks were weak yesterday about all day, except at the start and prices fell off.
 There was lively liquidation of spec ulative accounts.
 The selling was predicated by strong opening There was a notable lack of support which was interpreted to mean that pools were invading and taking profits.
 On any slight advance the market grew dull.
 Quite a number of stocks sold lower than they had been on January SO-the previous low level-and the general average of the market was below that of the late mentioned.
 Reading reflected more hopefulness in regard to the labor situation, but aft ter the covering of few shorts it quieted down again, and shared in the closing decline. The pool in it has not been very active at any time since the great rise to 164, It Is suspected that it got out of practically all of it's hold ings above 150, and is in no hurry to buy them back.
 With Steel common at AZ, the prefer red under 107 Union Pacific at 152, Mis- souri Pacific at S9 and St. Paul at 18O 5-8 the bear element began to buy, and there was some outside demand on the theory that stocks had declined enough for the day, and that rally was like ly.
 An increase of $5,0O0,000 in the loan account, along with $6,000,00O decrease in each, would wipe out the surplus re- serve. It was on this question of loans that yesterdays discussion chiefly con- verged.
 The trading features of United States Steel were similar to those of yester- day. Large blocks of the common changed hands at the opening (S0,O0O in alp, with a slight range of prices. The greatest supply of stock was between 42 3-S and Az 1-8. About 25,000 shares changed hands at 42 IA.
 One reason for this was the break in sterling exchange of 30 points, making a decline of a full cent In the pound in the last few days.
 The comment of one broker on the money situation was that 1-2 per cent. loans in February were as abnor- nal as 100 per cent. money in Decem- ber
 The absence of so many financiers at this tie, and the preparation of others to leave for an extended vacation, was in reality the principal influencing fac tor, though Indirectly so. These finan- ciers appear to be doing next to noth- ing in stocks.
 There was very large demand in the Joan departments for stocks and abund- ant evidences elsewhere that the short interest is growing.
 The early weakness of Northern Pa cific disappointed many who had paid much higher prices for 1t. Great North ern responded only slightly to pub lished report that the long expected ore deal would be made public yester- day.
 On the decline in Burlington joint 4f there has been good buying by those who figure a profit of points within a year, incuding the interest and the market between the present quotation and the redemption price.
 There was what appeared to be 2 bear drive" at stocks in the last hour but supporting orders came in a poin or so down, and there was fractiona recovery. The trading was feverlsf and the buying power" was extreme ly limited. It was plain that none o1 the cliques cared to take much stock.
 Tn the early period of liquidation tht market seemed to be refiecting the con tinued bearIsh sentiment produced b! the higher money prospects produced by the higher money prospects and tn unfavorable bank statement outlool to-day.
 The loss in cash reported by tn banks this week amounts to about S6. 900, GOO, or approximating the sum of tn existing surplus reserve. It Is likel, that the latter item will suffer anotn er reduction to-day