The daily morning journal and courier., 1906-01-18
STOCK MARKET FEATURES
BEARS GET AT WORK AND CAUSE
 4 SLIGHT BREAK.

Underpinnlng Holds Pretty We'll, How ever--Strong Opening-RaIly at the GlOse--Iawson and 4. c. P.--The Cheap StOck-GOssip All Around
 Stocks opened strong yesterday, and a lively interest in the market was ap- parent. The unloading of the day be- fore was counteracted by heavy ab- sorption, soyesterday morning the market started on its upward course. The gains were enough to tempt profit taking, and slight break occurred fol- lowed by lively littlel rally at the close.
 In Amalgamated over 100000 have been traded In in the last three days, the price rangin most of the time frgom 11s to 114 There has been good profit taking and good buying of the stock This afternoon the dividend will be
 
 acted upon, and the action may be known before the market closes. The afternoon break yesterday to 110 3-4 was on Lawson's telegrams. He pre- dicted that Copper would sell at par beforethe week was gone.
 From appearances somebody has sold a very large amountof Amalgamated ever since it's rise above 115. It has sagged off several times below 11S un- der large offerings. The average price during most of yesterday was 113,
 It takes courage now for a New York stock exchange member to talk conservatism. The only advice wanted is bull talk.
 Various industrial and low-priced railroad stocks under manipulative or ders rose sharply on the midday bulge, among them being National Lead which sold above 92, a new high record Missouri, Kansas and Texas, Kansas City Southern, Southern Railway and Chicago Great Western The running up of these stocks appeared to be part of the plan to take profits elsewhere.
 There is but small short interest in the market and bears think this fore shadows reaction soon.
 Shortly after o'clock, a vigourous attack was made upon Amalgamated Copper, Union Pacific and the Stee group, resulting in break of 2 or points in certain ones. Amalgamated Copper poured out in enormous blocks of 1000 to 5000 shares each. It had every appearance of raid by the bucket shop interests, following the discovery that support had been with drawn by prominent people and that very high liquidation of long stock was in progress. The 1-2 per cent extra in addition to the per cent. regular dividend was again declared on Illinois Central. The management regard the present policy a more conservative one than making the stock regular z per cent. issue.
 The interview with George J. Gould, in which he referred to the country S prosperity and the fact that prices were not inflated, was taken as warrant that he believed ins the future higher range for the stocks of his properties. Union Pacific was heavily dealt in nearly 15O,0OO shares changing hands during the first two hours on it's rise to 15S 1-8, a new high record,
 B. & O. gross gain for December was over $1,OOO,0OO, and the net gain $745,- 000 This was rightly considered bull ish for both B. & o. and Pennsy, but the stocks acted as if the news had been discounted.
 Union Pacific directors are expected to meet within a fortnight to take ac- tion on the dividend.
 By dealing yesterday in bonds the rise of over ? points in Wabash deben- lures, higher prices on Steel 5s and Japanese issues, and a movement in Colorado industrial 5s in sympathy with the stock were the leading fea- lures.
 As for Amalgamated Copper, ap- proach of to-day's dividend announce ment has at least caused people to in- quire what dividend mining property ought to pay to warrant a price of 15 per cent. above par.
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