The daily morning journal and courier., 1906-09-20
STOCK MARKET FEATURES
LIQUIDATION VAS GOING ON
 YESTERDAY.

tribute Stocks Little-WeaIxnesn
 Follows the High Money Rates-Fros-
 perity Everywhere TOO--New York
 Central to Issue ssOyOOa,0 600 New
 Stock-1Big Four TOo--The Days Cos sip.
 Spectators were nuuidating again yesterday.
 There was no frenzy to. get out--only little disposition to let the public have stocks
 There was a little more gold taken from Europe yesterday, but even with the s25,OooooO addition to our supplies in the past week or more. time loans were negotiated as high as and 71h per cent.
 The first large consignment of Europ- can gold arrived at New York yestsr- day $1o,ooo,OOO being unloaded from an incoming steamer.
 In stocks, weakness began almost with the markets opening There was fractional biddng-up of prices dur ing the first few minutes, in the course of which movement Baltimore & Ohio. Reading, St. Paul, and Union Pacific gained a point or thereabouts; but glis was rather quickly lost, and the slow decline continued during the balance of the day.
 The decline seemed to begin with the wholesale throwing over of United States Steel, which, in fact, has been backward all the week. Steel common by early in the afternoon had declined to 44%, on large sales.
 After 5O,0O0 shares of Reading had been absorbed between 154ss and 154E the stock commenced to tumble. At the same time the second preferred was rising toward 101.
 In connection with the general break in stocks at midday, a report was cur- rent that some prominent man who was associated with various pools had l sold out on his associates. | The distinct heaviness of Baltimore and Ohio was probably as much a re- fiection of the weak state of the whole 1 market as of it's own particular vllner- | able position. Cynics are inclined to l believe that, in selling Baltimore mad Ohio to the Union Pacific, MT. Harri- man may have taken good profit on stock he has been carrying for some years.
 A story was going the rounds yester- day that a leading director of United States Steel had written a week or so l been getting out of all of his Steel stock, and had sold possibly 100000 shares. This story was told to account for yesterdays weakness in that quar- ter of the market
 The street had the notion that Mir. Prick was not selling Reading but U. s. Steel as well. He has been one of the greatest bulls on the stock, but may have had larger quantity of 1t in a speculative account than he wished to carry just now.
 No change was male in the New York Central dividend yesterday. Res gently there have been intimations that the rate would be Increased out of in l vestment earnings. For the September quarter the company reports an in creased surplus of $16sOOO and of $9s8,- 100 fo the nine months to September 80.
 Directors of the New York Central $29,S3S56O of the $1oO.OOO,OOo new stock recently authorized for Improvements, additions, and betterments. The new stock which will be offered to share holders at par brings the amount of outstanding stock to $1792S2, 600.
 Directors of the Big Four, subsidi- ary road of the New York Central system, also met yesterday and recon- mended that the stock of that com pany be increased from s40,OO0, 900 to $5000O,O0O. Proceeds from the sale of | the new stock will be used for improve ments and betternents.
 Rights to new New York Central stock were quoted at 5A to6A on the curb yesterday afternoon. Sales at G. The feature of the curb, market was the further sharp rise in Nipissing Mines to above IS, This was generally attri- buted to pool manipulation
 The advance in Republic Steel across 40 and in the preferred to par, after Tuesdays announcement of a $20000,- 900 increase in the Tennessee Coal cap italfzation pointed to activity along the line of a merger of these concerns. The idea still obtains of three-for-one ex- change when the deal goes through.
 There was a decided hardening in the rates for time money yesterday and some large borrowers made bids of 2 per cent for six months money as against per cent, Monday and Tues day.
 St. Pauls annual report issued yes- terday afternoon shows about IT per cent. earned on the common stock. The gross revenues increased $5,538, ,000 and the net S1, ,3S8,000. There were available for dividends $19329,OO0. If it were not for the new capital required on the Pacific coast extension the dividend on the common could be increased to 8 or f9 per cent with conservatism.
 FEET OF THE TONQUINESE.
 So peculiar is the formation of the l Ill