The daily morning journal and courier., 1906-07-18
STOCK MARKET FEATURES
LACK OF FURTHER BUYING
 POWER AGAIN SHOWN.

Slight Drop at the C1Ose--The COver- ing by the Shorts the Markets Prop --The Vast Iron and Steel Business and Earnings--The Money Question. Yesterdays stock market was charac- terized by quietness and steadiness, but near the close prices slid off little. No signs were shown of any vigorous buying.
 There was little break at one time in the middle of the day but rally quickly ensued.
 Stocks have had quite a heavy drop and the shorts are not as confident as they were when prices were from ten to thirty points higher.
 The main stay of the market was the covering of shorts, however.
 A break or 1-2 cents in wheat yes- terday did not escape notice. The fine prospect of big wheat yield will be found a maintaining factor in prices by the bears.
 The chairman of the board of direc- AOl5 OL lAAC Cll DLCllCS OICC4 WI Ppl eA~ tion says there is no reaction in sight and the pessimism which Wall street expresses does not represent the rest of the country He says that Wall street is not the barometer of the coun- trys business. He says also that net earnings this year are likely to be be- tweeen $14O,00O,0OO and $15O,O0O,0o0 is lD,,llisb ;,, flo ovtrnr,na. a1co that Tl,na orders were 100 per cent. over those year ago These facts mean surplus of over $100, 900. Perhaps not. But 1t is not the steel and iron business that is influencing pessimistic views. It is the billion of dollars of securities that Is waiting for buyers, and the high price for time money due to various causes hitherto enumerated. But owing to other various causes hitherto main tained the money market pressure is likely to ease up, but there Is not enough for sustained skyscraping bull movement.
 Tn the light of yesterdays movements the rise of the day before looked very artificial The buying power was quick ly exhausted before the general mark ct had registered a gain of per cent. At midday the ticker had been idle for an hour.
 From the action of such stocks as Union Pacific, Southern Pacific St. Paul, and Amalgamated the street thought it had cue of what 26 Broad way. the City Bank and the Kuhn Loeb interests were doing. These stocks were representative of their speculative operations. The Amalgamated divi- dends and St. Paul meeting come to- morrow. Favorable announcements of both would be highly bullish.
 Tn the late trading stocks continued firm for the most part, with Copper leading. It reached 97 around 2:30 o'clock Last Friday 1t sold at 92 3-S. But trading wag very dull, and there was a general disposition to which for signs of absortion by leading interests. What they were doing yesterday was problematical.
 Traders did not encourage much ac- tivity in view of the great heat. There were several incentives for an advance and a fairly active market yesterday. The weather was damper.
 Wall street, as whole, looks only for a continuation of the old dividend rate on Amalgamated Copper. The in- coming of further money from the out side, tending to relieve stringency at this center had salutory effect
 Holders of Mexican Central have been little encouraged by the payment of a dividend on Mexican Central pf. It Is hard, however, to get the stock above 21.
 Discussion as to when the stock market will start up for an extended movement, if there Is any In store, turned on the crop situation, particu- larly on corn. Corn is not yet out of danger.
 Allis Chalmers preferred dropped S-4 points, while the common rose a point Both should have been similarly affect cd by the bond proposal.
 It is quite likely that the stock mark ct will come to a standstill tomorrow about the time the Amalgamated divi dend is expected to be announced Il has frequently come out shortly after 2:30 o'clock.
 Baltimore and Ohio net earnings fol June increase $496,696 and for twelve months $4,S97.442
 Judge Gary. of the Steel corporation stated emphaticaIly as he sailed fol Europe that nothing was to be done now in the Hill ore deal.
 The receipts of new wheat are enor, nous and most of it is grading. In the northwest the days arrivals were near. ly nine time larger than a year ago.
 There was heavy buying of the Hill Hartman and other high priced stocks such as St. Paul, by firm credited with representing Boston speculativ interests. This was construed to near short covering.
 New York and Philadelphia house have been good buyers again of Lehigl Valley up to 75. There are distributing orders at that price.
 Bankers expressed the opinion that the Panama Canal bond issue will no disturb the money market to any grea extent. Railroad earnings are satisfac tory.
 It again looked as if Southern Pacif was being accumulated.
 There was heavy selling of certaii stocks, such as Erie issues. particularE the first preferred, which has been of fering in rather large amounts for sev
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