The daily morning journal and courier., 1906-08-25

the MorixeI ar It's BeSt-GOOd Under tone All Day Despite Liquidation and Fear of Bad Bank Statement To-day --The Days Gossip.
 The stock market treated it's visitors to a sensation yesterday when toward the close of the days session U. P, was run up half dozen points and S.. F. was sent up also, both to new high records. This spectacular act was due to raid upon the short interest in those stocks. The bulls worked the same tactics on the shorts in U. S. Steel common.
 The market had finally digested the liquidation sales in Union Pacific and was once more ready to respond to manipulation.
 With time money at 6 per cent. and 1-2 per cent. commission it was not able that call money was freely offered. As the cash loss by the banks this week is known to be about SS,OO,OO0 and loans have doubtless been swollen by the week of stock exchange transac- tions the prospects are that he surplus reserve which sood at about 900 last Saturday may be further reduced. The lack of fear as to tight money is due to foreign borrowing by leading in- stitutions here and the expectations that four or five millions in foreign gold will come here next week.
 iA Ia fharo IxrA,tld be more bull market next week.
 Very bullish talk is beard on Steel common. It comes from all sources, and it is plain that nearly all of the large interests are taking part in he movemen. It is claimed hat as high as 15 per cent. is being earned on the stock
 Copper opened well and stimulated the bullish feelings. It gave the bears another touch of that tired feeling"
 Anaconda ouched 2S5 early. A bull feature in the copper just now Is the reduction in the worlds production due to the Chilean disaster, which may keep prices high. From the way Amal- gamated acted two days ago it was ev- ident that insiders were shaking out a too liberal speculative following.
 London bought 5O,000 shares in this market yesterday, chiefly Steel, South ern Pacific and Erie, Foreign traders American issues, and bid them ur sharply on the other side before our opening.
 Selling ex-dividend of i per cent Consolidated Gas opened unchanged at Al and then rose nearly 2 points. The stock has been showing considerable strength recently, though Ill specula- tive circles tips have been heard to sell 1t for 12O Possibly Consolidated Gas could show earnings from investments sufficient to raise it's dividend if il wanted to.
 Yesterdays price of 47 IA for Stee common was the highest since July 1901, when the stock sold at AS 7-S The highest price on record, 55 was made on April 30, 1901.
 As the rights and dividends on St Paul, worth together about SEQ a share come off next Thursday, there Is doubt. less some buying on account of the mWhile stocks generally were stead, during the last half hour many of then showed signs of heavy profit taking.
 Inter Met. pf crossed Brooklyn RapiC Transit between 79 and 79 1-2. Tn, former Is on per cent. dividend basis and is one of the few stocks tha carry themselves in the present money market, It returns about $40 per cent But the public fights shy of it.
 The buying of Anaconda came large ly from Boston.
 The tip was around that Union Pa cifc 1t would touch zoo; also that i would ultimately cross St. Paul,
 It was stated yesterday in banking circles that several loans on all Indus trials have been made as high as pc cent, but this was exceptional.
 The rise of over 4 points in Inter borough Metropolitan common and il the preferred, which occurred mostly il the last half hour, was popularly SC down as driving in of the shorts, tn number of which was probably yer large.
 Very positive denials are to be ha from Union Pacific interests of storie that they are buying control of s Paul. Still the rumor persists.
 A feature of the day was the activit in minor issues, such as Internationa Steam Pump, which came out in 1,OC skare lots at a sharp advance.