The daily morning journal and courier., 1906-10-24
STUCK MARKET FEATURES
4 FURTHER DROP IN PRICES ON
 LONDON SELLING.

Followed by Sharp RebOund-StOcks
 Closed Strong-Advance In Sterling
 Exchnnge--Comment on Secretary
 shaw's Action--Ice DivIdend-Elec-
 tion Uncertainties.
 The stock market fell off in the fore noon yesterday due to more liquidation from London. After this was over prices rallied well, and the market closed quite strong,
 The acute stage of the scare over the London money situation is probably past, though sufficient American secur- ities still remain in an unliquidated form there to cause anxiety. Sterling exchange advanced. It was quoted at 4.86 for demand with con- tinued wide difference between demand and cables. The strength of sterling is the more remarkable in view of the target offerings of cotton bills ever made here at this season. When the aBnk of England put up its rate to 6 per cent. to stop the American gold demand there was from $25,000,000 to $S0,000,00G of cotton loaded for export at southern ports on which new credits were forming.
 The English money market position is rapidly being strengthened.
 The action of the market suggested that Secretary Shaw's plan for assist ing the money situation was rather too academic for the majority, and did not contain enough of immediate value. It seemed to be regarded as a long-dis- tance measure. Its best effect was in London, which may now be relieved of any worry about further gold exports to New York.
 "A report was current on the stock exchange just before the market clos ed that some large New York banks in connection with banks at the west would apply for the whole $lS,OO0,O00 in new bank notes circulation, and that they would get it within one week,
 The first dividend on American Ice securities stock will probably be declar- ed tomorrow, when the directors meet to consider action. The arte will be either or 6 per cent.
 The element of election uncertainty was in the market again yesterday.
 A dull market between now and elec- tion day is indicated.
 Steel directors meet next Tuesday to consider the quarterly statement and declare dividends.
 One feature of the early trading was exceptionally heavy trading in United States Steel common, one running sale of 26. 900 shares being reported on the tape.
 Support was clearly offered, otherwise nobody would have been ableto dispose of 26OOO shares at such nearly uni form price and get more for the last lot than for the first.
 The continued demand for stocks in the loan crowd proved that the short interest had not been driven in.
 More will perhaps be learned as to the London situation, when 1t Is seen how the London stock exchange settle ment, which begins to-day is to affect the American account,
 Wabash, it Is claimed, is now in a po- S1tt0n Wner6 investment puFChdseS OL the shares will reward the holder hand somely in @ year or eighteen months. The approval of the Wabash financial plan, however, had scarcely any effect on the bonds and stock. There was, in fact, some profit taking.
 The Pennsylvania dividend will be declared a week from Thursday,
 The outside public did mt come into the stock market yesterday to any great extent as a result of the action of Secretary Shaw.
 Amalgamated Copper sells ex-divi- dend of 2 per cent. tomorrow.
 The same interest which attacked United States Steel sold Amalgamated Copper and Anaconda Copper early in the afternoon. Both declined sharply under the offerings, but rallied later. It was regarded as singular that Copper stocks should thus decline while the metal market was strong