The daily morning journal and courier., 1906-11-23
STOCK MARKET FEATURES
PRICES STRONG AND HIGHER
 AND THEN 4 SLUMP

Sharp Decline at the Close--G. Ms Dis
 bursement Helped Prices at First
 Money Easier and Foreign Bank
 Statements Better-D. X HIS Highest
 Price of Ycar--Low Priced Stocks
 Active--Harriman Selling - Foreign
 Interest in U. P.--Trusts and the
 President.
 Yesterdays stock market started in strong, due to the Great Northern plum which indicated the strength of many big corporations and their soundness as investments.
 Union Pacific, which will get large benefits from the disbursement, rose l-2 points to about 191, while Reading. Delaware and Hudson and Jersey Gen. tral gained from i 3-4 to 6 IA.
 Sentiment was helped by the slight gain in the Bank of England ratio of reserve. This is now 40.32 per cent. Since the recent alarming low reserve the increase of gold holdings has been about $25,OOO,O00.
 The gossip in Delaware and Hudson was that 10 per cent. dividend would be declared next year; also that import ant developments, supposed to be ex- pressed eventually in rights, are under way The price reached was the high est of the year.
 The entire business of the day had a professional appearance some of the most active issues being specialties, such as Colorado Fuel.
 Virginia Coal and Coke rose 13 points. Lackawanna dropped 5. Pittsburg Coal pref. was another inactive stock show ing heavy advance.
 There was continued talk about Rock Island stocks and the alleged plans of the insiders. A report came from Chi cago to the effect that dividend pros poets for preferred are very good.
 Reading, on aggressive buying, went well above the recent top prices There was not the amount of long stock at 150 l that has been in evidence
 New York Exchange at Chicago went back to cents discount yesterday aft CT ruling 10 cents premium Wednesday | and 20 premium the day before.
 The campaign in low priced shares Is 1 on again. Led by Rock Island, Mexi- i can Central, Kansas and Texas it has extended to Ontario and Western, Tex I as Pacific and such industrials as Paci- l fic Mail, and Colorado Fuel.
 National Lead, which pays only per cent, sold off little when it was an- nounced that only the regular quarter ! ly dividend had been deSlared on the | common Some had looked for an in- crease in the rate. |
 On every rise of Great Northern above S25 this year the Hartman com pany has been a seller of it's holdings but it is known to have a good sized block left. How much will be partially indicated in the annual report likely to be released next week.
 It is thought that James R. Keene is manipulating Reading
 Toward the close of the day Standard Oil on the curb sold down to 521, new I low record
 very CVlIuSHL statements nave been made the past few days that Steel con- mon will get per cent. quarterly in January. On this basis the pool ex- poets to advance it to 60 or 65.
 Private advices from Europe asserted that Union Pacific is the subject of A great deal of interest abroad among traders and investors, conveying the notion that some news is yet to come out.
 The statement of E. H. Hartman that attacks on capital are waning and that the craze to persecute trusts sim ply because they are trusts is subsid- ing is somewhat at variance with cur rent reports that President Roosevelts | on corporations will be more radical than anything he has ever written on the subject.
 The way in which St. Paul sold off at midday with Q decline of a point in q very few miutes was puzzlig to the street, but it was conjectured that if was being worked in order to help sell other stocks.