The daily morning journal and courier., 1906-10-27

Break Again in Cotton.
 The bears sold the market and lower ed prices early in the day, but later on had to do some covering, which rallied the market considerably.
 The London settlement went off with out any trouble, and this helped senti- ment.
 The whole Wall street situation is one dominated by the uncertain feeling over election. Not only is the banking com- munity looking to the results in that state, but to the trend in such states as Massachusetts and Pennsylvania The congressional elections are also a matter of much interest to the finan- cial community The average man, however, only thinks of the Hughes Hearst fight.
 The successful closing of the London settlement, the announcement that banks had applied for $11,00OOOO of the S18,O0O,0OO new circulation and strong statement by the Atchison for Septem- Der, all were helpful factors.
 A single lot of 300 Manhattan Elevat- ed came out around midday at IA 7-S, an advance of 25-S over the last pre- vious transaction some days ago. Such circumstances are rare in this stock.
 Wall street is confident that Hughes will be elected, but the sentiment that he will have large majority has dis appeared.
 While there has been considerable liq- uidatlon in securities, the transfer of shares from London to New York has expanded loans, and it would not be surprising to see an increase of 0000,- 900 in that item.
 Reading sold from 139 to 1SS on five sales aggregating 1SO00 shares.
 When Atchison touched par, Reading 13S, Union Pacific 1SO 5-S and Pennsyl- vania went 140 and St. Paul under ITO some support was given.
 Llquidation in stocks was over by the middle of the afternoon and prices slowly rallied under the lead of United States Steel and Union Pacific.
 Large stop-loss orders were met in Reading on the decline to 13S. The stock ran up to Al at the opening, but LnlS WdS OIly prellHllIldiy Io h o-pOlhl downward plunge.
 The trading was for the most part very professional and the outside pub lie was not participating. Discussion of the election was the principal topic of the day and unquestlonably influenc- ed many of the operations in stocks.
 Anothr break in cotton puts it down fc iv ctp the ginning report indicated enough of a crop to satisfy home and foreign de- mands.
 The g pi cent. dividend declared on old Ice pr erred equals per cent. on the preser tock It is probable that a dividend the latter will be authorized next north.
 Many persons have the theory that the present decline Is simply shake out, engineered by those who are seek ing to accumulate stocks prior to a movement just before or after election.
 Much of yesterdays weakness of stocks was attributed to the shifting of loans, incident to the maturing of sev- eral large time loans, which had been 1fede for the purpose of sarrying some pooNd stocks
 On he score of to-day's bank state ment th>re is Tot much that is favora- ble in proipect. The cash loss is from $5, 900 to $7, 7,O00OO0.
 One hopefu incident in yesterdays stock market vas the relative strngth of United States Steel common. It has been used before to check a decline,
 Practically no response was made by the Gould stocks to the interview in which George J, Gold said that earn ings were very helvy, and that all members of the system were prosper ing.
 About $S,0OO,OOO of n,w banknote cir culation has been received by Wall street banks this week. Advices from Washington indicate that between $1O,- oO,0OO and $11 100000 has been applied sor.
 CTNTT SERWTCE IEACITE