The daily morning journal and courier., 1906-09-13

tion--Stocks Up Two or Three Points But No Wild Bullishness Expccted-- Gossip of the Day.
 The bulls took hold with fresh vigor yesterday and showed prices of stocks up again. The shorts were trapped again on Tuesday.
 The money tightness was eased llt- tie yesterday by the reported action Of the Bank of France in releasing $lo,- 100000 for the benefit of the New York market. It was very evident on Tues day that either this institution or the United States treasury would have 10 give relief in order to keep money rates here and in London from reach ing high levels.
 The money question is, however, still dominant, and it remains to be. seen if the Bank of England can prevent our getting more gold from England.
 The Bank of France by It's action steps to the front as a leading money power in Europe.
 The report that the Bank of France has been induced, through threat Of a rapid rise in the London bank rate, to release $15, ,0O000O gold for New York is doubted in some quarters, but 1t IS quite possible that the Bank of France will give up some gold, and it may do this for the purpose of avoiding a pos sibIe 4 1-2 or per cent discount rate at the Bank of England.
 
 London prices for American securities, yesterdays stock market yielded slightly; then, when it was found that Tuesday liquidation wasnot being con- tinued. prices began to recover cau- tiously, and by afternoon were advanc- ing sharply.
 The National City bank received $685,00O from the sub-treasury yester- day against gold engagements and ar- arrangements were made by another banking house to take out $2,OOO,OOO more as soon as the bonds were put up. This will bring the total advances up to s16,0O0,OO and since the banks have $4,00O .O0O already on the way here on which no advances have been made the total arrivals of gold ought to reach $21 1000, ,000 by the end of next week.
 The rise in Southern Pacific to 93 3-4 was conducted in an orderly manner though it probably did represent man. ipulation by the insiders. In selling above it's previous high record the stock indicates good underlying strength as there has been a tremendous amount of profit-taking between 90 and 92 and 9S, to say nothing of that which oc- cured lower down.
 A oile-point advance in the price of United States consols of 1880 excited the bond market yesterday. The rise was due to a scarcity of quick delivery bonds, owing to constant small lot purchases by out of town banks Nu- nerous bids at 105 1-2 were made, and the bonds were hard to get at 1O6, the coupon bonds going for 106 1-2.
 The rapid rise in Shelters was due Ito the buying of Eckstein, who bought largely up to 154 1-2. There has been a good deal of speculating in the stock from 15S down to 150, with the profes- sional element trying to follow the movements of a large operator who Is said to have liquidated his holdings.
 Distillers was one of the strongest stocks on the list, in spite of the fact that some people who have been hold. ing 1t for some time, and have seer it around yesterdays top price before were apparently willing to close out Yesterdays movement was based or the same old rumors of developments to take place in connection with the free alcohol law.
 The whole list of Gould shares was strong. with Missour Pacific as higf strong, with Missouri Pacific as higf this movement the Wabashes firm, ant quite an active speculation in the Pittsburg Terminal incomes.
 Brooklyn Rapid Transit responded quickly to the advancing tendency O the market. The stock was one of tn, weak features early in the day. bu rose more than point to S1, on fai buying.
 There was a great deal of common on the attitude of London banks in de manding higher margins on American stocks, and seeking to reduce the hold 1ngs of them.
 There were renewed rumors yester day of some pending announcement re specting a deal between St. Paul ant Union Pacific, and the old stoy wa worked with its usual effect. Tn whole movement in the afternoon wa plainly professional.
 One of the days most interesting announcements was a $25, ,000, GOO bond is sue by the Western Union. This vii place over $5O,0OO,OOO bonds ahead o the $97,000,O00 stock paying 3 per cent It means on the basis of present earn ings that the per cent. will not b earned next year. Barely S-4 Wa earned in 1906, when the surplus de creased S21S, ,000. There is, however, total surplus of nearly $17,000,0O0 behin this.
 During the declines there was goo buying of United States Steel common and Reading, Atchison and Souther Pacific were also taken wherever ther were pressed for sale. This supper gave encouragement to those who hay been following the rise
 Under the surface there is considera ble anxiety among the interests tha have large Investments in Cuba owe the outcome of the present troubl The tobacco people have already sui fered heavily. Now there are intima tlons that the sugar interests will fac a short crop next year, and that tt item ok depreciation of plants will |