The daily morning journal and courier., 1906-07-28
STOCK MARKET FEATURES
BULLS HAVE TT ALI THETR
 OWN WAX

Prices Advanced Again--AmaIgamate Above Par Ex-Dividend--SteeI stock. Again BuOyant-ShOrts Kept Busy Covering--The Days Gossip.
 The stock market was very strong again yesterday, and shorts were has, tening to cover.
 It looked as If large banking inter- ests were back of the market, afford ing 1t ample support.
 It was a broadening market also
 The market threw off all attempts to suppress 1t, and absorbed without much sign of labor a large mass of stocks on which profits had accrued.
 Yesterday afternoons strength in AmaIgamated Copper was not accom- panied by any new developments, but 1t was declared that very large short interest was entrapped and had not yet covered.
 The Rogers Rockefeller stocks, rail- road and industrial, the Gould shares and the Hartman issues were all viz
  orously bought,
 It was apparent that some of the larger traders were still disposed to contest the rise. Estimates of the amounts that the bears have lost since the rise began In July range from $1OO00OO to $2,OOO,0OO,
 The Morgan group appeared to take precedence over others, but bullishness was expressed in nearly every other quarter of the market.
 The largest buying of United States Steel common yesterday-some 50,000 shares being taken by half dozen firms between them--was undoubtedly to cover short accounts. Some of the buying was for Boston and some for Philadelphia.
 The market has now rallied over 5 points from the average of July 12 Every day some new line of shorts Is uncovered, and the bull element Is as aggressive as the bears have been.
 The quietness of Illinois Central was not generally understood. The street generally was ignorant of the fact that Messrs. Fish and Hartman had settled their differences quietly, leav- ing the former at the head of the H. linois Central
 Then Amalgamated Copper sold above par, Steel common toched 39 3-S the preferred 136 1-2, Pennsylvania sold at 13O 1-2 and Shelters above 15O The closing showed reaction from these figur3s.
 The secret of the rise in stocks the past two weeks is the public and pri- vate expressions of confidence in in- dustrial conditions made by the large banking interests. MT. Morgan comes back very well pleased with the out look here, and says so. William Rocke- feller is said to be more optimistic of trade conditions than ever.
 The bulls were on top each time an attempt was made to put out short stock. The market took it and ad- vanciad on the process.
 The early trading had every appear ance of destructive selling of stocks The bear operators, seeing this, turned in apid sold considerable amounts.
 It is long time since any stock has had ,so large an opening as Steel com mon. It started with 3O,0OO shares from 3S 1-2 to 3S 5-S. Later 1t touched 99, ana the preferred sold above 106.
 The selling of Copper ex-dividend dis tJdrbed the shorts, Allowing for the dividend, the stock was above par yes- terday. People who had sold 1t short around 9S were advised by the Bos- ton prophet to stay short,
 The present management of the H. lnois Central fully expects to hold control of the road. They have the proxies of practically all of the foreign stockholders. This constitutes a large number. The stock is located in Eng land, Holland and Germany.
 Though few persons in Wall street are looking for a renewal of dividends on Steel common this year, many con tend that this event is not long way of.
 Another large gain in cash is promis- ed in the bank statement, but also an increase in loans
 In the Philadelphia market 1t will be natural to look for some profit taking at the end of the week
 New York banks this week have gained $i,4tZiOUU on tHe currency move men, $6,945,OOO from the interior on di- rect transfer operations, $527 900 from the sub-treasury.
 The indications are for more active Saturday market than has been the rule this summer The presence here of the large inerests stimulates inter- est and the commission houses have begun to take notice of the rise.
 Semi-investment buying was in prog. ress in Pennsylvania and Baltimore and Ohio The Pennsylvania stock at 19O on a AGO income basis is attract ing buyers when it did not at 123 on about a per cent. basis. Baltimore and Ohio has been out of line with its Income yield ever since the dividend was increased.