The daily morning journal and courier., 1906-08-07
STOCK MARKET FEATURES BULLS TAKE HOLD AGAIN AND
 SHOVE UP PRICES.

eAAPAVNCAANhN On 41GtEGAHtU ITHuB@ actiOnS--U. S. Steels Have Rise Late in the Day--Fine Corn Growing Weather-Bank Statement Not in It. Few Traders on the FIoOr--ToO Hot --MOney Market outIOok--That Ore Deal--SOuthern Pacific Dividend Talk, There were many buying orders in the market to start with yesterday morn- ing, and the market had bullish tone all day. Stocks were bought in con- 1ident manner, indicating that last weeks reaction was no damper at all on speculative tendencies.
 The average gain, well into the clos ing hour, was the largest yet made. But, with this buoyancy, there was a marked contraction in business, due no doubt to the intense heat, The heat was such that some of the spectators stayed away from the market, seeking cooler places.
 The Russian news was undoubtedly better, for the failure of the strike rep resents victory for the forces of law and order.
 There were fewer brokers on the floor than on busy days of last week.
 The London market was closed, so the improvement was not fully reflected in security prices.
 The rapidity with which stocks recov- cred during the morning made 1t clear to the average observer that something else than mere taking was re- sponsible for the sharp break on Sat urday.
 The better understanding of what Saturdays bank statement stood for helped matters
 Several out-of-town banks called loans in the New York market yester- day. Some of the loans had been run ming a long time and would probably not have been called had the market yielded a higher rate. But at 2 1-2 and per cent. there is little incentive for an interior bank to lend heavily here, with the crop-moving outflow so near at hand.
 The news from Washington that Sec kGLuIy 6lldW WOulus III tIlC l1ululllLl LchhV up $5O,0OO,OOo of government per cent. bonds, thus providing so much more money for moving the crops, made evil dent what has been growing belief that treasury aid will offset many of She monetary evils which loomed on the Financial horizon a month ago.
 The strength of United States Steel shares was popularly referred to the ex- pectation that the Hill ore deal will soon be taken up Mir. Hill is due ir New York this week.
 The largest buying was by the profes, sional element.
 The rise in Brooklyn Rapid Transit brought cut the fact that very good people were buying it.
 In the late trading stocks continued strong with further advances in cer. tain issues, United States Steel prefer red being conspicuous for strength. | rose to the highest price of the day 1T the last half hour.
 Without any excitement Southern Pa cific rose over ? points to a new higf 7 record for this movement. It is now within 5 points of it's best price, made in 1902, and apparently a dividend is tC be declared before long.
 The grangers again led, with gains O points or more in some of them. Tn, rapid progress which is being made b! the corn crop with plentiful rains il the corn belt over Sunday and hot fore ing weather, was regarded with mucl satisfaction, and was reflected in low CT corn market.
 At the end of the first hour the aver age rise in ten stocks was points Reading, Union Pacific Shelters, St Paul and New York Central had even larger advance.
 Yesterday a report was circulate that the dividend on Southern Pacifi will be 3 per cent, or at the rate of per cent. year. It would require near ly $S,00O00O a year to pay per cen This comes close to absorbing the com pany's annual net earnings after al lowing for the preferred dividend an reasonable Improvements.
 The loan department showed a goo demand for stocks at the opening. Tn declines of Friday and Saturday Vel mostly due to speculative liquidatio and short selling. Stocks were advant ed because there were none for sa even at the advance.
 The recent market has displaye many of the characteristics of Jam' R. Keene's astuteness. That operate is known for his frequent shaking o' of traders by depressing stocks one da' followed by high prices at the start c the succeeding day, as if nothing ha occurred to put the market down,
 The circular to American EXpre' stockholders, asking for support in movement to force F per cent. div dends on the stock, was responded to a 10-point rise. The record is 269 1-2, 35 points above yesterdays best It claimed the company has over s5l,OOO'O assets.
 Citv Clarly Edward 4 Street is aw,