The daily morning journal and courier., 1906-01-24
STOCK MARKET FEATURES
BEARS MAKE 4 SHARP DRIVE IN
 THE FORENOON

But Bulls Took Hold Again the After
 noon and Good Rally Occurred
 The Late Big Unloading for Profits
 A Few New High Recofds--Coppers
 pressed for SaIe--Soufhern II. R.
 Common Strong All Day---Ciossip.
 The bears took courage yesterday in the forenoon and made an onslaught on prices, but prices rallied again in the afternoon.
 Still. Wall street, for once again, had healthy reaction"
 The drive was resultant, from the vul- nerable technical condition of the mar ket, and not from any inherent weak ness in the situation; also, and more especially, from the fact that 3 good many of the "big fellows" have un- loaded a goodly portion of their hold ings at large profit and wanted to "get in again" at lower prices.
 The copper shares were under pres sure all day and there were rumors that Heinxe was selling.
 The break in Amalgamated Copper down to 100 was probably the market incident that attracted the most atten- ton.
 After vigorous attack on Union Pa cif1c the bears let up" finding the sup port too vigorous. The claim urged was that all the "good news" on the coppers was out.
 With all of the reactionary talk that was heard 1t was no wonder that stocks declined as,they did. The course of the market was simply the expression of current speculative sentiment.
 Colorado Fuel was the leader of the advance, reaching a new high record figure, and exceptional strength was shown by Southern Railway, Denver and Rio Grande, and the Allis-Chal- mer sstocks.
 The movement in Southern Railway common, up to about fl, relieved the general heaviness around midday. It is one of the low-p priced stocks in which there is much popular interest and which is talked of as good for long pull.
 With the confidence inspired by the energetic up-bidding of the speculative leaders, the whole market turned up- ward sharply in the last half hour, and, indeed, so rapid was the change of front that by the close the greater part of the days early losses had been made good
 Transactions during the first two hours amounted to very close to a mill lion shares. It looked at one time as if the selling were important liquida- ton, one firm alone selling, 1t was said, about 100000 shares around the room.
 Denver common touched 50 just be- fore the closing, and Clorado Fuel sold at 80.
 New high records were not so nu- merous yesterday. Central and South American Telegraph, Chesapeake and Ohio. New York Dock common and pre- ferred, Norfolk and Western, and Read ing.
 London bought about 15,000 shares. The buying in Americans for the new account, which opened yesterday, was smaller than anticipated.
 In New York yesterday $1O00O New York. New Haven and Hartford S1&'s were sold at 1177s, drop of IS since the day before. This figure shows quite little profit for those who bought the rights around $5.
 Southern Pacific, Locomotive common and Colorado Fuel, all non-dividend stocks, were selling around 72B in the first hour.
 The Westinghouse Electric and Man ufacturing company has decided to is- sue S15,0O0, 900 of convertible sinking fund twenty-five-yea per cent. bonds, to mature January 1, 1881. These bonds may be convertible into assenting stock of the company at 200 after January l, 1910, and are redeemable after January l, 1912, at 1O5 and accrued interest. All the bonds have been underwritten by Kuhn, Loeb & Co.
 The early break in Amalgamated Copper from 111% to 109 was very sud- den, and was ascribed by some to a raid by the bucket-shop contingent. The style of attack which generally comes from that quarter is to send in selling orders of, say, 40,O0O to 50,OO0 shares in particular stocks, with in- structions to dump" them as quickly