The daily morning journal and courier., 1906-08-03
STOCK MARKET FEATURES
4 RUSHING BUSINESS AND 4fUCH
 BUOYANCY.

Over 100000 Shares Dealt In-Ru
 mors About St. Paul and T. P.-Heav.
 Selling to Bag Proffts-Commissio
 House Business Increasing--Pennsy'
 June Earnings-shorts Driven In-
 New Short Selling-Gossip of the Da,
 Yesterdays stock market was a live ly one, and much buoyancy was ap- parent, despite a tired feeling which sometimes was manifest.
 There was heavy selling to take prof. its, but the stocks were well taken
 St. Paul, Union Pacific and Southern Pacific We're used to keep up the bull feeling,
 One rumor was that U. F. was buying St. Paul to get control of it.
 It was stated that the Union Pacific and Southern Pacific would purchase the St. Paul and guarantee s per cent. on the two classes of stock St. Paul sold within 5 points of this years high est There was a meeting of the South ern Pacific directors, but nothing was done concerning the dividend.
 Until the current belief in higher di- Vldends all along the line becomes less fixed, there will probably be a continu- ation of the advance in stocks which seem to have a fair chance of getting such favors, and which have not al- ready discounted the event.
 The Gates people were pulling Louis- Vile & Nashville again They do so periodically. Now it is the possibility of dividend increase that prompts them. Reports came out that the road is earning 20 per cent. net
 Wall street opinion was rather strong that Union Pacific comm stock will go to a per cent. basis, and that a first dividend will be paid on Southern Pa cific soon at the rate of 1-2 semi-an- nually
 The heaviness of certain shares, as Steel, Southern Pacific and Baltimore & Ohio, suggested that the holders of long stocq were making hay while the sun shone. People who were bullish a shrt time ago said they would risk no predictions with the market now up 10 to 15 ponts
 Not since last January has much been heard about "new high records" in prices of stocks, Yesterday some records were made. including Wells Fargo, which sold at 300 against 2S6 made last June, and American Ice Se- eurities, which sold at ST.
 Tha dpa1o finy, of tlon ,.art,3las :. ,I;,,; dend on Erie first preferred and on the second preferred, the latter having been in some doubt, made the common sell a little higher.
 The light Borrowing demand for stocks early in the day in the loan crowd of the stock exchange seemed to show that the short interest had been pretty well driven in. At the same time, some fresh short contracts were put out.
 That there is distribution of stocks tRl progress is shown by the increase in the size of brokers loans. Commis- sion houses that do any sort of busi- mss have noticed an expansion in this direction of to 10 per cent. in the ptasttwo weeks.
 Stocks ruled very strong for certain issues in the late trading, the grang- +ers still being the leaders Blocks of 5000 to 5000 shares in Union Pacific and Reading came out. It was only at the close when the rise in call money became known, that earlier buyers began to take hasty profits, with a general reaction from highest prices. &
 The June earnings of Pennsylvania were not up to expectations, The gross increase was $952,700 Previous to the strike it ran over $2,o00,000 per month for long while. The net gain was $373,000 Still there is not much to worry over, as the six months increase in net is about $3,900,0 900 and the gross gain over 12 per cent.
 St. Paurs outburst of strength yester- day, after a 4 per cent. rise the day be- fore, making about points in two days, was immediately the result of a clique which had perfect control of it, The theory that it was due to a. contest for control found few believ- CTS and was net taken seriously.
 Operators for the decline tried to bring about a setback in stocks yester- day They started in right at the opening and succeeded in depressing
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