The daily morning journal and courier., 1906-08-04
STOCK MARKET FEATURES
MANY SPECULATIVE HOLDERS
 TOOK PROFITS

anu Ahere was Slight Reactiou-St
 Paul Sent Higher-steels Didn,
 Mount Any-Ftne Cotton Report-
 Benrs Taking Hope and More-Th
 Days Gossip.
 In yesterdays stock market there was considerable liquidation.
 Many spectators were disposed tc take profits, and did so.
 There was a feeling that prices were being rigged too much and too obvious. ly, and the bull leaders were being put to their trumps to keep up the bull feel. ing.
 Since the elimination of the short in. terest it has required heroic action tc stimulate buying, inasmuch as the pub- lie Is still a minor factor in the case The vigorous manipulation of St. Paul and Union Pacific was based on the stories of a combination of some sort.
 In the late trading stocks sold off again and closed irregular. Amalga- mated Copper, after being run up to lO4 1-4 on something like 4000O shares, nine sales aggregating 25OOO and some Of them being 5000 or 5000 each, sold off easily before the close.
 The turning point in the market dat ed from the rise in call money loans. They were not so firm yesterday, but time accommodations advanced. The outlook for to-days bank statement is not tiattering. There is a cash loss of 900 in sight, while the natural se- quel of this weeks big speculation in stocks should be considerable expan- sion in loans.
 The commission houses were the lar- gest sellers of stocks.
 London sold moderately in this mar ket yesterday. probably 10000 out of 15,O0O dealt in. The trading was feat ureless.
 Steady offerings of Steel common de- pressed it to the level at which it stood the day when the dividend was declar- ed. It has been freely supplied since then.
 The southern railroad group, particu- larly Louisville and Nashville and H. linois Central, were bid up sharply be- fore noon on expectation that the gov- ernment report on cotton would be very good.
 Although the outside business report ed by the commission houses was yes- terday the largest of the week, brokers were very cautious about advising their customers.
 The bears began their operations yes- terday by an attack on Brooklyn Rapid Transit, and succeeded in depressing it about 11-2 points by early in the after noon. They spread reports that Judge Gaynor would shortly hand down a de- cision against the company in the five- cent fare case.
 The labor troubles, with which the 'Amalgamated Copper people are con- fronted in Montana, were not generally known, so they did not play any part in the early movements of the stock.
 The government report on the condi- Ation of cotton on July 25 is extremely favorable. There was only nominal in the month.
 That the operators for the decline were doing their best to bring about general setback was very plain. They ihave taken serious losses during the present week. These were greatest in such issues as Uion Pacific, St. Paul and Brooklyn Rapid Transit.
 A drector of the St. Paul sad that the storyof Union Pacific control was ''good enough to sell stocks on" The manipulation in New York Central and Louisville& Nashville was part of the campaign for keeping the market strong long enough to get the public to buy
 There was paid into the sub-treasury yesterday $90000O on account of pur- chase of Panama bonds, making the total since August of nearly $9OOO,OOO paid in.
 The buying of New York Central by a new firm supposed to have intimate relations with the Vanderbilt interests was responsible for the rse of 1 3-4 points. This movement was a part of the campaign to keep certain prom inent railroad shares strong to faeilt- tate liquidation elsewhere.
 The rapid bidding up of Union Pacific and Southern Pacific during the morn ng appeared to be last drive" at the shorts, some of whom had accumu- lated since Thursdays sharp rise There are always many traders who will go short when they think the top is reached, assuming that there can be a moderate setback During the great CT part of the day they fared badly with these two stocks, Not very much recognition was given the August crop report Conservative estimates made from the condition stated put the probable production at 12,OO0,OOO bales Next Friday the Aug ust report on wheat and corn will be published This also should be bullish. The value of farm products this year Is now reekoned as high as $7000,00O,0 900.
 
 AT ST. THOMAS CHURCH.