The daily morning journal and courier., 1906-09-12
STOCK MARKET FBATORES
HEAVINESS AND DULLNESS AND
 4 CLOSING BREAK,
More Cold Imports But No Rush Here of the Precious Metal-Time Money a Little Easier-The Days Gossip.

The stock market was dull and heavy nearly all day yesterday and late in the day there was quite a little break in prices.
 There was no urgent liquidation however, and the bulls are still contl- dent of higher prices, Time money is a shade easier.
 The high money rates, the close elec- ton in Maine and the difficulty which attends getting gold from Europe, help ed bearish sentiment.
 About $5,OOOOOO more gold was taken from the Bank of England for New York This brings the total engage ments close to s2o,00,0OO. However, bonds against government deposits are being offered rather slowly.
 The banks were free lenders of money yesterday at per cent There was a decided easier tendency to the time money market, and a reduction Of near ly 1 per cent. in the six months money The best houses were able to borrow six months money at per cent. yes- terday, as against : per cent, which prevailed up to Monday. The price of high class commercial paper was also reduced to 6 per cent. basis yester- day
 The banks are losing from $l,0OO,OO0 ito $1,500, 900 daily to the interior and to the treasury, so what gold that comes will have to take the place of currency that the market has lost. This drain will continue long after Europe has supplied New York with all of the gold it can spare.
 It was very evident that liquidatlon was in progress. The weakness of the Morgan stocks, the heavy selling of Amalgamated and the Hartman shares and the decline in Reading pointed to offerings from the three large interests as well as to lack of support.
 London trading was little felt in the early movement of prices here. The usual arbitrage participation was pro- Wided, but the volume of business was small, not over SO,OO0 shares.
 To some the days reaction has the aspect of a bear raid. It was said to. be an affair managed by James R. Keene and Thomas w. Lawson.
 There was nothing to show that the crop reports of the preceding day en- tered into the market in any form. The brilliant promise for the corn crop brings the total value of farm products for the year close to $7O0O, 100000,
 As matters stand to-day we shall harvest very much the largest wheat crop and very much the largest corn crop on the record.
 It is believed that Secretary Shaw will have to release government funds in the next few days to avert serious money disorders.
 The heaviness of St. Paul excited much comment in Wall street yester- day There was no explanation except the fact that the old rumor about some scrt of arrangement with Union Pacific was no longer seriously discussed
 Around noon yesterday, when prices throughout the list were showing de- clines of from 1-2 to 3 points, Erie not only advanced from AS to AS 1-2 but the upward movement had semblance of force behind it. It was reported that action might be taken on the dividend question at a meeting to be held in the afternoon. The story was absurd.
 The lack of support received by the market the past few days has encour- aged short selling. It has not assumed any proportions.
 There was continued strength in Atchison on the promise of a higher dividend. Many of the speculators, who operated extensively last week in St. Paul and Union Pacific, turned their attention to Atchison.
 Canadian Pacific gained $3O1 O00 Ms souri Pacific $1O5OOOO and Kansas and Texas $S0,671 for the first week in Sep tember
 Enormous quantities of Steel com mon were taken at 45 1-2 and 45 5-S, when the general market was breaking rapidly toward the close.
 One of the reports that was circu- lated in the board was that the Great Northern Ore deal was indefinitely
  postponed. The street had the idea that 1t would be announced this week.
 The whole market reflected more CT less forced selling of speculative ac- counts yesterday. This explained in part the decline in the Steel shares, and was said to affect nearly all of the stocks that have benefited so much of late through the active manipulation by the large operators.
 little promise of betterment in the Gould shares is held out for the end of the month. George J. Gould re- turned from Europe yesterday, and will make his annual inspection trip in few weeks.
 In the Philadelphia market yester- day Cambria Steel was weak, the pool finding 1t hard to bull the stock. The dividend declared by New Haven Iron and Steel company of 30 cents per share is at the rate of per cent, but there was no announcement made as to its being regular quarterly or semi-an- nual payment, The last dividend de- olared was in April 1905, of 15 cents per share, or 3 per cent
 RURAL CARRIERS FOR SHARON.