The daily morning journal and courier., 1906-09-21
STOCK MARKET FEATURES
BIC DEALINGS YESTERDAY IN 4
 FEW STOCKS.

4 More Confident Fceling-Reading and
 Union Pacific Very Active-Call
 Money z Per Cent.-Time Loans still
 Rule at High Rates More Gold to
 Come--The Days Gossip.
 There was a more confident feeling in the stock market yesterday, but the speculative powers that be had the brakes on to prevent any wild work
 The market just about recovered it's losses on Wednesday.
 Call money rates were a bit easier and have at last worked down much below those for time loans. The en- gagement of $2,5oO,O0O more gold from the Bank of England helped sentiment, as did the reports of the release next week of a considerable amount of funds from the Russell Sage estate and possi- ble action of Secretary Shaw in the way of putting government money in national banks. Over $4,OOO,O0O bonds were deposited against gold imports, bringing the total to about $28,OOO,OOO-
 The gold that was secured yesterday had to be paid for at a high price, namely, 7Sc. Id, the highest price paid for it in fifteen years.
 Yesterdays engagements also led to rather general belief that the London bank rate must go higher. It was not advanced to-day.
 Southern Pacific was the entire fea- ture during the late trading, being bid up above 96 to new record price, The previous top price was 95 IA on Mon day.
 The market was uniformly strong until the late trading, when the usual profit taking occurred. There were big dealings in a few stocks, notably Read- ing and Union Pacific.
 The fact of the Jewish holiday made a large gap in the market orders, be- cause a great many brokers remained away some of them being recognized Headers" on the Exchange. But pool operations were resumed on consider able scale.
 Reading recovered part of Wednes- days loss in spite of the large decrease in surplus for the year and the fact that the income applicable to the com- mon stock was less than ' per cent. compared with 4 now paid.
 During the first half of the day the trading was on an enormous scale, yet around midday the price was only point higher than on Wednesdays close That there was an unusually large amount of manipulative Or t'matched-order" trading is general be- lief on the Exchange.
 Southern Pacific touched a new high record, near 97, and Union Pacific showed more firmness. The business was mostly in the standard stocks.
 In the last four weeks the 100000 shares of Reading common have been turned over to the market nearly seven times. Figuring the floating supply at S0000O shares, the 100000 dealt in in the period represents turn over of about 17 times. Tn the process consid- erable stock ought to have been dis tributed.
 American Ice, on continued pool buy ing, reached new record price yester- day. Some of the largest shorts are reported to be still outstanding.
 The Gould group has shown consld- erable hesitation for several days. Yesterday the St. Louis Southwestern issues and Western Union were weak, and Texas Pacific and Missouri Pacific hung fire while the rest of the market advanced.
 Most of the Stock Exchange money was loaned at per cent. yesterday. After the early loans had been put out at that figure the rate dropped to 1-2 per cent, which was taken for some large blocks.
 Western Union sold at S7 9-4, the low est price in several years It fluctu- ates very little, but investment stock has been coming out ever since the bond issue was announced. This would put enough new fixed charges ahead of the stock to jeopardize the present 5 per cent. unless earnings expand con siderably The company say big in crease of business is in sight and can be had when the new extensions are made.
 The Baltimore and Ohio and Lake Shore own a bare majority of Reading stock, as some still contend, though these companies are believed to have reduced their holdings, there would re- main in the hands of the public less than $S5, 5,OOO, ,0OO of the outstanding $7O,- 000,0O0, or less than 100000 half-shares owned by the public. That number changed hands more than twice over dIiring the Rrst th roe daus of this week