The daily morning journal and courier., 1906-03-14

Early Weakness Was Not Sustained-- i Substihntial Net Gains--Bad Break in i
 Chicago Union Traction on Courts l
 DecisiOn--Gosslp of the Day.
 The stock market was weak at the start owing to the bad break due to the courts decision in the shares of the Chlcago Union Traction Co., and owing to other bearish news. The traction stock broke 5-S for the common and 14 l-2 for the preferred. The market rallied, hbweyer and closed strong and buoyant,
 The fiHst step now expected in the traction matter is a petition by the companhEs for rehearing of the case.
 Consolidated Gas was rather weak all day an@ Metropolitan shares were heavy Nut had little rally near the close. Reading was weak and then strong.
 In the afternoon New York Central rose nearly points and some of the minor Vssnderbilts, like C., O., c. & St. Louis and New York, Chicago & St. Louis advanced 1-4a5. Union Pacific and St. Paul gained over point, while Northern Pacific rose ? and Great Northernl 1-2.
 Money rates declined to the lowest figures in some weeks, owing to free offerings, but gold importing was knocked out by the rise in exchange.
 Because ninety-day loans were made at per cent. flat, some bankers de- clared that no more gold would be im- ported. Those who took this view ex- plained that unless it was possible for bankers ito secure 5 1-2 per cent. for three nohths loans it would be impos- 0sibe to bring gold over from Europe at a profit
 The reaEl activity of the day was con- fined to Comparatively few stocks, in some off which pools resumed opera- tions. With the upward movement such nialtters as the hitch in the Mo roccan lqheston, apprehension of a coal strike $}d the Supreme court decisions against corporate combinations, which exercised an influence at the opening, were apparently lost sight of.
 Johnl D. Rockefeller, Jr., and E. Par melee ! Prentice were replaced yester- dayas directors of the Missouri Pacific railroag by James Henry Smith and s. Daviest Warfield. The other directors were rFileIected.
 The 5stmp in Brooklyn Rapid Transit was credited to Keene.
 The old saw that stocks must go up when the sap ascends the trees was trotted out again
 The offscial price of copper was again advanced. 1-2 of a cent.
 The retirement of the two Rockefel- Ter repreisentatives from the Missouri Pacific was forecasted some time ago. when young Mir. Rockefeller resigned from theI Colorado Fuel and Iron com pany board.
 BefoIe the opening the bear point was hatn1ed about on Reading that the stock Would break to 12O before the questifl1 as to whether there would be a coal i1ninersN strike was finally dis posed ofI
 The bidding up of Smelling Monday disclosed a very considerable short in- terestJ which did further covering to- da5 'rhe whole operation was set . down hs a Guggenheim movement
 Consolidated Gas convertibles got down b new low figure yesterday. The talk was the company would cut the dividend either or 4 per cent.-that it could hot earn any more with 80 cent as. g
 The rather heavy buying of Southern Railway common was popularly as- cribed to Morgan brokers, but as 4,s+ter of fact many of the orders em- anated from g. big operator who has many times before been active in it. Iondoh was alleged to have bought considerable of this stock.
 T. I. Manning's selling was feature He was credited with disposing of 5O,- mo shares of various stocks and was thought to be acting for others
 The character of the stock market was indicated by the predominance of +he specialties. The same sort of thing occurs when the public is doing little in fhe market and when professional ope- ra+ors are at their wits end to keep fhe ball rolling.
 The bears tried to work things yes terday, but "got left" when the shorts have covered. What neXt?" was the question. .--..-.-
 ComptrolIer Mitchell and Treasurer walsh signed yesterday the registered honds of the Boston and New York Air Line road. The bonds have been issued by the New York, New Haven and Hartford railroad company, and are 4 per cent. gold bonds, and run for fifty years. Each is of the denomina- tion of one thousand dollars.
 Colonel Pepper-"so you ain't sur