The daily morning journal and courier., 1906-08-30
STOCK MARKET FEATURES
BULLS IN FULL CHARGE AND
 ROUT BEARS.

nCOL bLAKCSs Atchison, Chesapeake < Ohio and Can-
 adian Pacific Makes New High
 Notwithstanding Attacked on phila-
 dciDhia Failure but Rallies Over Five
 Points--CaIl Money Rises to Six Per
 Cent, but Exchange is Very Weak
 Gossip of the Day.
 The stock market yesterday was the reverse of Tuesdays.
 Stocks were actually buoyant, and new high records were made by Atchi- son, Chesapeake and Ohio, and Cana dian Pacific.
 Topping all as market influence was the seni-offlcial announcement that the Great Northern-United States Steel ore deal had been consummated. A fresh flip was needed, and the ore deal talk served the purpose. It is thought that the deal will be fully an- noUnced soon. and that there is a melon fin it for the railroad stockholders. Great Northern preferred took a ten-point jump, and the United States steels were strong.
 Then Canadian Pacific jumped up S-4 points, helping the bull feeling.
 Union Pacific rose to 18S and 220 was talked for it. Southern Pacific rose above 91, and then the whole market became uniformly strong in the after noon.
 Chesapeake and Ohio touched 65 a new high record; Pennsylvania went to Al, New York Central to IA, Steel coni- mon to 47, and St. Paul to 176.
 Union Pacific again asserted leader ship, with rise of about 4 points to 18S, on sales of ,000 shares during the first three hours. This helped senti- ment. It was noteworthy that the pool held it during the greater part of the day against all attack, and 1t did not go offNduring the early furry
 The large short interest created on Tuesday and liquidation of weakly-held stocks since Monday improved the tech- nical state of the market.
 In the late trading Reading went to the highest prices of the day and Cop- per also was i'll sharp demand.
 There was considerable liquidation in Reafsing and Pennsylvania, and it lock- ed as though some of the people who advanced money sto the real estate trust had been turning securities into cash regardless of future prices
 Yesterdays 3-8 cent fall in exchange was accepted on Wall street to mean that We would certainly get the two million dollars of South African gold which is due to arrive in London on Monday.
 The first hour witnessed some of the largest individual transactions of the season.
 Not in a long while have brokers had orders for such large blocks of stocks as came to them at the opening. The fact that 225,000 shares were bought and sold in flftcen minutes indicates the scale on which business proceeded.
 In the afternoon, when call money loaned at 5 1-2 per cent, several of the banks put out large amounts and sent provisional orders to their brokers on the stock exchange to lend very heavy sums at higher rates.
 The London speculative element woke up when they saw stocks soaring here, and they bought about 50,000 shares of Erie, Pennsylvania, Atchison Steel and Ontario and Western,
 The afternoon rise in stocks was fos- tered by the break in exchange of 30 points. With rates as they are now it will be impossible for London to hold back much longer.
 Contrary to expectations, stocks opened in the New York market higher for most issues, even the issues in which Philadelphia is interested, such as Reading, Pennsylvania and Steel, being rallied sharply. Reading opened up 11-S, Pennsylvania 1-2 and Steel common Is.
 The market still looks bullish, all things considered, but the bears expect another reaction before the bulls wake up again.
 St. Paul, which opened ex-dividend oi SIP per cent, and ex-rights, equivalent to 16 S-4, or 20 IA points altogether gained 2 points by midday, being al that time around 175 1-2 The rise was facilitated by further covering by the shorts.
 Wall street is wondering as to what MT. Bryan will say in his speech, but is not worrying much about it.
 Another reason for the rise in money was the transfer of $7O6,OOO to Sar Francisco through the sub-treasury by New York bankers. This makes S1,75O,' OO0 that has been sent to the Pacific coast within the last twenty-four hours
 Atchison made a new high recoro with the talk persisting in $ Der cent dividend and a price of ll5 for the stock.
 Don't you think her face rather toe