The daily morning journal and courier., 1906-08-01
STOCK MARKET FEATURES
tcontinued trom Seventh Page.l

the deay was decline In time money rates. This Is due to the shifting of demand to the call money market, which has recently been used to fi- nance the speculative movements in lsecurities.
 southern Pacific was strong from the start. It sold yesterday at the high est price since 1909 on buying of the same character noted for some days past.
 Those who looked for a further reac- ton ofter Mondays quick decline did not get it at the opening, as they ex- pected to, and were further away from it later on.
 The belief that dividend will be de- clared this fall has become a positive conviction in so many quarters that conservative bulls are beginning to feel uneasy.
 Within a few days there has been a little better demand for board bonds. larger number of issues have been dealt in. This is mostly of specula- tive demand, and runs to income bonds ~Aiu AoW SIdu6 lS6u6Ss
 | The strength of the Hill and Harri- man stocks yesterday, with the heavi- est buying by brokerage firm which often executes orders for bear clique, including the Boston operates who at tacks Wall street periodically had the appearance of a retreat or the shorts, land the forcible driving of them in by powerful pools.
 | The conditions in the loan depart ment indicated quite reduction in the short interest, Stocks that have been loaning under the money rate were no longer in such strong demand. That 1the shorts covered freely on the To- point rise in the leading shares is shown by the slower movements all | through the list,
 Prices were helped by the moderate break in the grain market, indicating satisfactory crop conditions. The street generally looked for very good monthly crop report on August 10, rep Presenting the conditions as they exist on the first of the month.
 There was said to be some good sell ing of American Ice securities, but Friends of insiders took all the offer Iings, and the stock scored a moderate .ladvance
 The advance in all of the Colorado Southern issues gave some sign that the low-priced shares were not meant to be neglected The comm gained I 1-2 points.
 The bulls made the point in the aft Iernoon that the bull leaders had once lmore shown in what good control they had the market!
 1 At yesterdays prices Locomotive had Iralled ten points from the level to (which it fell after the dividend was de- lclared It has been gradually gaining lstrength and beginning to approximate "a legitimate investment yield. Tn a Igood market it ought to sell about 7S Ito produce the. same income as the pre- Iferred at IA
 The strength of Brooklyn Rapid Transit was on scattering buying for both accounts.
 Several bullish factors in the copper lstocks are being noted in Wall street, land much higher prices are talked of. lThe Amalgamated company is getting the full benefit, for instance, of the in~ lcreased production, and its net profits for the current fiscal year are estimat ed at about S27, ,000,O00. It also receives la large income from it's surplus cash, which it lends in the street. By the end of the year its mines will be pro- ducing at the rate of 3O000O,OOO pounds of copper year, which, at a profit of l7 cents a pound, would yled exactly 1927, ,000,000 year. It Is also said that the trade expects the prices for the metal to go higher
 | The presence in New York of some more big railroad men from the west has caused renewed talk of the possi- lbility of announcements of some railroad deals
 Dick Bros & Co. say: The market went ahead so rapidly last week that Mondays reaction was due and should lnot be considered discouraging. Stocks will be all the better for profit taking, and for the rehabilitation of the short interest which was considerably reduo- ed by last week covering movements. Further irregularity and reactions are quite possible, but we think stocks should be bought on all fair recessions.
 PRINCE & WHTTELY'S LETTER.
 New York, July S1.-Trading in tht stock market became more active dur
 ing the last hour in most issues prices
 scored advances, and higher prices ar,
 generally predicted. Many of the larg
 CT traders, if not short, have sold ou
 their long stocks in the past day or St
 believing some reaction is due ever
 though prices should ultimately be car
 ried higher. We still incline toward
 purchases on reactions, especially SC
 long as crop and industrial conditions at home continue as favorable as al
 present.
 T. A. Mcintyre & Co. say: The crops
 will not be secure from serious damage for six weeks to two months to come at the earliest, and in the meantime should any bad domestic or foreign news develop, or any of the cliques en- D deavor to sell out on each other, the 9 market would soon fade away. g Miller & Co.,: The fastest runner l must stop to take his breath, and SC ' must bull market halt occasionally to r recoinnoitre and take its bearings. We . still believe that the bull market will I assume larger proportions and gradu-
 ally broaden into more active trad
 ing and higher prices. All facts, known
 and prospective, warrant it, and Aug
 ust is bull month nine out of ten [ years.