The daily morning journal and courier., 1906-08-02
STOCK MARKET FEATURES
BULLS HAD CLEAR FEED AND
 FULL SWING.

A Strong Market-Prices Up to
 Points-Steels' Unexpected Dividend--
 Shorts Again surprlsed--A Busy Day
 Heaviest Trading in Two NTonths--
 Gossip of the Day-Ten Shares oi
 Winchester Arms Company Sold at
 1215 a Share.
 In yesterdays market the bulls had full control and lifted prices higher.
 The Steel common dividend gave con- sternation to the shorts.
 After heavy proft-taking sales of the first house were absorbed the bears were made to suffer severe losses.
 That the dividend was not declared for the purpose of distributing the stock which it immediately benefited was shown by the markets attitude to- ward Steel It opened 1-2 points higher at fl 1-2 and went no further, The preferred gained relatively little.
 London bought 10000 shares on bal ance in this market yesterday out of S5,0OO dealt in, Sentiment on the oth- CT side appears to have been consider ably improved, so far as our market is concerned, by the restoration of diyi- dends on United States Steel common stock.
 Union Pacific was the leader. South ern Pacific sold above 75, St. Paul rose points, Amalgamated Copper ?, Atch- ison l 5-S, Reading 2 IA, New York Central ?, and Pennsylvania 1.
 One view of the declaration Of a divi- dend on United States Steel common stock was that 1t is preparatory to the Notation of more bonds.
 Whether the elusive "outside public" the public, that is, which speculates heavily for the rise-was largely repre- sented in yesterdays expanded trading, may be still an open question.
 Because of the doubt that exists as to the permanency of the dividend, the question will have an important bear ing on the speculation in the Steel shares until the dividend comes off on September 8. Aat
 A peculiar thing about the dividend on Steel common was that it helped other stocks more than itself.
 It was stated yesterday that at the recent meeting of the Wabash deben- ture bondholders' committee with rep- resentatives of the Gould interests it was agreed that a Wabash stockhold- CTS meeting be called at once and that the bankers be given 8 reasonable time in which to perfect their underwriting agreement.
 The heaviest selling in the first hour was by western houses. They had ad- Nised profit taking before the opening. The sharp advance in Atchison com lnon stock yesterday accompanied the fine June statement showing an in crtease of $s11,o0O in net earnings.
 Tthe action of the market and the tes- tirn4ony of brokers indicated that those whb had stocks were using the Steel dividend to secure profits. Commission houses had heavy selling orders above tlle market so it was evident the ma jority looked for a good advance. Dur ing the first hour the liquidation was enormous, but the market only stagger- ed a little under it.
 The per cent New York city bonds sold at an average price Of 10.97 last week, were reported as selling freely yesterday at 102 IA to 101 4-2 The street was divided into two fac- tions. The only was inclined to sheer at the Steel dividend and to see in it a means of drawing back the public and then selling it stocks.
 Yesterdays trading was the heaviest in nearly two months, the total, 1,327,- 900 shares comparing with 1,553,1S3 l shares on May g. The high record for | the year to date is 2,424,2OO shares on May ?.
 The logical conclusion drawn from the | dividend on Steel common was that it would hasten payments on other shares. Therefore the best of the buying ap- peared in stocks like Atchison, Union Pacific, Southern Pacific, Chesapeake and Ohio, Norfolk and Western and Louisville and Nashville, around which dividend talk has for some time center- ed.
 An item of notable local interest was the selling yesterday at auction by Adrian H. Muller, New York city, at s1215 per share of 10 shares Winches- ter Repeating Arms company stock.