The daily morning journal and courier., 1906-08-22
STOCK MARKET FEATURES
"GAVY PROFIT TAKING AND 4
 WEAK CLOSING.

Entire List Fell on After the Buying
 Demand Lessened-Rise in Call Money
 the Cause--Talk of More Gold Com-
 ing--Bulls stilI Bullish-The Days
 Gossip.
 The market, after having been boiling for several days, quieted down yester- day.
 mere was heavy profit taking, which heavy buying enumerated for time. Toward the close however, the buying decreased and prices fell off.
 It was busy session compared with standards of a few weeks ago, with the total transactions well above the 2,0o0- OOo-share' mark. But the general run of stocks moved within a narrow price range. Supply and demand very well capitalized. Considering the volume of securities that has been offered for sale in the past two days, the reaction is insignificant.
 The bears took courage again because of low range in prices from London, floods in the southwest, which have done considerable damage to the rail- roads; hot winds in Kansas, reduced wheat estimates from the northwest, and higher money. All this served as a check to buying for the rise.
 The Wall street money market, which reached 5 per cent. Monday, ran up to nar 6art vac4ardo1y oF+or,oo,, nj, o movement attracted great interest be- cause the New York bank surplus is now at a low ebb.
 At the same time sterling exchange declined sharply below ASA 1-2. This is the importing point. A few days more of high money will undoubtedly bring gold. It is estimated that London has approximately $15,OOO,OOO to spare this market
 Traders who specialize in industrials have been disappointed at the small re- sponse these shares have made to the general advance. With few exceptions, as Amalgamated, Anaconda, Colorado Fuel and Steel, there has been little &C., tivity by them.
 Pennsylvania, Atchison, Norfolk and Western and Chesapeake and Ohio have advanced from 10 to 20 points during the past two weeks on runnors that in- creases in dividends would be author ized.
 The London transactions amounted to 75,OO0 shares. Of this 50,OOO shares were purchases. The largest buying was in Erie common, which touched 47 in London before our opening. There was equally heavy selling of Steel com- mon.
 The southern group with Louisville leading; Colorado Fuel and some other specialties scored considerable gains early in the day, but fell off with the rest.
 There was a further movement in Wisconsin Central by the pool It is now said that the basis of the rise is an extension of the road into Dluth, which has Standard Oil backing, and which will greatly add to the company's rev. enue
 Sales on the stock exchange yester- day were smaller than both Monday and Friday. The smallest hour of the day was between 1 and 2, when 229400 shares changed hands. The first hour was the heaviest, with total of 622, 400 shares.
 It was mainly the technical state of the market-its overbought condition that caused the days reaction.
 Southern Railway common and Att Iantic Coast Line were firm for time in sympathy with Louisville, but it is doubtful if any outside buying was stimulated.
 One of the interesting developments was the switch which the market made from the Hartman to the Morgan and Hill stocks.
 Pennsylvania's further reaction to GContinued on Eighth Page)