The daily morning journal and courier., 1907-06-01
LATE FEATURES OF
 HE STOCK MARKET A More Hopeful Feeling but Fluctuating Prices. MORE GOLD TAKEN. Late Selling Disturbs Prices Call Money Higher
 Cotton Market.
MORE GOLD TAKEN.

-Call M0ney Hlgner-
 Cotton Market.
 The stock market braced up little yesterday breathing easier after the contents of the Presidents Indianapolis speech as regards railroads became known. Stocks in the morning were higher, many gains extending to sey- eral points. This was due, unquestion- ably, to the receipts from various parts of the country of many buying orders. on prevailing belief in the minds of many that President Roosevelt's address at Indianapolis should have a reassuring effect and inspire confidence on the part of investors.
 Reading was the chief beneficiary of this movement, and on the publication of a large gain in April set earnings the price advanced three points above Wednesdays close! This gave strength to the whole list, which continued firm until the last hour, when there was heavy selling in several quarters and a sharp reaction in prices. Under this influence the whole list sold off the general market became heavy with sufficient declines in some instances to offset most of the early gains.
 Commission houses did not do a great deal of business. They find the public very slow about making ven- lures with stocks selling so cheap.
 There was considerable selling by Aondon, where speculators were dis posed to take profits on the early rise fere, letting go the stocks purchased during the break earlier in the week.
 Quite a number of roads that ended their nine months period with smaller net earnings than the year before will be able to show an increase for the twelve months on account of good re- suits in the Aprll-June quarter,
 The market was somewhat disturb ed by the excited trading in cotton, which was influenced by unfavorable crop estimates.
 Divergent opinions were expressed in London on the Presidents speech. It did not lead to a very animated mar ket, and after some slight buying arr bitrage houses sold out with bal ance to sales of 10000 shares.
 Readings very large increase in April earnings was pointed to as ample req son for buying this stock, irrespective of the improvement in sentiment, fol- lowing the Presidents Indianapolis ad- dress. But many persons were seen1- ingly deceived by the character of the Reading report. It compared with a strike month" year ago, so that the actual showing is less favorable than appears on the surface.
 Though. the market was professional it was of the character in which finan- cial interests were trying to foster a better feeling with reference to securi- ties. The purpose of this, some assert ed, was to create a demand for the enormous output of new Issues. It is known that many bankers, who saw the summary of the Presidents ad- dress Wednesday, were on that day in anything but cheerful frame of mind.
 New York Central's midday setback, as we'll as the temporary dropping character of Chicago Great Western and some others, which were offered down when there were few buying or ders in these stocks, merely represent ed drive by the bear party, which was getting uncomfortable over the rapid recovery in the general list.
 AJOlulHdls NdCllo O SOs nave ClSdEeu B500,OOO gold for export to Paris to-day. This will make the total gold export since the beginning of the movement last Tuesday $3,S00,0OO.
 Union Pacific rose easily to 1S5 S-4 equal to 1SS 1-4 with the dividend on. This was within Is of the high price touched last Saturday, before the break occurred which carried 1t down to i32 It looked as if the short interest in this stock had been about eliminated, hav- ing covered before the dividend went off.
 The two-point rise in Car Foundry was based on reports that the company q will soon increase the dividend. In January dividends were resumed at the rate of 1-2 per cent. monthly. There was some pressure then for 4 per cent. rate, but the management did not allow it. Now stockholders are show ing a fight for a per cent. increase