The daily morning journal and courier., 1907-04-06
STOCK MARKET FEATURES
HILL AND HARTMAN ISSUES
 OPENING FACTORS.

OELNlNU hACIOhS,
 Last Hour Brings Out Pront-Taxing
 and Moderate Sagglng Follows
 Tendency Among Professionals to
 Take Bear Side-SOuthern Pacific
 Holds Well-Advance in Amalga-
 mated Copper Traced.
 The market opened active and high CT, and was very strong during the first half hour, with the Hill and Har- riman issues the feature. Great North ern rose 1-2, Northern Pacific 34, Southern Pacific 3-S and Union Paci- f1c 1 3-4. Copper was up 1 Is, Smelt- CTS 1 5-S, Atchison 1 1-8, St. Paul 5-S, Northwest ? Is, Consolidated Gas 3 1-4 Baltimore and Ohio 1-4, and the rest 1-2 to 1 higher, There was a great deal of Reading for sale around 1tO After an all around reaction on profit taking sales the market started up again just before Il o'clock under the lead of Southern Pacific, Sales for the first half hour were 259, ,99O shares, and up to Il o'clock 3S9,212 shares.
 In the last hour stocks as a whole sagged off moderately on heavy profit taking. It was very irregular. While this was in progress few issues, in- cluding American Smelling and Amal- croy Q tad COnpo,. ,.tt,1 n to facilitate liquidation. This Is a com mon device on the part of 8 pool when it is distributing it's holdings, There was no news of importance in con- nection with the stock market in the afternoon. Money continued easy with low tendency for time accommoda- ticn.
 Among the professionals tendency to take the bear side developed, en- outraged here and there by evidences of profit taking. A great many bulls thought that while the market would probably work higher 1t was wise to take profit and wait for moderate re- action.
 Arbitrage firms sold 25,OOO shares in Wall street yesterday-m the Hartman issues, Atchison, Baltimore and Ohio and Steel. How far this rep resented liquidation of long holdings, and how far short selling was not ap- parent. Some contend that London was large buyer of American stocks 10 or 15 points lower down, when Lord Rothschild announced that he thought the worst was over.
 Southern Pacific held as well as any of the railroad stocks. The extraordin- ary showing of the February statement of earnings was still talked about. But probably the most remarkable thing in connection with the move- ment was the talk about F, H. Harri- man. I. was less bitter than at any time in weeks and weeks,
 The advance in Amalgamated Copper was watched with interest by observers in the board room, who declared that the buying of the stock could be trac- ed to 26 Broadway. Moreover, 1t was said that the stock itself appeared to be wanted and that it was straight buying instead of the usual bidding up of the price.
 That this weeks rise in stocks was largely based on plan to drive in the l shorts there seemed no doubt. The let ting off of copper metal in London sew eral days ago unsettled the foreign ex- changes, and caused considerable short selling. The metal market was quick ly reversed yesterday, and to-day was reported as still further improved in London. Some large sales of the spot metal were reported, but Wall street was skeptical about them.
 There was little of interest in the way of news or gossip. The buying seemed to be of a pretty good charac- ter, and while prices have risen great deal since the low point nine days ago, the average man Is still figuring on tho net return at the present level, anl finding cheap stocks.
 The sharp rise in Baltimore & Ohio from 99 1-2 to above 102 was thought to have induced some little buying by those who thought that as per cent. issue it was relatively cheap, Some suggested that Baltimore and Ohio was run up to help lift Pennsylvania. The latter was inclined to heaviness during the first half of the day. but it rose sharply in the afternoon.
 
 Railroad notes scored a further ad- vance yesterday, the gains for the week extending to 1 1-2 to 2 per cent. in some issues Louisville and Nashville being conspicuous.
 YESTERDAT,S STOCK MARKET. Wide Additions Made to the Gains in
 Prices.
 New York, April 5.-Operatlons for the advance were very aggressively