The daily morning journal and courier., 1907-01-25
STOCK MARKET FEATURES
CONTINUED DULLNESS AND
 BUSINESS SMALL,
Market Wanders Around on Narrow Range-DOubt and Uncertainty as to OutloOk--Gossip of the Day.

Range-DOubt and Uncertainty as to
 OutlOOk--Gossip of the Day,
 The stock market was dull affair yesterday, and the theory was that the market was digesting the large amount of stocks thrown over last week.
 There were frequent rallies and de- clines, and business was small and pro- fessional
 Banking interests are disposed to let investors capital flow into bonds and notes rather than into stocks. A less congested condition, with respect to the former class of obligations, would ultimately bring about natural re- sponse in the price Of railroad and in dustrial shares.
 The business done fell below half a million shares, and variations in price were in nearly all cases merely frac- tional.
 The Bank of England made another strong showing. It's ratio of reserve is now above 4S per cent, and, except for 1905, stood yesterday at the highest lev el for the date since 1900.
 London traded in only 15,O0O shares, about evenly divided between purchases and sales. There was slight feature, except possibly the selling of Erie.
 With easier money bonds have been more salable
 The firmness of the anthracite coal stocks fed some to believe that another movement is about to develop in them. Lackawanna rose 15 points to 51O on 400 shares Reading was firm all the morning, though not progressively SO. The feature was Erie, which, though not advancing much, was well taken, absorbing the foreign offerings without weakening.
 An interesting feature of the bond market is the European demand for Japanese bonds. This has continued for a long while, and is now stronger than ever. Germany, Holland and England have all been attracted by the high yield and the security of the 41-2 per cents.
 The improved tone of some of the so- called Morgan issues" attracted att tention, and was to thought to mean willingness to see a moderate rise.
 Southern rwailWay preferred recover ed ? points on small transactions.
 Southern Pacific sold equivalent to 96 in London during the time that 95 1-2 was the best price here. There is un- doubtedly a very good foreign demand for it.
 Canadian Pacific was the weakest is- sue during the morning trading, but it found some support around 1S4.
 Among the days rumors were an all legged extra cash dividend on Northern Pacific; a possible alliance between General Electric and American Loco- motive; a possible increase in Southern Pacific's dividend, soon due, and hopes that the United States Steel corporation would next Tuesday increase the diyi- dend rate on the common stock
 Steel preferred combines strong in- vestment conditions with very slight ppCCuldLlNG PQGolD1llly' IL ndS D66u fuctuating over a 2 or point level, with 1O7 about the best that the bulls can do with it.
 Steel shares were firm, notwithstand- ing reports that the demand for pig iron had fallen off somewhat. This is generally regarded as common occur renee at this time of the year.
 Am q lp-a m a tnd Sn1d ex-diVidend of 9 per cent, and refused to recover this amount. The failure of the Lake Su- perior consolidation to work out has temporarily hurt the position of all cop- pers, as it was the inspiration of the recent speculative movement.
 Yesterdays total sales, 492, 200 shares, were the second smallest of the year. On January sales amounted to only 48SS00 shares.
 Advices received in Wall street from Boston yesterday stated that w. A. Paine, controller of the Copper Range properties, had announced that his company would not enter the proposed copper combine.
 Two of the best curb stocle went over to the board yesterday. Mackay com pany, in which there is much more speculative and investment business than in Western Union, was quoted for the first time. It promises to take it's place among the active industrials Granby Mining one of the best of the smaller copper producers, will undoubt- edly have a very good market.