The daily morning journal and courier., 1907-07-24
LATE FEATURES OF
 THE STOCK MARKET IA Day Of Dullness and IT,
 regular Prices. MONEY HERE HIGHER Changes Were Perfunctory and Without Feature Sterling Stronger.
MONEY HERE HIGHER

Sterling Stronger.
 The stock market yesterday was dull, Zlifeless and without any striking fea- ture.
 In the morning some of the larger professionals offered prices down but Mas no stocks came out prices returned easitly to the level of the day before. so that technically considered the re- lsult was encuoraging to the bulls.
 The impressive thing about the mar ket yesterday, as indeed for some time past, is that it held steady in face .of the hostility of what, apparently, is b large majority of the professional traders. This is a point which should not be overlooked in reckoning upon sources of the recent buying nove- Zment.
 Rather notable fail occurred in the &morning in British consols and this un- Settled the entire British investment Hist. American shares went down frac- ionally with the rest, and in antici- pation of the continuance of foreign ; Belltng in our market prices here op- ! ened dwn rather sharply.
 Here money was firm. The evident policy of the banks is to have their as- Bets as liquid as possible. Therefore t o ,In+ +;,,r F hey offer to brokers at very low rates. 4 1t the same time commercial paper is iiscounting around per cent.
 The best prices of the day were made shortly after 2 o'clock, easing off trtfe toward the end, closing quiet E md firm.
 The effects of the long strain of high ' honey rates was shown yesterday in the 4 failure of two widely separated con- erns, a maker of automobiles ill pringfied Mass, and builder inl 4 Tew York, both unable to go along rom lack of capital and inability to et their notes renewed.
 The trading element was very much lixed on the market. Whichever posi- on they took seemed to be the wrong he, and some of them finally gave up wing to guess the course of prices. 4 Southern Pacific was the center of < le active gossip which was to tbe eff F bet that the stock was to be put on a per cent. basis.
 Some credit for the advance has been ven to the Rock Island people. They te said to be fairly bullish. If so they
 not show it in their own securities. ock Island common has moved in the < bme narrow groove for month. Ebove g there is a small quantity for le, but around 21 1-2 there are guy for the stock offered Since July ,OO0 shares have been traded in from range of 20 7-S to 22 1-2.
 While London sold 10000 Union Pa fc and 5000 Southern Pacific she ,ught 5000 Steel It is thought that selling of the Hartman shares iginated on this side.
 There appeared to be legitimate basis r lower prices in the money situation, ,ing to some decline in trade and for higher range on the good investment sis of stocks and the friendly attitude
 some large interests towards each wnward movement.
 Shelters dipped below IF at one time sterday. There is evidently no sup Tt to it. The advance in the dividend te did not help it much.
 srhe 'rumor' that President Under A ,od of the Erie was to resign was ly a rumor and the official contradic- n of it was, therefore, almost unnec- sary.
 bn sales of 16O shares Long Island
 10 points to 45. This is the lowest i've in several years. It has been at 1-2 this year. The sale was presum- ly of long stock which some investor d thrown out discouraged by the lg wait necessary before dividends paid.
 with few exceptions the Lawson ad- rtisements have been followed by tribution of stocks on scale down. ose who bought early often had he time to wait before their &C., lnts showed them a profit.
 he moderate selling of bankers bills
 terday with greater willingness on
 part of foreign interests to buy,
 regarded as a favorable incident. some weeks past foreign bankers med indisposed to take many Amer n bills. But now that the crops look re promising this apathy is gradu-
 disappearing.
 aders and brokers say that if there ted of upward movement in the
 rket it must be broader than it Is.
 real bull movement should cer-
 lly include such stocks as Baltimore
 Ohio, Louisville, Reading, Erie, souri, Kansas and Texas. Texas
 Pacific and some others of the low
 ed issues. Thus far most of these
 ks have been practically ignored. ',s. also expected that there can be
 real bull movement, if '. s. Steel