The daily morning journal and courier., 1907-01-23
STOCK MARKET FEATURES
LITTLE RESPONSE TO EASY
 MONEY CONDITIONS.

Closing Dull and Heayy--NarrOw FIuc-
 tuntion of Prices Business. Much
 Less Active--A Waiting Market-The
 Days Gossip.
 Yesterdays stock market was mostly tame affair, marked by backing and filling with the fluctuations contained within narrow range
 This halt is logical, because the market Is now awaiting the arrival of real investment capital, presumably to nf ot bIail atb6racted Cd by the more inviting level al Wnich stocks are offered But this outside capital is timid and will not en- ter the market until persuaded that no continuous collapse in prices is under Way For this purpose nothing serves so well as a lew weeks of merely drift ing markets.
 After the big jump at Mondays clos Ing, opening .proft-taking was natural The bears did not like to give up their mold on the situation without more fight an ana they hit head whenever one showed. But the urgent Uuuidatfon seemed to be well over and the selling py recent buyers was well absorbed
 The market closed heavy with some issues near the lowest of the day I,afe prices were very irregular, most of
 
 midday top. Most pressure was notice apIe Tn Reading, Union Pacific and va rlous ot the active railroad issues. Lo- cal traction shares sold off on the court pfoGeedings. But trading was very dull
 1he ups on Union Pacific were num- erous and well sponsored They claim ed a price of par this week anG a high CT dividend next month. The rumors are probably based on the steadness of the stock and the accumulation of a h0IGn faH fA
 Ihe movements of Reading showed the smooth skill of the professional. within few minutes early in the first 9our tS6 1t was bid up sharply from 12S to lla dz9 on l.ooO shares. Then it slowed down, and on thirteen succeeding sales 1t sold off to 12SA on a total of 7.300 shares.
 As to the strength of AmaIgamated Copper 1t was. pointed out that this is- sue often rallies better than most oth- CTS after a collapse in the market, be- cause or its popularity with traders, who are not lcng in finding out which ones give the quickest results For this matter, Amalgamated also gives quick losses, if 1t is on a declining market.
 The best call rate nowadays is per cent; Some loans were make yesterday at 7 1a per cent. Time loans are getting down to general per cent basis, and commercial paper is under per cent However, corporations are payinf 6h and per cent, for accommodations.
 There was little evidence of buying rom powerful quarters, During most of the day. the bidding up and selling down of stocks had all the indications of be- Ing. conducted by small operators.
 The best opinion on the market is that the houses that were tided over this past week not be an immediate menace to the market,
 The reduction in the Bank of Ger many rate and assurances that it will probably go lower next month supple- ments the good effect produced on Eu- in the Bank of England discount.
 The open advertising of Interborough Metropolitan as a free tip for an ex- pected sharp rise fell flat. It opened with 1000 shares at 37h as against 37 on Monday The next sale was 37A, and soon it was down to 361a.
 The favor given to the industrials was very apparent, Quite number of them were advanced when railroad shares were halting General Electric rose on rumors of a 10 per cent. diyi- dend as 20 per cent is being earned.
 The sharp rise in General Electric, as well as in Peoples Gas, were not re- garded as anything more than diver sion to keep up interest.
 In half dozen instances houses that recently have been selling stocks az gressively were yesterday ranged on the other side of the account.
 The movement in St. Paul was very much like that in Reading and tended to confirm the artificial character of the bidding.
 From a technical standpoint it is in very much better shape than it has nical improvement is the unualified apathy of the investment public to- ward securities. This is not confined to the United States