The daily morning journal and courier., 1907-02-05

Market Appears Less VuInerabIc-More
 Gold Coming from LOndon-Trading
 Was Thoroughly ProfessionaI-some
 Investment Buylng-short Interest
 Large-December statement-Guesses
 as to smeIters-Other Gossip.
 The market has the look of feeling it's way.
 Uncertainty was apparent in the movements of the day, but on the whole the market appears less vulnerable.
 The market is gaining in its ability to resist attack. This is due to the cessation of liquidation out of which the short selling grew rather than from an increase in buying power.
 1t IS frequently remarked that for several years the investor has not had so good an opportunity as now of plac- ing his funds, yet buying is small. The reason is that confidence is at low ebb, and capital more timid than it has been in a decade.
 There is, however, investment buying at certain levels. This has been seen In Atchisn at par, Baltimore & Ohio at ll5, New York Central at 125, South ern Pacific at 91 1-2, Steel common at A, Pennsylvania at 129 1-2, Union Pa cific at ITO, St. Paul at 146, Copper at Ill, and Rock Island at 25 IA.
 The market became generally heavy in the late trading, with special weak ness in the coal shares, which declined rather violently towards the close. Erie was one of the weakest features of this movement, and sold off sharply with Reading in the last fifteen min utes The whole list closed heavy here under this influence
 The operators who have been han ding the market have done little more than pay expenses, if they have done that much.
 At the low prices yesterday stocks were down to the smallest average price since the summer of 1905. and within three points of the lowest level in more than two years
 The professional character of the market was shown by the way in which business fattened out at mid- day.
 The market was very quiet one. It has assumed this phase ever since the heavy selling culminated on Friday. From the technical standpoint, this is not a good market sign. especially as the dullness after a ten-point reaction fails to produce advances.
 Some of the best buying of the day appeared to be in United States Steel.
 The engagement of $1OOO,OOO gold in London gives further proof of strong exchange position, and an American credit abroad.
 In common with the other coal stocks Reading closed the day weak. There was fear as to the showing of the roads income account.
 The December statements of the Nor folk &, Western and Southern railway furnish additional evidence of the de- crease in net earnings due to higher operating costs and comparison with very favorable conditions of year ago. The decrease on the former was $S0, 445, and on the latter $193,OOO
 In Chicago yesterday Subway was one of the strongest local stocks, gain ing one point.
 The buying yesterday commanded more respect than the selling. In quite a few stocks the demand came from houses that have been on top of the market for weeks.
 The war scare" topic was dropped yesterday.
 There are many evidences of a large short interest. The loan department shows it. More, however, is it betrayed by the private borrowing of stocks. This is said to have reached large pro- portions. The guessers as to Shelters have not been verey successful during the last several months. Each rally has been followed apparently by the distribution of stocks by insiders. It was a matter of much comment that stocks rallied so well on all of the 1 declines. Traders found it much more difficult to force down prices and keep them down.