The daily morning journal and courier., 1907-06-18
LATE FEATURES OF
 HE STOCK MARKET Opening Was Weak Then Prices Have a Smart
 Rally.
MORE CHEERFUL.
Weakness in European Pub. lie Securities and For
 eign Exchange Higher.


 A change came over the stock mar
 ket yesterday and instead of weak Monday harket with tumbling prices.
 stocks rallied 6 little This was in the face of the Russian news, of unsettled
 foreign markets and strong exchange.
 Prices started off lower but a turn
 quickly came for the better.
 The speculative element having test the list, soon found that there was res-
 istance and few offerings and quickly reversed their positions. The result
 was that stocks advanced very easily and held strong throughout most of the session. The market, however, was
 very dull, with total transactions ap- proximating 250,000 shares.
 Doubtless some of the better prices resulted from cautious investment buy- ing; indeed, 1t would be very strange if such purchases, of the very best order, were not going on. It is cer- tainly not obtrusive as yet, however that quarter of the horizon will bear careful watching for some weeks to come.
 Union Pacific sold ex-rights yester- day, The bid price for the rights most of the day was 25 cents for what each l0O shares is entitled to take in new convertible per cent. bonds-that is to the extent of one-quarter of ones holdings of stock. This would mean 25 cents for the right to subscribe for S2,5O0 in bonds at 90. Facetious mem bers offered indifferent cigars for the rights on 10 to 50 shares of stock, with out takers.
 Foreign news was distinctly bearish. The dissolution of the Duma brought forward again the subject of a possible anarchial estate of Russian politics. Russian bonds weak. Discounts every where were high, consols were back to the recent low level price, the end of June settlements in Berlin and Paris were feared and the Japanese attitude toward the United States still impress ses many as threatening.
 The market is simply in the hands of small speculators and as stocks had had drop of two points or so they played the market for a little rise yes- terday.
 Some foreign selling of Rock Island occurred at the opening. It was said that Ens sh and German holders were disples at the working out of the Alton affair They thought the load too heavy for Rock Island to carry alone However, the stock rallied easily.
 As the bears couldn't create a cold weather scare yesterday they turned about and tried to get up a "hot air" scare, locating the hot air as in the wheat regions-Kansas especially.
 No gold was engaged yesterday in spite of the high rate for sterling ex- change.
 For the first time in some days prices rallied more easily than thev went down. For time the reverse of this was the case. The warm wave did much to restore confidence.
 The lack of opposition to the Union Pacific stock increase was construed as a bullish influence
 The preliminary earnings figures for the Erie road for the fiscal year which closes with the current month are un- derstood to be by far the largest in the history of the Erie.
 IA break of ? IA points in Manhattan on a single scale attracted attention because of the supposed impregnable | position of this stock While the ' per cent. guarantee was generally ignored | as an argument, it was contended that | even if the company were separated l from the Interborough system, the for- ' mer's dividend chances are very good [ ou account of its improved service.
 A good demand is reported for Atchi- son around the present prices. The stock is believed to have been sold to } standstill, and, with the fair crop 1t is expected to improve
 Tho Genesee Railroad company has negotiated loan for s2,O0o.00O, which will cover the estimated cost of the cut off line of the company. About one-third of the work was com ,leted up to last April, when a cessa- f ion of activity on both this line and hat of the Eric and Jersey railroad cut If was ordered, Work has already ,een resumed on the latter line and will ,e taken up very soon on the Genesee lver line It was stated yesterday hat it is unlikely that the Erie Rail- cad company will do any more financ- ng during the next few weeks.
 Call money grew a trife frmer at the opening yesterday, but later on eased Na 6a- 0 !