The daily morning journal and courier., 1907-09-20
BETTER SPECULATIVE FEELING.
Many Large Orders of Stocks Are
 Placed.

NeW York, Sept. 19.-The inspiration
 of the better speculative feeling in the
 stock market to-day would be difficult
 10 define accurately The market was
 largely professional and the influences
 10 which most attention was paid were
 such as are usually faYorites with floor I traders. The personality of the brokers
 or firms which were executing the large
 orders in stocks, their supposed af1lia-
 tons and rumors of possible financial
 protects that might lie back of the op-
 eratlons made up the stock in trade of
 those who claimed to explain the mar
 Ret. The incident of an extended un- l covered short interest which was made uneasy by the aggressive appearance of
 the advance, undoubtedly made an jn-
 portant item in the explanation of the market To-day Union Pacific held the
 place in the market that has recently
 been held by the Hill stocks. A cloud
 or rumors to account for the rise in
 that stock flew about the floor of the stock exchange, and while none of them 1 was capable of confirmation and many Of them were palpably absurd, the viz orous rise in the stock and the deter
 imitation with which 1t was bought strongly impressed traders. The in9- precision got abroad in the board room that an accumulation of stocks had been going on by the great powers in the speculative world in preparation for carefully planned upward movement
 The evidence of the sold out condi- ton of the market and it's growing unresponsiveness to such unfayorahle developments as come up would in themselves prompt the professional traders to such a movement The strained condition of the money mar ket for a long time past has been a bar to ventures involving resort to credit, but the growing ease of tbe money market with the satisfaction of the special needs of the large syndi- cate transactions of last week removes this bar. There was some early un- settlement in the market due to the influence of the renewed depression in the metal stocks. The statement of intended policy on the part of the large copper producers given out yes- tercay, while. the intended reduction of output was not surprise, was a' disappointment in not offering any en- couragement for the more hopeful feeling over the outlook for a resump- tlon of demand for the metal. But the resistance offered by the general list of stocks to the influence of the de- cline in the metal stocks was made subject of favorable interpretation over the condition of the market.
 Advices from the iron and steel trade were hopeful, as formulated in the statement of the Iron Age that lit is clear that for the time being the market has reached it's level" The United States steel stock themselves were still depressed in the early deal ings, in spite of this improved trade view. Net earnings of railroads re- porting for July show good average over last year. Most of the days gains were well held to the end.
 The continued rise in the New York city bonds and the advance in the Union Pacific convertible bonds gave tone to the bond market and was a helpful influence to the whole mar ket. Bonds were firmer. Total sales par value $2,166, coo.
 U. s. bonds were unchanged on call 1