The daily morning journal and courier., 1907-02-08


 Heavy Buying-Heavy Short Cover- ing-MOney and Sterling Easy-The Strength of Atehison, U. F., N. Y. Central, Etc.-FKaty' COmmon's Ac- tivity-Standard Oil Gains 20 Points 1.-The Days Gossip.
 The stock market was active and strong yesterday with bulls showing re- newed courage and bears in retreat. There was heavy buying and the most active stocks advanced from 2 to points. ta 44M The upward trend became sufficiently impressive in the afternoon to produce feelings of uneasiness among those with outstanding short contracts The interests who gave support to stocks last week and again on Monday seemed to be working for further advance. One view of the change was that the low prices of stocks gave investors ad equate return on his invested capital. Atchison at 1O4 5-S is over points above last weeks lowest, while Read ing shows a recovery of points, Union Pacific 5 and several other prominent shares from to 8 points.
 The technical position of the market warrants still further advance but the big lots of stocks brought to pres ent demoralization will have to ze fed out, and the way the market takes this process will be test
 The strength of New York Central waslargely due to the official announce ment that expenditures would be pared down to necessities on account of the poor market for securities. In other words the street thought that the stock on a 4 3-4 per cent. bases and not likely to be disturbed by fresh capital issues was a purchase.
 Some experts do not look for an aver age rally of more than or points They feel that this would put the
 
 selling and possibly some liquidation, Within the past few days sentiment has become much more optimistic.
 Instead of becoming weak in the late trading, as has happened so often of late, yesterdays stock market advanc- ed in the last hour Co the highest price level of the day
 More good buying was in evidence yesterday. It was especially noted in Union Pacific, Atchison, St. Paul, the coalers and Steel
 Trading in stocks the first half of the day vas painfully dull yesterday.
 From a speculative point of view one of the strongest features of the market is the dullness on reactions. This indi- cates that the traders have stopped fol- lowing prices down.
 The sale of 50 shares of Tennessee Coal at 150. compared with 160 last month, the last previous transaction excited some comment.
 What made the bears nervous was the heavy general buying around the room by buses like Moore & Schley Flower & co, c. D. Barney, and by the big traders.
 The foreign markets were little more cheerful, although London showed some distrust of the improvement here which was, quite rightfully, perhaps attributed almost wholly to professions al support.
 There was very good speculative buy ing of Kansas and Texas common. The stock responds readily to manipulation because it has a large following among those who believe in the low priced is' sues
 Selling pressure of long stock seemed +o he over for the time being-in the common acceptance of that term though there was more or less profit taking on speculative purchases made 1ower down. Various specialties, such as Ijackawanna, scored sharp advances for the day, The bear pool in Erie get worried yes terday owing to the general rally ant their insecure position. The start up ward in Erie was encouraging to tht bulls.
 IA further rise of points in Granby to 145. making dozen for two days had every appearance of being poo manipulation
 The return of E. H. Hartman to hi' off7ce helped Union and Southern Paci fc. The talk of a 6 per cent. rate or so,ithern Pacific persists and is chiefly supported by the great strength of thu stock. The street will regard the regu lar } per cent on Union Pacific as bull ish. inasmuch as many looked upon i as temporary and made to assist stocl distribution.
 Standard Oil's rise attracted consider able attention. It sold at 5S5, an ad vance of 20 points since last Saturday Some traders were trying to make ou whether it foreshadowed a better gen eral market