The daily morning journal and courier., 1907-11-26
LATE FEATURES OF
 TIE STOCK MARKET Missouri Pacific Drops to 47, a New Low Record for
 the Year. STOCKS DROP EARLY First New Bank Notes Issued Against Treasury Certifi-
 cates Received,

cates Received.
 Stocks lost ground from the start yesterday on moderate trading. The more important declines were; Shelters 8-S, Atchison 5-8, St. Paul 1 S-4 Great Northern 1 5-S Missouri Pacific 2. New York Central 7-S, Pennsylvan- ia 1-s. Southern Pacific, 1, Union Pa ciac 1 1-S, Reading held the flrmest losing but S-4. Transactions to 1O:SO were 1O5,834 shares, and to Il o'clock --66,O52 shares.
 Missouri Pacific declined on rather small transactions to a new low record for the year. At 47 1t was point be- I low the last bottom figure. Various reasons were offered to explain the break, one of them being the possibili- ty that the next dividend will be at reduced rate. It Is now paying 5 per cent. It was reported that the princi- pal selling represented closing out of speculative loans, of similar charac- ter to those sold out last week in con nection with other stocks. Other ru~ mors related to possible labor troubles on the Gould line. The weakness of other Gould stocks, including Western Union, tended to create the impression of forced closing out of loans.
 The lowest prices of the day were made in the fourth hour. St. Paul down to 94 7-S and New York Central to 92 were the notably weak features, Buffalo, Rochester and Pittsburg drop ' ped 10 to 6S, the preferred also lost 10 F to 90, new bottoms Missouri Pacific, rallied i 3-4, but soon sagged off. Tran sections to 2 o'clock were SS1.5e2 shares.
 Call money opened on the stock ex- change at 10 per cent, the first loan being $S5O00O at that rate. Later the hate fell to per cent.
 Only a few stocks opened above Sat lrdays closing prices. The chief of such examples were Missouri Pacific at an Advance of IA of a point; Great North ern, at a gain of 9-8 of a point; North Srn Pacific, up 1-2 of a point; Southern Railway, also up 1-2 of a point, and Err e first preferred, up IA of a point All If these later on weakened.
 The first new bank notes issued gainst treasury certificates of indebt- ess, amounting to $1,900,OOO, consigned sD the National City bank, were re- eived In New York yesterday and led some very positive predictions that efore the end of the week the pre- iurn on currency would entirely dis Hppear. The City bank will take out nany millions more of new clrcua- on, which will be added to by ad-, tional large amounts obtained by the ther national banks of this city. Vice ! resident Frank A. Vanderslip of the lty bank says that he does not an- cipate that the premium will last uch longer
 The early action of the market was 3| Try like that of a. week ago Monday, 1en after strong opening every ing reacted. The openings last Mon y were generally the highest that y. It was the announcement of the basury $150,000,000 relief measures that n in the shorts a week ago. The ap- rent similarity between the two days ade the bears feel this morning like \ III onuIner their Sellinp taptins
 Making all allowances for the phil aR thropy of the deal by which the tied States Steel corporation secured ltrol of the Tennessee Coal and Iron pperties, thereby gaining a practical |nopoly' of the steel and iron trade the world, and incidentally some ple clearing up a profit estimated s12 900 900, the opinion is general in
 street that the steel stocks ought do better.
 uch of the selling of Missouri Paci- was credited to houses with west connections. T. A. Mcintyre &
 handled considerable selling or
 Other sellers of the stock In. led Barbour & Co., Henderson
 Nicholas & Go. and Enrich | thstadter & Go.
 preigners sold 10000 shares in this
 ket, scattered over the list, buying Brs being triling. It represented ming up preparatory to opening tht account. American stocks were lyy in London before the locakopen
 There was no special reason fol
 except, perhaps, the continued ex # of gold to America Discount rate:
 he open market were distinctl!
 T, which fact was thought to re
 confidence in the outlook.
 ly one gold engagement, for $1,
 Do, took place yesterday, but en
 ments amounting to St,000,000 wer
 lunced by the First National Banl
 Illinois Trust Company of Chicag
 aving been made Saturday, Thi
 Is the total engagements so ia
 ted to SS6.55O 600.