The morning journal-courier., 1907-12-27

new low prices for the present e1vement. The decline in New York Nntral came near the opening, and 1t, td a depressing effect on the remaind-
 of the list. Still, it did not induce luch selling of long stock, as indicated NV the fact that the total sales for the econd hour were only SI00O shares, Ind for the first two hours 106,oOo. The cling first of New York Central, then
 gar, and finally Pennsylvania, in
 scession, had the appearance of bear RsR
 YThs market has apparently settled down into holiday condition for the resA of the year. that being the chief { chanacteristic of the trading as it was on Tuesday! The banks renewed heir call loans yesterday at IS to "A per centi. and with the prospect of stitll highyer rates before Jan, I there was no iApcentive for trading.
 MThere was a substantial recovery in #ocks midway of the afternoon, which Alted on the announcement that Mis- ouri Pacific had declared a semi-an- sual dividend of 2 1-2' per cent. payable stocks This had a temporary effect 5n Missouri Pacific stock, but did not saffect other stocks materially when the Jews came out Missouri Pacific de- |zclined one and one-half points on few sAles, then the shorts tried to cover 2 pbidiing the price up themselves. Other stocks remained quiet with cessa- ton of business sometimes of minutes at a, time. Wall street apparently was much relieved when the news regard ing the Missouri Pacific dividend came - Much mystery had been made 4Bf ff, and mystery is something that l YiWaIl street very much dislikes.
 Aside from short sales most of yes < terdays selling was attributed to spas lsodic but necessary liquidation on a %mall scale, incidental to the closing cut of contracts for the end of the year settlements and other needs, and a desire to avoid possibly lower prices resulting from an end of the year squeeze in money.
 The violent rise in foreign exchange was scarcely factir in the stock mar ket, and it did not have any particu- lar effect on sentiment. In contrast to this, bankers reported a moderate demand for commercial paper which was the first worth speaking about in weeks The rise in sterling was re- garded as incident to end-of theyear settlements abroad The currency pre- mium was trif1e lower.
 The character of the trading in stocks N was almost purely professional. It is fair to say that but for numerous or ders from, professional operators, the total for the day would have been IT, Aiculously small. Speculative turns \ Serve to keep up appearances. Brok- \ 5r, offices were pretty well abandoned St of Wall street people appearing have the idea that there will b. 5e doing in stocks until after the of the year
 le weakness of Pennsylvania may been sympathetic" with New Central, though to some of thu
 iers on the exchange it looked al Pennsylvania was offered down tC llitate short covering in New Yorl ltral. This is very old device decline in sugar may have beer to similar causes. The same in .ests often trade in all of these 5cks.
 The best news of the day, from tn,
 iockmarket standpoint had to do witt Hvicas from various steel eenters, as ~ lerting that after the opening of tn < Jew year many important mills will re
 ume operations, with every possibillt. II f their receiving a moderate amount o
 Jew buiness from the railroads at tha fInae. This was generally regarded a . -fcss~snttmistic to be true, but 1t had
 cheering effect, in any event. Unite States Steel shares were about as frn as anything on the list and ref1ecte very little selling pressure.
 New york Central below 90 was tn lowest for that stock since 1886, whe if sold at SS There was no news | account for the renewed weakness an 4he old story was repeated of the ex pected new capital that the. compan must raise to complete it's projected i'm provements
 Fully one-fourth of the active trad CTS were conspicuous by their absenc
 from the floor. Some of them are talk ing advantage of the fine weather an
 the poor business to play golf.
 The short interest appears to hay been increased this week. The princi pai members of the bear party cling the idea that something is bound to oe cur during the last week of the ol year and the first week of the new
 unsettle the financial situation an
 compel selling of securities. Rumor
 have been circulated of trouble in yer
 important quarters, but banking inter
 ests do not confirm this
 Canada does not seem to be experi
 encing any trade or financial setbael
 According to a dispatch from Montres
 inc Canadian Pacific Railway compan
 eo1-e that jn1rnediatelV after the holi