The daily morning journal and courier., 1907-04-18


 first half hour, then began to lose ground under combination of profit taking and short sales. In the second hour the market became very weak and some issues sold down 1-2 to 1 point below Tuesdays closing figures. At midday the trading came almost to a standstill, then prices rallied fraction ally, on professional bidding up. It was apparent that the outside public was not doing anything in stocks.
 Announcement that the interstate commerce commission vii renew it's hearing in New York to-day, when MT. Hartman will be asked, it was popu- larly supposed, to answer the questions put to him some weeks ago, gave the market a chill. The hearing, it was learned later, would not be on the Har- riman case. It was the revelations in l the Alton deal that started the market | decline ending in the March panic. 1 What the commissioners went to get | is more light on the tock-jobbing op- erations of the Union Pacific manage ment.
 The large short interest in Amalga- mated Cooper was somewhat taken by surprise by the further sharp recovery in copper metal in London yesterday morning It proceeded to cover con- tracts right at the opening, and soon the price had risen a point to 94 5-S. Apparently the short account was smaller than expected, judging from appearances, for before an hour was over the stock was off again, and had touched 93 1-S before noon. The resig- nation of Adolph Lewisohn from the vice. presidency of the Metal exchange was interpreted in some quarters as meaning that the United Metals Selling company would try to maintain prices as long as possible.
 This market has a certain cunning about 1t. It fools people who are sup posed to be very shrewd. It Is exceed- ingly treacherous. It looked best yes terday when prices were at the high est Brokers then said that the ab- sorbinb power was remarkable. A half hour later the man wilo had bought | could not sell his stock except at per cent. discount from the purchase price. Monday every one was talking panic again just when the market took i a brace, and the leaders started in for i a rise of several points.
 During most of the afternoon stocks sagged off sluggishly, coming almost to a standstill around o'clock, Sales be- tween and o'clock were less than l 65 900 shares. The lowest prices thus far for the day were recorded midway of the afternoon But the dullness seemed to show that little long stock was coming out and that the market had been sold to a standstill. Ameri- can Smelling, after it's second sharp advance, reacted to around 1SO, show ing the entirely professional character of such movements.
 The ability of the Missouri Pacific to 1 save all of it's gross and even reduce operating expenses in February was accounted favorable development in the affairs of a much criticised road Toe Wabash for the second week of April shows gross gain of about $72,- 900.
 l Chicago Terminal Transfer per cent. bonds, ex-coupon, advanced 1-2 per cent. to a new high record. This apparently was due to the success of the Baltimore and Ohio railroad in se- curing an order from the United States circuit court in Chicago giving it the right to assume the bonded indebted ness of the company.
 There nave been mysterious hints for several days that Washington was to deliver itself of something that would strengthen the stock market. Wash ington houses were quite large buyers of stocks Tuesday. It is assumed that the hints have to do with better un- derstanding between the administration and certain large railroad and banking interests for matters of politics and policies.
 The most spectacular movements of the day were in Smelling. It rose from 5 13O Is to 192 1-2, fell back to 129 3-4 and at midday again rallied to 132. Hab- 3 itues in Wall street are just now try
 ing to make out whether an increase
 in the dividend on the common stock 5 some two and a half months off is
 likely. Rumor has it that the rate may r be increased from to 10 per cent, but
 this does not find credence in Wal [ street.