The daily morning journal and courier., 1907-01-22
STOCK MARKET FEATURES
BUOYANT, THEN 4 SLUMP THIN
 4 RALLY.

Rapid Advance at the Close, Due to Shorts COvering-CaII Money Very Easy-Heavy Trading-Southern R. R Isues S15,OOO,OOO in Five Per Cent. Notes.-The Days Gossip.
 The stock market yesterday was er- ratic. It began with buoyancy, then it slumped, and it wound up with a hand some rally, St, Paul and Union Pacific leading.
 During the slump several stocks touched their lowest figures in this break.
 At the start the market had the ben eft of a higher range of prices in Lon- don and a small amount of foreign buy ing after several weeks of liquidation The general sentiment was plainly in favor of recovery.
 To what extent the days recurrent attacks upon the market were made, by recent operators for the decline, solely for the purpose of giving themselves a chance to cover" their sales of the past week, is a matter of conjecture
 In the upturn that came with the opening of business prices rose to three points, with even larger gains in sev- eral of the specialties. The foremost place was occupied by the members of the Standard Oil group.
 At 2:15, shortly after the market be- gan it's upward swing from the days lower level, the ticker reported the sales of a block of 22,60O shares of Reading at prices ranging from 126 S-S up to 127 3-4, then back to 127 1-4
 The short interest was most promi' nent in some stocks. It was very evil dent in Reading One house took about 10000 shares on the rise to 129 1-2. This was supplied by a room trader who has orders from a Boston house.
 Time money rates came down to and 51-2 per cent. for all periods yes terday A good deal of money was put out at per cent. and no attempt was made to get 3-4 or 6. The whole mar ket was easier.
 The strength of the Standard oil is- sues in London and the rallying power shown by them here impressed the street, which, above all things, watches for this sort of lead.
 The Hartman group showed absence of desire to take much stock.
 On rumors that the preferred stock dividend would be reduced or passed a general raid on the InterMet shares was made. There has been a bull tip around on the common for some time So there was just before the peg at 5C was pulled out,
 It is estimated that 30 per cent. oi last weeks selling was liquidation anc TO per cent. bear operations. The nat. ural consequence of the liquidation would be to put the market in better position.
 One rumor on the afternoon breaE was that the New York Central would suspend improvement work for yeal because of the tension in money. Tht Central could not adopt such course so far as it's terminal work in New York Is concerned.
 The general decline in all of the trac tions represented a belated sort of liq uidation.
 Virginia Iron Coal and Coke rose points to 95, a new high record, on { few sales This stock recently has at < tracted attention by it's rapid move ] ments, by clique presumably.
 The quick response of Southern Pa cifc to the general recovery made thu report of an increased dividend mex month seem the more plausible
 Announcement was made yesterda. that J. P. Morgan & Go. had purchased from the Southern railway $15,OOOOO three-year per cent. notes. The an nouncement was forecast by Presiden Finley's statement last week that larg expenditures would be necessary to in crease the company's facilities fo handling freight and passenger traffic