The daily morning journal and courier., 1907-01-18
STOCK MARKET FEATURES
4 DAT MARRIED BY MANY IR-
 REGULARITIES,

Few Notable Changes for the Day | Gail Money Low--English Bank Rate Reduced-COpper Dividend Un- changed--The Days Gossip.
 Stocks moved in irregular fashion yesterday. but the net result of the various bear raids was but slight change in prices.
 There was more resistance shown yesterday to bear operations.
 The various changes of the day were evidently due to shifting of speculative commitments and some liquidation. The eduction in the Bank of England rate to per cent. was completely ig- nored, while the afternoons announce ment of dividend on Amalgamated Copper of 1 1-2 per cent, and 1-2 extra, the prevailing rates, was preceded by a sharp advance in prices and followed by an equally heavy decline,
 The disappointed ones who expected January boom were being heard from.
 The reduction of the bank of Eng land rate of discount indicates that the money stress all oyer the world has subsided.
 The most discouraging sign is the failure of the market to respond to the radical change for the better money conditions. From technical stand point the o.aly strong speculative feat ure is the rapid increase in the short interest.
 It is not at all improbable that the very recent Wall street liquidation had its part in convincing the bank that urgent protective measures were no longer necessary. Had the sort of Jsnuary boom which the Wall street speculators hoped for come to hand at the designated date the story might have been different, even now.
 The absence of any abrupt and vio- lent recovery yesterday after the heavy net losses sustained on Wednes-
 
 that liquidation had been real.
 Tn it's effect on sentiment the break in the Erie preferred shares corre- sponded to the decline of Wednesday in Southern Railway. The idea that new capital requirements would make a reduction in the dividend necessary was secuted Various specialties were without support as the 95-point decline in Lackawanna suggestts.
 The pressure against Erie stock and. bends yesterday was bosen on reports that more notes, bonds or some other security, are imminent, though it look ed as if these stories came from bear quarters
 A renewal rate of 3 1-2 per cent. on stocks and cash gain of $S,700,000 by the banks did not encourage any bull sentiment It was claimed that all this sort of thing had been discounted. The sharp rally in prices midway of the afternoon seemed to have been based on a driving in of shorts.
 The unfriendly attitude of thte trad ing toward the Gould stocks gave oc- casion for a raid on the wabash issues dIt6r IU6 DbdIS ilctu SAllduSCCu lllSlI opportunities elsewhere.
 Much of the early selling of Amal- gamated was attributed to "isiders." :" One firm which was given out after the close on Wednesday as selling 25,- 900 shares, put out about as much be- fore i o'clock yesterday, making 50,000 for the two days. This firm is close to leading directors, and is supposed often to execute orders for them.
 I.ackawanna's drop of 32 points on a sjrgle sale of 200 shares recalled the big drop in Delaware and Hudson in the 3aric of 1901.
 On the news that the Amalgamated dividend was unchanged the stock broke sharply, selling ? Is per cent. below the days high level Later the price reacted, and made up portion of the early decline.
 shannon stock reached "A 9S yester- day in Boston-another new high lead. It closed at 23 7-S.
 The talk about new security issues yesterday concerned chiefly Southern Railway, Erie and Canadian Pacific. The first two were pressed for sale, but the ldller Was Idily WeH SuppOA v cd
 The action of the market suggested forced liquidation. Everywhere that weak accounts were suspected, and where 1t was thought anxiety existed over large capital requirements and reduced dividends, the signs of pres sure a9neared.
 The Hartman stocks were avoided Inv the speculative contingent, who nolnted to the fact that the Interstate Commerce investigation will shortly be resumed in this city.
 Talk of 8, reduction of dividends or the preferred shares of the Fries is around. but as the second preferred dividend has been declared as fal ahead as next 41pril, this is not likely The market yesterday opened easy but coppers stood up well under liqui dation and showed good rallying pow 
 About the only compensation tha the bull has is the growth of the shor interest. It never ceases in a marke of this sort. Already stocks are show ing scarcity in the loan department.
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 If the Baby Is Cutting Teeth, be sur and use that old and well tried remedy Mrs. Winslows Soothing Syrup, fO