The daily morning journal and courier., 1907-01-24

Near the Close-MOney Continues
 Easy-The Great Northern Injunction
 Case.
 Yesterdays stock market was drifting one, distinguished with some activity and rising prices in the last hGur.
 The opening was dull, and it was an hour later when some of the active shares were first quoted. The injunc tion against the issue of the $6O,000,00O of new capital by the Great Northern was made a bear influence while the lack of rallying power and the general indifference shown by the outside pub- lie to values as they exist after the big decline were detrimental to the mark ct.
 The next thing of special interest is the dividend declarations by U. $. Steel next week It is thought the div idend on little Steel will not be chang ed, but some thought they detected ac- cumulation on a large scale, which, if true, might indicate an Increase in th6 dividend at the next weeks meeting. Reports from Philadelphia yesterday alleged that the executive committee had met in New York Tuesday and de- eided not to increase the dividend. It is now on per cent. annual basis, and many persons predicted that it would be advanced to 3 per cent.
 The fractions got move on yester- day and there were reports that the New Haven road would require a con- trolling interest in Manhattan Elevated. The timidity of the buying public was again manifest yesterday.
 The bulk of the trading during most of the day was made up of alternate moves by large board room operators who tradein from 25,O00 to 5O,O0O shares each, when they think they see a chance to make a turn of IA or 1-2 point clear On each 1000 shares profit of IA point would mean $250.
 Each day the long heralded bull market is postponed is a point in favor of the party working for lower prices. Great Northern, after an early de- cline, die to the decision of the Min nesota court, issuing an injunction re- straining. the issue of the $60,000,000 new stock until the company has se- cured the approval of the railroad commission, made up the early loss, Much of the buying represented short covering. Insiders in the cmopany did not apparently relish the delay in bringing out the new stock Northern Pacific for a time was weak sympa- thetically.
 Swift & Co.'s stock seems begged at 1ta.
 Amalgamated Copper's strength re- flected buying on information as to the supposed consolidation of lake copper interests, about which almost daily conferences are going on.
 A suggestive and somewhat ominous feature is the number of orders just above the present range. People who bought stocks on the break and did not sell Monday, thinking the advance would go further, are reckoning on a rise from which they can get profit
 Much of the buying represented cov- ering of shorts, of which there appear ed to be a large number outstanding.
 Southern Pacific stock was in fair demand around 95, but the usual amount of selling orders that have fol- lowed the rise above that figure shad- ed the price.
 London was not a factor in this IT arket, the total for the foreign ac- count being probably not over 10000 shares, mostly sales. There is a dis position abroad to wait for some rad ical change in our market before mak- ing many commitments.
 A banker with long experience in the street said yesterday that he did not remember time when securities were on such an attractive investment basis, but when there was So little incentive for people to buy.
 More sales of shannon at "A in yes- terdays stock market in Boston.
 With the liquidation over and no de- niand for securities at the low levels, practically the entire business done originates on the floor of the exchange.
 During four hours of trading the market was almost apathetfc, with prices-exeept for few minutes at the opening-heavy During the last hour, however, interest in the market was much more pronounced
 The rumors of new issues of bonds