The daily morning journal and courier., 1907-12-11

The StOck market was WoahOA '
 terday, due to short selling and more liquidation. Call money was as high as B per cent and closed at fl. This was mot helpful to bullishness.
 The railroad shares, which on Mon day held back from joining in the down ward movement, finally participated In it with such prominent issues as Read- ing, Union Pacific and the Hill stocks registering material pfice losses
 A lot of disturbing rumors which were not confirmed were circulated on the floor of the stock exchange to the effect that some local bank was in difficulties.
 The check to the animated forward movement was felt on the bond market as well. The currency premium was lower, going below 1 per cent again; probably the high rate of money re- suited from restrictions applied to loans by banking institutions with a view of Hlastening the upbuilding of their re- serve position.
 Recent disclosures have shown that, taken as a whole, interior banks are stronger in cash reserves than they were before the panic. They cannot. however, well resume full payments until New York has set the example; therefore, the country as a whole has particular interest in that consumma- ton. The stock market closed some what above the lowest.
 The feature of the outside markets was a srnash of $2.30 to $2.65 a bale in cotton yricss, following an apparently bulIish government crop estimate, which put the yield at 11,67SO GOO bales, exclusive of linters. The trade esti- mates the latter at about 300000 bales. The report had been plainly discounted In the cotton market before it's ap- pearancc
 As the Hill stocks crumbled at mid- day with declines which carried them to 5 or points below the recent top figures, a great many speculative ac- connts were thrown over Union Pa cific declined with them, as did Read ing and other issues which had been popular favorites,
 One of the incidents of the late fore- noon was the special weakness that de- veloped in United States Rubber, the common after opening unchanged from Monday at 21 5-S, falling to 19 Some stock appeared to have been forced for sale, probably representing the collat- eral i'll loan.
 Much interest was taken in the divi- dend recommendation by the Western Union executive committee, but the ac- tion of the committee was not made public pending the meeting of the di- rectors to-day.
 It developed late in the day that the heaviest selling of the Hill stocks was for the account of an interest which was loaded up and was placed in diff ficult position during the money panic of October. In usually well-informed circles 1t was believed that the interest in question had been liquidating Mon- day and yesterday, and that possibly the recent bidding up of these stocks was intended to get a better basis to liquidate on.
 Interest was taken in the announce ment that the United States Steel cor, poration had notified it's roller men of a ten per cent. cut in wages.
 American Sugar Refining was not prevented from making serious price loss by the appointment yesterday of \ an acting president to take the place ! of Fl. o. Havemeyer until the annual meeting on January 8. Vice. President w. B. Thomas, whose office has been \ in Boston, is the new executive Sugar Refining stock opened down ene-haf of a point, at 1o4 1-2, and later touched 100 1-2.
 Philadelphia wired story that the I Pennsylvania railroad will shortly do some new financing which would take 1.-the shape of $500oO,oa0 stock issue. Pennsylvania shares early fell full point to 112 Ss.
 In addition to the regular quarterly #sfividend of ? 1-2 per cent, directors of ehe Mergenthaler Linotype company l sBesterday declared an extra dividend =bf per cent. An extra dividend of Der cent. was made a year ago.  STOCK MARKET REVIEW. I ssalI Money Adyances-Recent Support of Market Abandoned.