The daily morning journal and courier., 1907-01-22
YEsTERDAY's STOCK MARKET
Conditions Much Confused Again = 1
 BuOyant Close.

New York, Jah. 21- Conditions in the stock market were much confused again to-day. Tine market did not maintain the buoyant show of strength with which it opened and did not even make a good resistance to the renewed selling pressure which developed later. It was inferred that the uqshot of prices at the start were due largely to the requirements of uncovered shorts and the higher prices which were eaus- ed by this buying we're taken advant- age of to renew the liquidation, as was the cast last week There was a buoyant rebound at the last again. It was not a surprise that a consider able uncovered short interest should | be developed when the downward | course of prices was once arrested and turn upwards affected. It was hap | ed also that the arrest of the rapid decline of prices would fortify the po- sition of long accounts in the market l so as to relieve them from the neces- sity for reducing their commitments, as was obviously the case last week. | There was buying at the opening in important volume which was attrib- uted to large banking interests and which was accepted as an intimation of a determination to support the market The time occuied since the market closed on Saturday in a can- vass of the situation found no war rant for the rumors of financial diff | faculties which were in circulation Sat urday and there was an understanding about the stock exchange that some arrangements had been perfected for the protection of number of accounts which were overhanging last week S market In the loan crowd also the rates on a ntimber of stocks which had been most freely sold last week, indicated the proportions of the short interest in those stocks. It was not ap- parent that the decline of last week had resulted in bringing in very un- wieldly selling orders to commission houses. These various conditions com- 1 bined to awaken the uneasiness of the bear party and prompted them to the l active buying of the first hour. With the completion of the buying of this character the action of the market be- | came disappointing again to the hopes of an extended recovery. The nature of the selling in the Interborough- l Metropolitan stocks had an intimating effect on sentiment. It was accompan- iedby rumors that additional capital issues were to be forthcoming from this new quarter. On the other hand much attention was attracted by a re- port that plans Were shaping in some of the railroad corporations to mod | fly their intended outlays for the com ing year for extensions and better ments. Money continued to work cas- fer and call loans were made for the 1 most part at 3 per cent. or below h. terest rates on time loans also con- tinued to decline. The renewal of the liquidation served to revive reports of the necessitous. scaling down of some important accounts of long standing and which, it is supposed were help ed over the end of the year in the
 hope that the easing of the money
 market would offer a better chance fol
 liquidation, When this liquidation was over the market rebounded suddenly
 and closed buoyant at the top prices ot
 the day
 Bonds were heavy. Total sales pal
 value. S1.SS4.0O0
 | United States bonds were unchang.
 e; on call