The daily morning journal and courier., 1907-12-04
LATE FEATURES OF
 THE STOCK MARKET Heavy Profit Taking Brings on
 Decline. CURRENCY PREMIUM HIGHER Money Easier, Sterling Down and Presidents Message
 Discounted.

Discounted.
 The stock market after showing strength grew stale and then heavy m the last hour on heavy profit taking from financial interests that bought stocks near their recent low points. On the whole the presidents mes sage had no depressing effect, In fact Wall street In general seemed to like it, In banking circles the opinion was expressed that it was conservative document, and indicated quiet4r at- titude toward corporations, although nobody could point to any clauses which could be regarded as distinct backdown on the part of the presi- dent.
 The action of the market showed that the message to congress had been pretty well discounted before its pre- sentation. Forecasts of what the mes sage contained had been very general iy spread about Wall street, and ob- viated any necessity of reading it's So,- 900 words.
 There was an attempt by the bears to get up war scare" because of the fact that Ambassador Aoki has been summoned back to Japan, but this attempt was not successful The aI tnkv s1A a Ia yxy to base war talk on.
 Prior to our opening the London market was given a cue, its prices for American shares showing very general losses. This, with the fact that Lon don houses had some selling orders, infuenced a lower local opening. Although the markets general course was in the direction of lower prices, 1t was not uniformly weak; at midday, a very sharp advance in sew eral stocks served notice that the E aShort account was still there The bond market halted somewhat in it's E recovery, and was less active than Mondays, but it was not weak. It was believed that there was 8 great deal of profit taking in the U $. Steel stocks, but there was nothing to sindicate that leading interests had & Burned around and had gone short. # American Sugar Refining was weak # Bmost of the day as result of the ser- Z tous illness of President H. 0. Have meyer.
 4 The currency premium rose to per bent. after midday, and was maintain ed at 3-4 until the close. The market bad 6, nervous tone because of the gen. ral inability to explain this. It had een predicted last week that the pre- lium would be abolished before the nd of this week. The opinion is ex- ressed now that the greater demand pr cash may be due to expectation of call by the comptroller of the cur ency in the near future.
 Tn view of conditions in the copper etal markets Wall street is taking a 5 eat interest in the forthcoming divi- nd meetings of the Anaconda Copper mpany an dthe Analgamated Copper mpany. The directors of the former mpany will meet some time this pnth, and it is expected that there F lI be a reduction from the rate of 25 paid in the last quarter. Amal- mated Copper directors will meet in huary and a reduction in the quar- Ny rate of $1 6 share is thought not likely.
 lireotors of the Granby Consolidat-
 Mining, Smelling and Power com .y Ltd, met yesterday and decided postpone their action on the regu-
 quarterly dividend The company
 been paying 2 per cent. quarterly, D an optional 1 per cent. extra
 be advance in the currency prem- E to 1 S-4 and per cent was finally eved to reflect purchases by Vest
 banks in anticipation of probable
 from the comptroller requiring a
 ement of their condition some time
 week.
 the latter part of the session there
 three distinct movements. There
 the opening reaction, then a rap
 ash up to quotations higher than
 reached on Monday and then a
 decline accompanied by heavy
 ping of long stocks to take profits |z| big rally after the opening was at
 ted to the meeting of buying or
 which had been put in over night
 commission houses to be executed
 market receded. Prices rebound
 meeting these orders and started E CT scare of the bears.
 high money was 8; low, f; clos
 mostly all, ' per cent.
 PRICES PUT UP.