The daily morning journal and courier., 1907-01-26

Hears on the Rampage Again--TOOIz
 New Courage over Rise in Money
 Rates-WeaIkness Apparent All Day
 But Little Public Buying.
 The bears raided the stock market again yesterday, taking new courage owing to the absence of public buying and the hardening of money rates.
 After slow and continuous decline, with light trading, came a sharp break during the last few minutes.
 As the market refused to advance the bears thought it wise to assall it.
 It was evident that people who bought stocks on the idea that they would recover at least half of their de- cline grew tired of tho uncertain course of prices, and, with some new unfavor- able factors developing, they sold out their securities.
 The good point in the present market is that some pretty thorough dislodging of accounts has occurred already Its bad point is that, with all the decline, and with several important stocks sell ing at prices to net per cent, or more, the general public does not grow enthu- siastic
 The three factors making for the early low prices were Secretary Shaw $ order withdrawing $30,000,O00 from the banks after February 1, the suit to compel one of the underlying companies of the Great Northern to forfeit it's charter, and the interstate commerce commission report recommending that railroads dispose of stocks held in coal companies.
 The stock market took the cue from London, opening lower for the most part and continuing to decline, off and on, up to midday
 A recent loan of $5,000,0OO at per cent. was made by the Bank of England to stock exchange firm presenting American securities.
 Nipissing's break on the curb was in connection with a report that there would be new issue of stock. This was denied by President Earle. Yes terday's seeling seemed to be of much the same character as that witnessed at intervals since the great rise.
 From the character of the selling it was thought that Keene was behind the drive. He has been very bearish, and the best information is that he has not covered ID his short line.
 The weakness of Steel common, which broke to 46 1-4 on a few sales, had de- pressing effect on the entire list. Tt means there will be no increase in the dividend next Tuesday, was a common remark.
 Cables spoke again of the liquidation of a big account of American stocks by a London arbitrage house. This seems to De much exaggerated.
 Probably the most favorable feature of the stock market-if it could be said to have any that were favorable, on a declining scale-was the smallness of the liquidation during the break prior to 1 o'clock.
 At several levels the market met with support. This came from the same peo- ple who bought stocks on the liquida- tion last week.
 The bear element found number of new weak spots They were Mexican Central, which sold at the lowest in months; Louisville and Nashville, At lantic Coast Line, Canadian Pacific and Virginia Coal So long as specialties can be found that are not protected buying courage will diminish,
 The meagre demand for stocks in the loan crowd yesterday indicated on the surface that there is very little short interest outstanding-in other words that most of the selling was long stock But the loan crowd" is notoriously deceptive.
 The decline in the Standard oil spe- cialties, Amalgamated Copper, St. Paul Southern Pacific and Union Pacific was very heavy.
 Traders in Amalgamated Copper got badly "whipsawed" by the operations of the last few days
 The increase in the dividend on Peo- ples Gas had no beneficial effect It only urged the bears on. They based their raid on a poor bank statement to- day.
 The Boston market was heavy all day yesterday. Shannon held well, but closed at 29, a point lower. Parrot was weaker, closing at 31. Swift & Go. dropped nearly point, closing at l111-4.
 Although call money got up to per cent. again yesterday, most of the loans were made around 34 per cent, which was the renewal basis quoted by the large banks. There was no eagerness however, to take money on those terms