The daily morning journal and courier., 1907-04-02

call money market was extremely easy. Some had predicted a little furry until the April l disbursements have found their proper channel. But the large gain in cash from the government dis spated fears regarding the money mar
 With the foreign bourses closed the New York stock market took on a pro- fessicnal character. A few buying or ders in Canadian Pacific were reported to have been sent over from London though this rumor was uncon1lrmed If such was the case they probably represented short covering. Another sensational rise in Canadian Pacific, with heavy short covering, was the compared with 1S2h, Fridays closing, it rose rapidly to 1S9a, fell back to around 1852, and early in the after noon again shot upward to 1S915. 9th CT stocks were firm at the start, rose l to l 1a points reacted about that much and early in the afternoon were firm l again.
 One of the early weak spots was l Great Northern preferred. It was sold | for general effect on the market and in sympathy with the declines in the stockholders do not want to take up | any new securities. The policy of mak- ing payments for 40 per cent of the | new issue immediately was one of the influences forcing liquidation.
 A general squeeze of the shorts oc- cured between 1:30 and 2:30. Amai- 1 gamated Copper. Atchison, Union Pact- fic,. St. Paul, Shelters, Pennsylvania and the Steel stocks rose from 1 F 10 l 4R points. The active buying back oc- cured in Copper, Atchison and Penn | Cat of al cfa Aa,s,a tc Cf an Atchison increase of dividend and the expected Washington statement were used against the bears.
 About the best sort of buying occur red in Union Pacific. On the two-point rise it was In demand from several im- portant houses. It reflected an ingath- erlng of short contracts and more con- hdenee in the ability of the company to maintain its 10 per cent. dividend rate
 The buying of Atchison was mani festly to take advantage of higher div idend talk. The meeting to determine the rate occurs tomorrow The street is very much divided on the policy O directors, for there are two sides to the question Undoubtedly the board was committed to a per cent. rate last Oo
 tober But subsequent railroad ant investment conditions do not suppor any increase in the future dividend charges.
 The banks financed the April diyi.
 dend account without inconvenience Call money loaned most of the day
 around per cent, compared with 1t per cent on the opening day of las
 April. A year ago the rate got up tt
 30 per cent before the month was out
 In the last half hour the market solt
 off fraetionally. There was q rally
 ried many of the active shares near tn,
 best of the day. Union Pacific Anal
 gamated Copper, St. Paul, Pennsylva
 nia and the Steel shares were heavil! traded in.
 , Yesterday the e1s per cent divlden
 on southern Pacihc was payable, com
 pleting the full per cent. for the year On the ex-dividend basis the stocl ; opened at S15 and sold lower on 1000 1 shares offered by Content & Co. Whll there is not any probability of a de ciston restraining future dividends, tn } people behind the litigation believe tha f they can show irregular methods in tn
 financing of the Galveston. Harrlsbur, ! and San Antonio, whose interest Is Ii default. ThiF may have a sentimenta , reaction on Southern Pacific stock.
 Heavy speculative selling of ReadinI occurred after that stock had reache z 105A This carried 1t down to l0S ] R. Williston & Co. sold 15.O00. H. K
 Burras X Co 5000 and several othe : houses supplied from 2,000 to 800 } shares each The stock was used |
 bring about general reaction afte
 the first rise of the day