The daily morning journal and courier., 1907-02-07
STOCK MARKET FEATURES
PRICES ADVANCE AND THEN
 HAVE 4 RECESSION

The Drop Due to Rumors of More Note
 Issues-Dullness Reigned Most of the
 Day-MO. P. Lowest Since 1901--St.
 Paul, U. P. and SteeIs Held We'll
 DistilIeries Strong Over Increased
 Dividend Talk-HnI Stocks Heavy
 The Days Gossip.
 Stocks were strong but dull most of the day yesterday, but upon a fierce raid made on Missouri Pacific caused small recession in prices.
 The policy of keeping two or three shares weak discouraged the optimism that has been rising recently. Missouri Pacific declined over three points, to the lowest level since 1901.
 The bear element was on the defen- sive for the rise that was in progress promised to reduce profits made in commitments to the short side of the account.
 The ease with which the bears de- pressed the market caused considerable uneasiness. It showed that insiders and pools were buying very few of their own stocks
 St. Paul and Union Pacific were strong, also Steel preferred, which sold equivalent to about 1O7 ex-dividend, and some of the minor railroad and in- dustrial issues were strong. For in- stance, Distilleries Securities, for which an increased dividend is promised; Kansas and Texas, Denver common, Pressed Steel and Railway Steel Spring Amalgamated was strong also.
 In the last hour there was sharp sell ing of Missouri Pacific and several other issues on reports that the com panies concerned would have to put out short term notes within a month. The rImors were not confirmed, but on the news of $6,500,000 note issue by Rock Island, the rumors were used with eff feet. The closing was generally unset tied, with very irregular prices. The re- port as to Mop was promptly denied by officials of the company.
 The movement in Distillers was of clique origin, and while 1t was in pro- gress a convenient runor had it that "good people, believe the dividend will be increased to per cent The stock never reached 75 before yesterday
 Just now sentiment is more favorable to the U. s. Steels on account of the | conservative action of directors on the 1 common stock dividend rate. Good in- l vestment buying has occurred.
 Reading kept Up it's reputation as the | leader in point of activity. But that it ! showed a net advance at 1 o'clock of only 1-4 point after sales of 9S,O00 shares savored of extensive manipulation by the clique. Indications were that the pool disposed of some of it's holdings yesterday which it has been compelled to buy on the break to 11S 1-2.
 The prospect of higher railroad rates is considered very good; there is an equal chance that moderate currency reform measure may go through; sev- eral increased dividends are suggested as probable; gold imports will continue and it is admitted that the market has had all the shock it is to receive from large capital issues There were the bull factors talked of.
 The weekly report of recognized au- thority, asserting that the demand Tor iron and steel during the first week of l February was much lighter both for immediate delivery and for the second | half of the year; also excited consider | able interest ia Wall street,
 It is recognized that a few days of | gradual advance would help the mark | ct much more than a big jump in one session. An average daily rise of IA | to 1-2 per cent. would disconcert the l shorts. ]
 The report was revived that the div idend on Mop might be reduced from a 5 to 4 per cent. basis. This same | story has more than once done service in depressing Missouri Pacific. That in siders were doing practically nothing to protect the stock seemed clear
 The best response to the general i'm movement was in the non-dividend | paying southwestern stocks. Texas Pacific, St. Louis Sopthwesternu and Kansas and Texas all exhibited strength. Denver and Rio Grande conn mon was also strong. They all flatten- ed OuL when MiSSOuIl I-dClllC UIOhS I-G points.
 The holding of meetings by the vari- ous Vanderbilt lines yesterday for the purpose of making estimates of expen- ditures for the year, was accompanied by a report that in the next few months there would be a large curtail- ment of outlay on the New York Gen. tral system. This was not confirmed.
 The sale in the past two days of 12OOO shares of Great No Nern preferred has been by the specialis,s, and was believ- ed to be long stock. The offering of such a large amount, representing a market value of nearly $2,000000, at the end of what seemed to be liqudating movement, is puzzling to the street.
 A more quiet closing that yesterdays the market has not experienced in many weeks.
 Business in Japanese bonds is very narrow, as few of them are for sale.
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