The daily morning journal and courier., 1907-11-15
LATE FEATURES OF
 THE STOCK MARKET The Market Starts Moderately Firm, But Soon
 Sags Off.
FAIR RECOVERY FOLLOWS
Union Pacific Quarterly Divi- dend Sticks to 21 Per Cent. London Trade Light.

LOnUOn ITauG AlSnG' After moderate firmness at the start yesterday stocks soon sagged off, with United States Steel and St. Paul lead ing, and considerable long stock came out But with the declaration of thel usual dividends by Union Pacific and Southern Pacific, and with an easing off of the currency premium, there was a fair recovery, which at midday left certain issues above Wednesdays final quotations. It was apparent from the behavior of the market that banking interests wanted to keep things quiet; and that they neither wanted undue advance nor pronounced weakness in the stock market.
 The feature of the day was the ap- parently urgent liquidation for west ern account and for Pittsburg and Pennsylvania. This was attended with various reports of trouble" in Penn sylvania and in Chicago. They could not be traced to any definite source, but probably represented the closing
 
 the continued premium commanded by currency. It was also alleged that there was some selling of long stocks Of an investment character for Chicago account, with a view to converting them into cash and utilizing the latter n general business. But banking in erests declared that there was noth- ng to be disturbed about for the req sons mentioned
 The declaration of the regular 2 1-2 per cent. quarterly dividend by Union Pacific and the 1-2 per cent. quarterly payment by Southern Pacific yesterday ook Wall street by surprise. It set ht rest the rumors that there might be reduction, by reason of the inability Pf both companies to keep up the re- ent pace set by MT. Hartman Both tocks rallied moderately, and early in he afternoon were still somewhat gher than they were at Wednesdays lose. From this, it was apparent that lere was not much selling pressure in hat direction, and there were plenty persons who thought that on theil xisting basis of dividends both stocks < were cheap. Union Pacific at 11O yields yer 9 per cent, and Southern Pacific t 6S yields S.S per cent.
 London traded very lightly in the 1arket yesterday, selling a few shares n balance out of total of 10000 oreign markets were treasured yes Prday by the maintenance of the Banl England discount rate at per cent nd the relative strong showing of tha stitution. American stocks in Lon. on were steady before the local open. ag.
 # The Wall street news agencies ade good deal of the fact that two all street banks had asked the clasl- g house to retire portion of their m certificates The fact was that e retirement affected only a small nount and resulted from the fact at the banks had to use a portian the underlying collateral that had en pledged with the clearing house mmittee
 Reports were current yesterday Chat omission houses admitted 'lIrgant uidations" by customers in order to currency. This was untrue. Lead brokers said there was remark ly little selling. In fact, there was ying in small lots of 10 to TOO ares in considerable abundance nsidering the existence of a 'higE emium on currency. It was stated Fterday that there were numerous til orders from Europe to buy gilt ged stocks and bonds for invest x nt-chiefy such issues at Pennsvl. nia, Union Pacific, Southern Pacific " York Central, Northern, Pacific old time favorites with foreign In the efforts to attract deposit m small people one Wall stree ney brokerage house displayed ge sign in its office yesterday of ing to pay per cent. interest, wit 2 per cent premium, for sixty da oosits for cash. There was quite ponse to the offer, but the firm dit chief business in selling currenc, a premium
 prominent bank in a Western cit. the following message to it's Ney k correspondent to-day.
 Will you send us some legal-tende es or specie? We are tired of gel
 nothing but Teddy-bear currency have Clearing House certificates t n'
 < pme bankers detected a little les ency in their demands from out-o points to-day and in the case 0 De or four institutions, which wer red currency at Q 3 per cent. prem which was from 1-4 per cent. t per cent. below the market, the of
 were politely declined.
 he money brokers reported tha e was a weaker tendency to tn nium on both gold and currenC offers higher than per cent wer
 e to-day for large amounts of for
 gold The best bid for currenc
 1-2 per cent. About $5O0OO0O i