The daily morning journal and courier., 1907-04-17


 point. Soon a selling movement set in an declines of a point or more were re- corded by some issues. This did not bring out much stock. Prices again recovered, and by midday had become very strong But the market became dull on the advance, and transactions sank to small proportions. It was in all respects a professional market. Much of the buying represented short covering,
 A late influence which carried much weight was the presence of many out of-town officials of the United States Steel Corporation who came to report on the condition of the trade, and the operations of the numerous plants of the company. All of them, without exception, reported a continuation of the large business which has been wit messed since the beginning of the year. They declared that the outlook was for steady demand, with no material set l back, so far as present indications go. The influence of the steel trade on other departments of business is recog- nized as very great. Many other in- | dustries take their ''cue" from the steel and iron business.
 In the last half-hour stocks were dis tinctly strong, reaching the highest prices of the day. The main influence seemed to be the weakness in wheat, and purchases of stocks represented short covering, based on belief that crop news overnight might show im- l provement, as it has done to-day, with a resulting further decline in the sta- l pie. The granger stocks showed bet ter tone throughout the day, It was i generally conceded that they furnish 1 the key to the market, and that as they go, so other stocks are likely to fluctu- ate. Crop scare" stories, wired from Chicago in the afternoon attracted lt- tie attention; the scare" was admit tedly overdone.
 Notwithstanding an improvement In sentiment there was small public parti- 1 cipation in the stock market It was | ltiL tldl Nlilb 1IOp NOlulllOllS pldA SD important part financial interests will be slow to put up stocks. Most of the outside buying was of small sort and 1 represented picking up of investment shares. This included divldend-paying 1 railroad shares and few of the lead ing industrials. It approaches in only trifling way the magnitude of the buying which came about March IA, and later on March 25. A quieter mar ket was looked for for the time be- ing.
 A sale of 300 shares of Lackawanna yesterday at 460, or 13 points down, at- tracted some attention It was thought to represent a forced" transaction perhaps to raise cash to help out a weak account, or for some other pur- pose. It is some time since there have been any transactions of this magni- tude in Lackawanna.
 Canadian Pacific was aggressively
 strong, with a raise of several points
 It was probably the result of driv- ing in of the shorts by the pool It is 1 some weeks since this stock has beer l conspicuous. The last instance was during the Easter holidays, when Lon.
 don was closed on the Monday follow.
 ing Easter. That was the day Can. adian Pacific rose to 1S9 3-4. The pre-.
 vious Thursday it had closed arount
 167.
 London was again a seller in, but al
 so bought few shares. The sales or
 balance were probably 15,0OO shares American stocks in London were high, 1 CT all around-some of them a point oi
 more up. This appears to have beer based on New York buying, for tn, purpose on influencing sentiment Al stocks abroad were helped by sharl rally of two pounds sterling ton il copper metal and by a sharp recover,
 in Rio Tintos.
 Interest centers largely in forthcom 1 ing dividend on United States Stee | common, on which action is eXpectet
 to be taken April 30, The prevailing
 belief is that there will be no chang from 1-2 per cent. quarterly, notwith standing the strong position of tn
 trade. Wall Street is reconciled to tn , fact that if any increase is contem
 plated it will come after the crops ar assured-near the end of the summer The earnings of the common stocks ar conceded to be large, justifying som . additional distribution on the commo l stock, if business continues at the pres : ! ent rate