The daily morning journal and courier., 1907-03-29
STOCK MARKET FEATURES
STREET PERPLEXED BY FALL ' IN c. N. RIGHTS.

clsion in MinnesOta-TwO Radically
 Different Opinions us to Effect of
 Western Railroad Strike if Declared
 Announcement of Failure of Small
 Banking Firm Has Little Efrect-Ex-
 change Open To-Day.
 Great Northern rights on the curb declined S@ points from 13h to 1OB, while the stock on the exchange rose nearly points on the decision of the supreme court yesterday permitting the issue of new stock. It perplexed the street to explain this But the fact that under the original plan four are due on April may have explained the pressure to get out of the rights. Many seemed to fear that 1t would be difficult to raise the desired amount of money by the date mentioned.
 Discussion of the possibility of a great western railroad strike brought forth two radically different opinions. One group contended that 1t had never paid to sell stocks on strike, because, supporting orders were usually put In, and when the trouble is over the shorta are driven in. The other side urged that a strike at the present time would be only one of various unfavorable fac tors, which, as a whole, tended to de- press values.
 The heaviest buyer of stocks yester- day was reported to have been firm that put our several large selling or ders right before the close Wednes- day-or, in any event, it was alleged trat many of the buying orders eman- ated from the firm in question Trad CTS set this down to short covering While the selling was going on We'd nesday it was rumored that some con- cerns was in trouble. A small suspen- sion yesterday probably furnished the basis for the talk.
 After an early irregularity stocks rallied quite sharply, with Great North 1 sota supreme court decision, permitting the company to issue S60000000 new l stock. This issue had been blocked for | about three. months. Great Northern, which, opening points up at 136h, rose quickly to 1893, but later eased off to 137.
 l The announcement of the suspension of small banking concern had little effect on stocks.
 Standard Oil stock declined 5% points by early in the afternoon to 494, the lowest price in about seven years. | The high price in the spring of 1901 was SAP. The weakness of this stock attracted great deal of attention and probably checked buying of other stocks to some extent. The offerings were quite. large.
 Erie common and preferred shares worked in opposite directions. This indicated different points of view of the speculator and the investor. The shorts bought up the common on the official statements that dividends would be continued and notes met at maturi- ty, while investors sold on the reason able idea that a corporation whose credit Is so weak as to end instantly work absolutely essential to future growth has no right to be paying div idends on second preferred shares, even though the amount required is small. | Trading in stocks was very desultory in the last hour In the closing half hour the shorts made another attack but their covering operations caused the market to rally sharply before the close, The principal selling was in Union Pacific, Reading and Copper which were the stocks generally pick ed out for attack.
 The stock exchange will be open to- day. The opposition to closing came from the banks. They said that with q double holiday loans would carry over from Thursday until Monday. In that case they would be forced to call some loans that otherwise would mol