The morning journal-courier., 1908-01-25


 after early strength.
 Northern Pacific stuck out in the early market, when prices generally were sagging. It was one of the isolat- ed firm spots going to 125 1-2, as com pared with 124 71s. the closing price yesterday. It's advance gave new life to the old story of an extra dividend on the stock, but while there is a rather general impression that some such ac- ton may eventually be taken by the directors, the thing that concerns Wall street most Is when will it be done.
 Special attacks were made upon Brooklyn Rapid Transit and Erie based on the Interruptions to traffic by req son of the snow storm. Mexican Cen tral was firm, and it was jokingly said that this was because 1t was known that there was no snow along its line. The stock market sold off again sharply in the last hour, under the lead of Reading. which broke below 100 and closing prices for many issues were about the lowest. The selling was chiefly due to advices from Washing ton asserting that the government would probably announce that the gov ernment would probably announce late this afternoon the beginning of the long contemplated suit to separate the Southern Pacific from Union Pacific. These two stocks were particularly heavy all day, as they have been for several days
 The early sharp break in American Locomotive, which carried it down IA points to 35 3-4, was due to the plans of the company to close it's locomotive works at Providence.
 News developments which would in- huence stocks were mixed Talk of possible lockout of the several hun dred thousand mill hands in the textile mills of England, which caused col lapse in cotton at midday, was regard ed as unfavorable news, and yet stocks were steady around o'clock, while cotton was breaking. The effect of a continued suspension of the textile in- dustry In England on our foreign trade was regarded as important yet the av- craze trader was not giving much thought to this. Reduced expenses by the Baltimore and Ohio and other com panies, because of heavy falling off in traffic, received more attention The midday rally was largely due to the expectation of another fine bank state lnent, though traders were disinclined to buy stocks after the experience of a week ago, when the remarkable show ing of the banks was followed by gen eral selling. and very sharp declines during the current week.
 The early weakness of the Steer stocks was attributed to renewed re- ports of poor earnings for the current quarter and big decrease in thrilled orders on hand. It was generally said, however, that the earnings for the quarter ended December 31 last would be much better than was expected. The most optimistic estimate thereof thus far is s32,000,O00.
 
 in as many minutes, with sales of 100 shares each. Then there were a few purchases and the stock rebounded 10 153 again. Brokers on the floor thought that this was an effort to dislodge margined accounts The ostensible req son given for the selling was about the success of the plan to extend S,0000 0oo temporary notes, which mature next month On the recent rise this stock sold up around 1es.
 New York Central was again under pressure and the continued heaviness probably induced some closing out of speculative accounts, as well as sales of investment holdings. It touched new low figure for the present movement though lacking half a dozen points ot which the stock declined made it cleal that the short interest had been elim. mated on the rise to around l04 last week.
 The concurrent break in Consolidat. ed Gas New York Central, Delaware and Hudson United States Steel ant several other leading stocks. tended tt confirm the conviction that short sell ing was at the back of the early break Bear operators always select the weak est points for attack in hopes O frightening people to sell out othe stocks in which the largest short in terest exists In the present instances the short account was probably great est in Smelling, Pennsylvania. TnioI Pacific. St. Paul and Reading Ther, was a noticeable firmness in these laU ter issues shortly after the break i the specialties mentioned.
 Walkers copper letter yesterda' said. The metal market has continu ed more active than during December Domestic consumers. however. ar still buying very sparing1x- As a re suit Of the easy tendency Of of money It is expected that the demand iron