The morning journal-courier., 1908-01-08

Northern Pacific has become one of the most active of the trading stocks, a condition that has not existed since before the panic and corner of May, 1901. Among its forenoon buyers were J. NJ. Moves, G. c. Hollister, E, C., Potter & Co. Q,oOO). Lipper X Go. (2,-I 5O0), and Watson, Rollins & Co, while the sellers included Harris winthrop &I Go, K. Stevens, Frost & Co. J. M. Amory & Son Q,5O0, and Post & Flagg Q,O0O).
 The slight effect of news was shown by the small trading in American Cot ton Oil, after the announcement of a 4 per cent. dividend on the common stock The advance on the news was l 5-S points. This was one of the com panies which last November postponed its dividend for an indefinite time. The last previous dividend was per cent, in December, 1906.
 Reading was the feature of the morn Ing market, it's strength standing out when other prominent issues were rath- CT reactionary. After touching 99, it's closing price of Monday night. 1t again crossed par, going as high as 100 1-2 befores noon. Its buyers included l. NSpiegelberg. 5000; Lansburgh Brothers, 2,000; Halle & Stieglitz. l,500; Mestre & Co.,. and s. Schuyler, while among the sellers were T. D. Hooper, L. Perin Van Emburgh & Atterbury, Chapman & Co. and E. & c. Randolph.
 The market was very weak in the last hour, with a sharp break in Chi rago Great Western the feature. It sold off on a report that a receiver ship was pending there, but there was no development in this line. and the rumor was generally discredited. 9th er weak stocks were Missouri Pacific and Atchison. Cotton Oil was active and strong in the last hour
 When United States Steel preferred touched 90 just at noon it aroused much favorable comment. The Steel shares have lately been steadily work ing higher, although not active feat ures of the trading Among the buy CTS of Steel common were Lounsbery & Co. (5,0O0), E. Meyer, jr. t2,5OO), J. M. Moves, o. B. Bridgman. F. C. Hubert and J. J. Manning, while Mar shall Spader X Co. sold 5000.
 The market had many appearances of manipulation, for which reason !. traders were inclined to take the short side in leading issues which had had the sharpest rise. The bidding up of the high-priced coalers is a very old idea. It often means that other stocks are being distributed under cover of their advance. Anyway, it is an old saw that when the coalers rise sharp y the general market has culminated
 The anthracite coalers all appeared to be on the move. Not only did Reading again cross par, but Della ware, Lackawanna and Western rose to AIS 1-2, a gain of 2S 1-2 points on top of it's rise Monday of 42 1-2 points. Delaware and Hudson advanced to 166, 1-2 points up, and Jersey Gen. tral to 175, points up. Ontario and Western was fractionally higher.
 The report that Claus A. Spreckels is preparing to take some action against the Sugar company management had an effect upon Sugar stock at the opening IL started at l-2 points down at los. later touching 104. but subsequently, rallied to 106. Mir. Spreckels discov- cry that the chief officers and directors of the company have only a compara lively slim amount of the stock stand ing in their names is not a unique disclosure, so far as industrial corpor- atioffs are concerned. Wall street re- members well the small amount Of International Paper that former Gov. Roswell S Flower had at the time of his death. The annual meeting of the Sugar company takes place to-mor- row.
 Foreign transactions in this market yesterday were small probably. not more than 10000 shares. mostly sales These represented protit-ta king by traders who thought the market was due to have a setback. after the sharp rise it has had. Nest securities abroa i were steady, but Americans showed a halting tendency.
 STOCK MARKET REVIEW.
 Contraction of Business Despite
 Advance Indicates Conservatism.