The morning journal-courier., 1908-01-07

panic. Great Northern, Union Pacific Southern Pacific an dSt. Paul also rose sharply. Reading, Amalgamated Cop per and numerous specialties scored gains of to 8 points. Although the volume of business up to noon was no larger than on Saturday, 1t in creased between twelve and one O. i clock, some lots of 1000 to 2,50O shares coming out.
 The sharp rise In Northern Pacific, carrying 1t up to level about 10 points above that of a few days ago. had the natural effect of convincing that something important is about to happen. As to the details, nobody was very bold in predicting. There were some hints of an extra dividend. The next regular dividend will be payable about February l and action on it is due this week. Mir Hill, In recent in- terviews, has maintained mysterious reserve.
 It was reported on the floor that 10000 shares of borrowed Great North ern preferred had been returned last week by E. F. Hutton & Co. in the name of c. D. Barney & Co., and il was current gossip that this stock was transferred by Hartman & Co. The rumors about the sale of the remainder of the Union Pacific holdings of Great Northern got down to so fine a point that it was said that something under 500 shares is all that now remains In the Union Pacific treasury.
 The strength of the metal shares was one of the features. and was credited N-sthe better talk regarding copper tradN conditis.is. Amalgamated Cop per by midday had crossed 50. Smelt- ing was another very strong stock. E. F. Hutton & Co., early brought g. 800 Amalgamated and H. T. Imbrie 1, 900. Hutton X Go. also bought LOGO Smelting, while Benedict, Drysdale X Co. sold 1000
 Attention was focused upon Consol- idate Gas when it crossed par It's movement, like that of other old time investment issues, was thought to merely reflect the general revival of confidence in security values co-inci- dent with the improvement in the monetary situation.
 United States Steel shares were rela- lively heavy during most of the day. Indicating that the recovery in the steel trade has not gained much if any headway, and that financial interests have no present desire to add to their holdings. Steel common was the strongest stock on the list during the October panic, being held around 22 It was suggested to-day that those who bought in October may be distrib. uting their holdings now There would be a fair profit in this
 London houses were sellers of about 10000 shares in the early trading, scat. tered in small lots among many diff ferent stocks. Cabled prices for Ameri- can shares before our opening aver aged losses, but beyond the fractional recession at the opening the attitude of London was ignored locally.
 Reading was comparatively heav, during the first half of the day. Trad. CTS did not know whether to believe that this stock was being liquidated Reading later on would have an inde. pendent rise and give operators chance to dispose of other stocks while this is in progress. Reading is a so. called independent stock and is easily moved up or down.
 After a great deal of buoyancy ii stocks during most of the afternoon with Reading, Northern Pacific. Della. ware, Lackawanna and Western, Con solidated Gas, and others scoring sharI gains, prices eased off in the last hall hour, as the call money market har. Hened. By 2;50 o'clock call money hat risen to 9 per cent
 A driving in of the shorts, as if bS preconcerted action, seemed to be al Ike bottom of the rise in stocks But It was based on steady improvement ir he monetary situation with call mon. sy decidedly easier. It ruled during most of the day between , F and her ceot The very favorable bank rtatemeNt on Saturday brought il many buying orders from the interior bver Sunday.
 Consolidated Gas rose half dozer points and was quite active. Among ,ther speo;alties that scored sharp gar were United States Rubber preferred American Tobacco preferred, and var ous manufacturing shares. Pool man pulations probably accounted for mos If the movements.
 One of the best features of yesterda, md one which had much to do witt improvement in sentiment was th' tonsiderably easier tendency Of tim nonev.. Brokers reported that fou months money was freely offered at Ter cent. but that the demand wa hirIy light They are looking for Mill further recession in time none! ates.
 Third Avenue sold off moderately or he complication of tho eompanys af airs by the appointment Of another re eiver. The defau.t on various guar tnteed stocks of the Metropolitan at racted much attention. but it was de Jared that the defaults on most Q hem fbut not including Third Avenue Fere merely temporary.
 The steamship Gascogne. which ar ived yesterday morning, brought elev