The morning journal-courier., 1908-03-14
WALL STREET NOTES Market Continues Steady, With Industrials the Feature
 of Strength.
SHARP RISE NEAR CLOSE

SHARP RISE NEAR CLOSE Much Importance Attached Abroad to
 Complaint of Union Pacific
 Stockholders.
 The local stock market started firm and continued fairly steady most of the morning with the industrials the features of strength. Some of the trun kline issues reeeded notably Pennsylvania, and Baltimore and Ohio, 1 But in a general way, stocks were re- markedly steady up to one o'clock con- sidering teh extent of the -ise since last Friday. The rise of United States Steel common above again to-day had a favorable effect on sentiment. as did the advance in the metal group. Abroad they seemed to cttach more importance to the latest complaint against the Hartman management by a bunch of Union Pacific stockholders. The cabled prices for the information. ally dealt in shares showed general losses before our opening. At the same time trading In the London market was reported as dull and presenting lit l tie features. London houses here sold | about 35,00o shares.
 Wall street was inclined to be sus- pcious regarding the further marking up of the price of copper metal, after it had been twice reduced, immediately | following the reopening of the Butte mines. The theory generally offered on the Exchange was that the advance | in the metal was intended to facilitate 1 distribution of Copper and Smelling stocks, and incidentally help sell other issues.
 The current buying of International Steam Pump was said to be based on the fact known to certain people that the company has within the last two years reduced it's current liabilities more than 50 per cent. or from sS,- 100000 to $1,5oO,OoO.
 Weakness of Southern Railway shares was early construed as pointing i to probable passing of the preferred | dividend at the directors meeting later in the day. With passing of the di- f vidend, however, the standing of the company's bond is damaged for all purposes. The preferred opened 1-o point down, at 29, and early fell fur ther to 2S 12 The common opened unchanged, at II S-s, and then fell to 10 5-S, later, however, opening price.
 There was a squeeze of the shorts in f B. R. T. It went in the forenoon as high as 1-2 or 1-2 points above yester- I days closing. In this stock it has been another case of advance informa- tion not being particularly good cap ital to trade on. It would seem that good sized bear interest tagged af- ter the recent introduction iA the leg islature of five-cent Corey Island fare bill
 Promptly at 215 o'clock as if by
 
 leap upward, under the lead of the Hartman issues, Reading and Penn sylvania, smelting and Amalgnmated i Copper, to new high prices for the day and for this movement. Lots of 1.O00 and 2.G00 shares came out and the market developed great activity The short interest has been considerably Increased during the last two days | From the looks of things it was a driv- ing in of the shorts which caused tho sharp rise near the close. It Is a. convenient time to frighten the bears. i since they generally have no means of finding out Just what causes the rise. 1 There may be some important news out or nothing at all. But it Is not gen erally known until long after the close | what really causes the rise
 Nothing developed in the last half hour of business which threw light on the sharp rise in stocks. except talk about a relief bill in congress. But It i was apparent that powerful interests 1 were at the back of the advance They had been the prime movers in the rise i ol lUG last UGH udgSs II dIDhdTPN. Ih- l. day to he easier to lift stocks than it { was Friday. because there was some public buying to-day, whereas week | ago there was small sign of it. A well known fnancer once said that il | was easier to induce people to buy afv ter a rise of 10 points than before the advance started. This is because of the desire of many to have an object | lesson-tangible proof that the market l can go up It was said near the close i that the relief bill proposed by Presl- dent Roosevelt-the amendment to the | Antitrust blll-will be introduced next | week both the senate and house.
 MORSE BANkRUPTCY.