The morning journal-courier., 1908-01-09

Exchange that the Northern Pacific directors would declare only the regu- lar dividend at noon to-day. proba- ply induced a good deal of selling of the general list. Great Western de- clined further.
 Considerable attention was directed yesterday to the weakness of various so-called Morgan issues. Selling of Erie and Southern Railway shares, was regarded as significant by some. These two companies have further fin- encial arrangements to make to secure capital, and some of Fries temporary notes soon must be renewed in one way or other, or paid off. The action of this group of stocks was regarded as Indicating that Mir. Morgan was not doing anything to stimulate the mar ket.
 Reports of the action taken at Lon- don to apply for receiver for Chicago Great Western, undoubtedly induced some selling. particularly by small holders who had bought the shares by much higher prices. These devolop- ments-on top of the Seaboard Air Line receivership, and the local traction re- ceiverships have had an unsettling ef- feet on sentiment abroad, though there is said to be disposition to believe that the worst that could possibly hap pen was discounted in the recent panic.
 Northern Pacific was bid up to 123 7-S between II and 11:30 o'clock, the re- mainder of the list being firm in sym pathy, but on the news of the Chicago Great Western receivership prices fell away quickly. Northern Pacific selling down to 121. Chicago Great Western fell to 6, a loss of 1. and the preferred 1B to 3-S, loss ofl1, both new bot toms The weakest issues were the southwestern group, Atchison losing 11-4 to 6S 1-S, Rock Island to IA 1-2, and the preferred to 2S 1-2, while Missouri Pacific reached new low lev el, touching Al 1-2. Pullman rose Is, Transactions to noon were 23542l shares.
 About 12.40 p. m, when it was an- nounced that the regular Northern Pa cific dividend of 3-4 per cent, but no extra was declared, Northern Pacific was selling at 121. It reached to 120 34, rallied to 12l, and then quickly sold off to 119 7-S carrying other stocks down with it. But little selling pressure de- veloped for time, and there was a partial rally by 1 o'clock. Then the market became dull.
 Foreign traders sold 10000 shares in this market yesterday, chiefly the Hill stocks and United States Steel. Whe- tfer sales of Northern Pacific repre- { sented loss on purchases made high CT up was not clear. But as there were practically no purchases of it to-day, l this theory is likely one All securi- ties abroad were heavy before the local 1 opening Rumors of pending receiv- ership for Great Western appear to have had some effect on sentiment abroad, where these securities are largely held
 The weakness of Canadian Pacific 1 was attributed to further liqu dation in London for German account Traders report the stock, however, as closely held, and therefore 8 dangerous short sale.
 The weakness in Atchison was not liked by investors. Traders opinioned that it foreshadowed reduction in the dividend. The stock has not ral- lied approximately with the rest of , the list, which makes the present weakness the more unfavorable.
 Reports were current yesterday af- ternoon that Mir. Gould had arranged for the extension of about one-half of the maturing notes of the Missouri Pa cific system, including those put out by the Iron Mountain company. The stock rallied little in this connection.
 The annual meeting of the American Sugar Refining company, at noon, at tracted much attention. The stock had been heavy all the morning though not greatly so. What selling there was appeared to emanate largely from the bear party. This stock was quiet, but heavy early in the afternoon.
 There was another spectacular ad- vance in Jackawanna yesterday, a few minutes before the close. The stock, which had advanced from 420 on Monday, to ASA 12 yesterday after noon, opened on 100 shares at 4S5; 100 more then sold at 494; then 10s sold at 300, the highest price in eleven months.