The Birmingham age-herald., 1908-12-20
STOCK MARKET
 BECOMES STEADY Hammering By Bears Is Stop ped Before the Close ALL SPECIALTIES ARE FIRM Shelter Stock Recovers Losses Caused By Special Beating Down of Prlces
 By Spectators For Their
 Own Profit
By THOMAS c. sHorWELL.

New York, December 19.-Sobered by the discovery that Canadian Pacific has in- vaded the New York city field demanding a khare of freight which the other rail- roads are compelled to let 1t have owing to its superior position in regard to mile age and capitalization, the Wall street raiders paused today. Word was passed out from high places to stop smashing and get the market quiet again. This was addressed particularly to operators who have been building one smelter in Utah and string of them on the ticker tape. Shelter stock recovered still further and the Hartman shares became atower of strength. Local fractions moved up sharply. All the specialties became nrm- Just at the close a savage drive WAS made by some shorts who had overEtayed their market and the result was ragged close, with Union Pacific and Shelters under pressure.
 Careful consideration of the Canadian Pacific development has led conservative bankers to a belief that 1t will not disturb the stock market very much at present A pretense iE going to be made by the other railroads of disciplining the New Haven. All Wall street understands that tho New Haven would not dare let Canadian Pa clfic into New York on a cut freight prop osltion without the personal consent of J. r. Morgan and E. H. Hartman. Morgan is compelled to let Canadian Pacific Tn if it wants to come because refusal to do 80 would dsmoralize the northwestern freight situation. The understanding now is that the best will be made of bad sit- uatlen. The unwelcome competitor will be treated politely in New Yoik, but this now development ends all hopes O. a rad ieai advance In freight 'ates. There has been some suggestion that tariff wall may be built against the Canadian colo- pany, but 1t is useless to light the inevit- able, because the fact that the earth is ro und like a ball gives the Canadian FacGs a shorter road from tho Atlantic to the Pacific ocean. It can pay dividencs OF earn.rgs that will not provide for the fixed charges of its competitors. Can af'an Pacific is in New York to stay. The CJorado and Southern coal duel was re- c:ived with satisfaction.
 Number of shares sold today, 557, ,3S3, against 2z5 150 a year ago. Par value or bonds sold today, $4,3o1,0oo. against sl,664,- Q0O year ago.
 The sale of the Colorado au1 Southern tn 'iis Burlington solves -he maAy ruplors with .nich Wall street had been flooded Tor weeks regarding a deal Involving the Hawley roads. It is understood that is cash transaction, and while 1t puts the Burlington to the gulf in a roundabout way, it also lets MT. Hawley have money for some big developments he has been planning In the middle west. Every pos sible development has been rumored re- gently and the latest today was that flaw lev might take the Chesapeake and Ohlo as an eastern outlet for the Clover Lear. His relations with the Rock Island would practically give Rock Island an eastern outlet Taken in connection with the fact that the Rock Island has been for sev- eral days buying the preferred stock of its own company the situation be- comes very interesting.
 Heavy covering of Shelters was detect ed today on the part of those brokers who began selling before the recent break developed President Guggenhelm or hcial announcement that the company Is earning its dividend caused the raiders to pause.