Evening star., 1908-01-20
Violent Break in American
Smelling at Opening
DISTURBED THE MARKET
Fresh Liquidation Soon Started
Prices Downward.
GOSSIP ABOUT DIVIDENDS
London Generally Steady-Consols
Rose Sharply - Americans
Above Local Closing Saturday.
Special Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK. January 2O.-There were
a number Of interesting and important
occurrences today relating to individual
securities. but few of general moment
that did not bear more or less exclusively
upon money market conditions. Previous
to the opening of business IL was an
nounced that the Louisville and Nashville
Company had declared an extra dividend
OF l per cent, payable in the stock of the
Louisville Property Company. but definite
information with regard to this unex-
pected action was not obtainable at the
offices of the company. However. ne1theE
the Louisville and Nashville nor Atlantic
Coast Line was materially affected by TINS
fntellig ance
Soon after the opening of business in
the stock there took place a violent break
In the American Smelling stocks, and the
movement in those issues served for a
time to affect the general market unfa-
vorably The break in the stocks seemed
10 result from a sudden outburst Of fresh
LIQUIDATION, for which no very satisfac-
tory explanation could be obtained. There
was some discussion of unfavorable trade
conditions and more bearing upon the in
tegrity of the dividend on the common
stock at the present rate, but no action
on the dividend is due for nearly six
weeks. In view, however, of the extent
OF Ine DTedk III the SmeltluS StOChS, PAL
ticularly in the common shares. they
showed an indifferent degree of rallyine
power.
Rapid Rise in Pennsy and Reading.
third happening of Importance with
the course of the morning was furnished
in the announcement that the supreme
court of Pennsylvania had affirmed the
decision of the court of common pleas
rendered last year which declared the
two-cent passenger fare law unconsti.u-
tional. This intelligence was followed
by a rapid rise in Pennsylvania and
Reading, but such was the irregularity
of the market that both stocks subse-
quently lost the whole of their improve
ment.
There was little more to be said Of the
circumstances prevailing in the money
market than that they exhibited further
material relaxation in all directions. LIE
banks start the. business week with a
gain of more than S2,3OO,OOO from the
subtreasury, SO, while 1t is somewhat
early to discuss the outlook for Satur-
days bank statement, II seems highly
probable that the showing will be in line
with the glowing exhibit of the past sew
eral weeks.
Japanese Weak in London.
The London stock market was generally
steady. being stimulated by the improve
ment in the international money market.
Consols rose rather sharply and American
stocks were quoted well above parity with
New York's closing prices of Saturday.
Operations here for foreign account
showed a fair excess of purchases. One
feature of the dealings on the London
Stock Exchange which attracted some no.
tice was the continued weakness in Japa-
nese bonds.
Aside from the noted developments re-
lating to the individual securities, there
was little news or gossip other than of a
technical character bearing upon the deal
ings in one stock or another. The market
at large changed its superficial tone fire.
kauenfly during, the course OF the business
session, and. in fact. did not preserve a
donnite tendency for any considerable
length of time.
Profit taking sales and operations for
the short account conhicted with renewed
manipulation for the bull account, with
the result Of producing one of the most
irregular markets as a whole that has
been witnessed in long time
Spot closed steady; middling uplands,
1925; middling gulf, 1880; sales. 594 bales.