The morning journal-courier., 1908-01-03
NOTES OF MARKET Evidence of a Concerted Drive Against the Shorts in the
 Afternoon. COPPER STOCKS HELPED Close Attention to Southern Railway Shares Because of Re-
 ceDyership.


 Considerable weakness developed in the stock market yesterday at the be- ginning of the session. with most pres sure against the Hartman issues. be- cause of the reported intention of the attoMey general to proceed against Union Pacific and Southern Pacific. on the ground of being parallel lines. 9th CT stocks sold off in sympathy. but liquidation was light, and before an hour was over prices were recovering. At midday various stocks were higher than Wednesday. Reading, Northern Pacific, and the metal stocks being particularly firm.
 A separation of the Southern Pacific ment auspices might from some points of view be considered good for the Southern Pacific, whatever the effect upon Union Pacific. Southern Pacific Is system by itself and can stand on its own bottom, but Union Pacific is not, and needs the Southern Pacific to round its system out. The report from Washington that the government pro- posed to bring an action to divorce the properties was undoubtedly surprise to many in the Hartman camp, who had thought that last years talked-of suit had been laid on the shelf for good
 In the afternoon stocks ruled very strong, with the highest prices in the last half hour The volume of busi ness was larger with Union Pacific, Northern Pacific, Reading, and the copper group particularly buoyant It looked as if there was concerted drive at the shorts. In the Hartman issues particularly, there was very urgent covering.
 The action of the money market and premium on currency gave gem arai~ satisfaction. The premium has practically disappeared, and most of the banks in leading cities were re- ported as extending lore liberal facil- ities to depositors. According to ad- vices received by brokers with private wires, sentiment was unnlistakably improved all over the country. Call money is expected to remain fairly firm during the remainder of this week, but to work easier next week. These things induced considerable buying of securities for cash" on the early break.
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 Copper stocks were helped by the advance in all grades of the metal. There was no particular reason for this except that business is generally fairly brisk in January, with the book ing of fresh orders by manufacturing companies which had cleaned up their stocks as nearly as possible at the end of the year.
 Another high monthly record was fixed in copper exports last month, when 37,034 tons of the metal valued roughly at s4,5OO, 900 went out. This was double the exports of only three months before and was another factor in furnishing exchange bills with ~ which gold was brought over. It is Nhardly likely, however that these ex- Bcrts yielded great profit to the cop per companies.
 In view of the Seaboard Air Line re- ceivership close attention was paid to the action of the other Southern rail- way shares. Louisville and Nashville opened down 1 1-2 points at 91 1-4 and later touched 90 34. Atlantic Coast Line started 1-2 of a point down at 6S 1-2 and fell to 67 3-4. Southern Railway common opened at 12 3-S against 8 closing price on Tuesday of B IA, and early touched 12 1-4 while Southern Railway preferred opened at 35 12. 12 of a point low CT, and later fell further to S3 7-S.
 That steps had been taken for the -eceivership for the Seaboard Air line came as an over-Eoliday surprise tC Wall street There was no liquidation of Seaboard securities to show in tho market as the great bulk of them held here are in bankers hands. The mar. ket for Seaboard Air line has beer mainly in Baltimore and Richmond, al. though occasionally there have beer dealings In the Broad street curb. Of the curb to- day bid prices were lower but there was no trading in SsaboarL Issues up to a late Eou"
 Reading showed up better thsn any other prominent stock at the start opening 1-4 O. point under it's clos ing price of Tuesday. Later on il ros' sharply, There was talk going ahou that 1t can be considered immune from imnortant bear attacks as natter stand with 1t just now.
 r'o-day's unfavorab1e developments did not induce enough liquidation {, satisfy the shorts and latter, after thu first attack, made haste to cover con tracts. The short interest Is believef to be large in the grangers copper, an, steel stocks Efforts have been mad to have it appear that there would D' little reopening of mills, and that tn resumption of business is believed f be fairly extensive.
 The chief influencing factor in tn late afternoon was the general dispost tion on the part of Western bankers t forward money back to New York Lo cal interests said that they were or fered very large amounts at a premi nm of I16. and as New York banker declined to pay even this. much of tn money offered is being sent on anyway This was taken to mean that the cur rencv premium Is off entirely at tn close of business. Buying of both stock and bonds this afternoon was declare to be of very good character.
 London sold 1000 shares in this mar ket. buying practically nothing. Tn sales covered the general list, and wer