The morning journal-courier., 1908-01-18

: Paul tb 116 1-2. Northwest to 151 1-2, and Great NortSern to 123 S4. Ameri- can Shelters securities preferred and Hooking Valley preferred lost each. Transactions to noon were 402,- S4S shares.
 A large short interest was driven, in in Northern Pacific This was at the back of the short rise in this stock. The higher it went the greater the un- easlness oe the shorts, and 1t is proba ble that most of them covered to-day. They must have had in mind the plight of the bears during the famous panic ! of May 12, 1891. which was brought about by a corner in this particular 1 stock. Nothing new developed in ex | planation of the movement No in crease in|divldends are believed to be imminent.
 Between azd o'clock the market was active and very strong Brooklyn Rapid Transit up to 46 1-2. Northern , Pacific to l29 Is. and Reading to 110 1-4 being the most prominent, all mak- ing new tops for this movement. Just before ? o'clock there was reaction of 12 to 3-S. Transactions to o'clock were 64S.947 shares.
 The steady rise foreigf exchange. because cf easy money rtes here, start ed inquiries as to when the next gold export movement would begin. Bank CTS generally do not anticipate any considerable loss of gold to Europe in the near future Some of them to-day declared that Europe could be depend ed on to take ,nore of our best securi- ties at current prices, though purchases run mostly to boids
 Strength prevailed in the stock mar nf n was Increased activity at times for Northern Pacific, Union Pacific anN Reading, but nlost other stocks were dull. Under cover of the rise in q small group New York Central. Balti- more and Ohio. Smelling, Amalgamated Copper and others, appeared to be pressed for sale.
 The bears got in their fine work in the first hour, during which there were some very substantial declines but aft. CT that the market gradually rallied. until at 1 o'clock most of the active stocks were back again at last nights closing quotations, the underlying strength of the market having reas- serted itself.
 Yesterday was called Morgan mar ket, with indisposition on the part of other financial interests to hold off This was not unfsvorably regarded. It was pointed out as an interesting fact that many people who were opposed 10 i the rise in stocks to 10 points lower down. were recommending purchases to-day Some close observers said that ! this meant the rise had gone nearly : far enough There was a noteworthy diminuticsl in the short interest.
 
 The midday rise in stocks was large ly due to the belief that to-day's bank statement would show very large gain in cash--and to the further de- | cline In time money rates. Four months offerings were made to day at per cent. for the first time since tho october panic Call money was nom inal.
 A report was circulated in Wall street day that J. P. Morgan X Go. had secured control of the Equitable Life Assurance society through pur- chase of the stock held by Thomas F Ryan. At the office of J. P. Morgan the report was denied.
 The prospectof cut in coal prices pretty soon was said to account for the heavness in Baltimore and Ohio, Pom sylvania and other railroads interest cd in bituminous coal.
 Recent liquidation in Canadian Paci- fc in London was attributed to selling by Amsterdam holders caught in Great Western. and who were also hurt in the slump yesterday in Missouri, Kan eas and Texas.