Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-07-17
WALL STREET NEWS

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Vicious Bear Raid Upon Copper Trust
Stock Forces Price Down Four Points
-Rumors of War in Morgan's Firm.
New York. July 17.-Wall street was
much quieter Thursday, but neverthe-
less it was not without its sensations.
The chief of these-coming after a day
of strength In the active stocks--was a
vicious bear raid upon the copper trust
stock in the last hour of trading, which
forced the price of that stock down 4
points from the high point of the day
and caused much unsettlement, tho not
actual weakness elsewhere. The close
in consequence was irregular and nerv-
Gus, with some issues up and some
down.
The greatest declines were in active
stocks, such extreme breaks being re-
ported as 1915 in Great Northern pre-
ferred on transfer of 100 shares, 21A
in Westinghouse preferred on a transfer
of like amount, and 2Oh in American
Snuff on transactions involving 200
shares.
Active Stocks Show Gain.
On the other hand, the most active
stocks. such as Baltimore e. Ohio. Erie
Reading, Southern Pacific, and Missouri
Pacific were up fractionally at the close
of yesterday. and this despite their late
DOSES in sympathy with copper, while
in the inactive stocks the leaders in the
advance We're Brooklyn Union gas, and
each OF. which rose eight
points in the outside market. Standard
oil rose over five points and Northern
Securities two.
Yesterday was notably free of sensa-
tional or disqueting rumors and had
1t not been for the break in copper it
would have been almost undressing
except for the complete recovery from
the dependency and weakness of the
day previous, which the market early
showed. AS for copper, the break is
believed to have been engineered by the
so-called We'll crowd, who are UNDER
stood to be heavily short In the general
market, the supposition being the de-
cline was forced to permit covering
elsewhere. The ostensible reason for
selling was said to be fear of a cut in
the price of copper metal. Yesterdays
low inquire is easily the lowest on rec
ord.
War in Morgan's Firm.
Some interesting, not to say peculiar.
stories n ri lot;
One of these had the Junior part
ner of j. 2. Morgan's banking house
war with his chief. who, so the story
ran, had told the. Junior to sell his
speculative holdings at once. This is
merely in detail the report of storm
which has been heard in the street for
some time The story was denied at j.
2. Morgan & Co.'s, but 1T is believed to
have some foundation in fact.
Another story was heard that there
have been discussions and disagree
ments between the Rockefeller Morgan
interests in the United States Steel
corporation. and that at the recent
meeting Of the board of directors there
was a controversy between j. p. Nor
gan and John d. Rockefeller the latter, |
It is said, demanding that the dividend
on the common stock be passed entirely
or at least cut in two. In respect to
this the following statement, which, 1t !
IS learned has been officially inspired,
was put out by one of the Wall street
news agencies:
I'VE understand on unquestionable
that there is no foundation
for these stories in any way, shape or
L., fak
pute between Mr.. Morgan and Mr.. !
Rockefeller, with regard either to the
dividend question, or the general policy J
Of the corporation, and entire harmony
and good feeling prevailed at the meet
ng of directors. Furthermore, we are |
informed that the general policy OF the
is to lay out a program for |
each half year by which at least the
minimum amount Of profit shall be
derived from the business controlled by I
he company. The stated earnings the I
asst six months exceeded by 20 per cent |
he expectations of the management,
With regard to the profits planned for |
hat period"
Sage is Optimistic.
During Thursday Russell Sage gave
,ut the following interview: The |
stock market is not demoralized. 1t is
n what is known as a declining con-
iition, with the promises of quick re- |
action within month. The present |
aspect of the market does not indicate |
, decrease OF prosperity or any money |
stringency There is no doubt that the
market is disturbed. When these dis
llrbances, which are periodical, and
regular, occur, they are regarded by the
public as being more than mere dis
.urbing agencies. The public thinks
things are going all to smash, while
the experienced man in stocks and fl
,ances knows the actual cause and can
explain them"
The Shamrocks Racing.
New York. July 17.-Shamrock III.
md Shamrock I. today were towed out
10 Sandy Hook lightship. where they