The daily morning journal and courier., 1905-09-07
STOCK MARKET FEATURES
ANOTHER SHAKE DOWN IN
 PRICES.

Lively and Somewhat Exciting Day The Slump Was Quite Continuous Talk of Tight Money, Lawson Tall and Other Talk.
 Wall street was tasted to another
 shake down in prices yesterday and the
 opening prices, which were the highest
 of the day, were soon followed by the
 downward tendencies" which suit the
 bears.
 A possible stringency in the money market was harped about, also the dis turhances in Japan over the way the
 war was settled.
 There was talk also of a coming bad bank statement.
 Lawson was also heard from twice, and at the closing made announcement headed calamity" and promising dire things to occur this morning right after the market opens.
 There is heavy outgo of currency to the interior to help move the crops.
 Again it was rumored that Russia
 was about to ask for another big loan.
 Amalgamated Copper and American Smelling were again vigorously attack ed.
 LaWson's prediction early in the day was that a great smash was to occur in the price of copper, the metal.
 When strong bear clique is pre- pared to attack a market which it con- slders vulnerable it deems it good pol icy to enlist the services of anything or anybody capable of getting on the nerves" of the speculative contingent.
 Reading was forced up and looked strong, but with heavy selling of the market again weakened.
 London Sold about S0000 shares yes- terday, chiefly Canadian Pacific, Unit ed States Steel preferred and Union Pacific. About the only buying was in Texas Pacific.
 The partially restored confidence over Tuesdays reooveries in prices were up- set by yesterdays renewed onset upon the market.
 Toward the close of trading there was ar attempt at a rally, and Reading and Union Pacific both advanced slightly. The Steel issues. however, reached still lower prices in the last hours trading, and Fries continued weak.
 The battle in Reading was an inter- esting one, and bulls and bears had a lively time in this stock.
 How far yesterdays declines, which left the stock market weakest of all at the close, resulted from the bank posi- ton may perhaps be debatable, but Saturdays surplus reserve was certain ly too low for the season.
 The greater part of the decline in Union Pacific and a number of other stocks was attributed to selling by Chi 'ago houses, which are believed to have been carrying much larger long ac- counts than the local New York brok- erss ~r.@ "
 For time the strength of Steel com non stood out in contrast to the weak ! less of the preferred, but finally both moved similar losses There was, however, better support in the former.
 The break in Amalgamatel Copper | represented the execution of stop loss orders on a large scale to below S0A. 1 The violent fluctuations in it the past l week. have killed outside. speculation, i md with the continued Lawson adver- 1 isements there Is not much prospect of he bull pool making any effort to sus- ain the price. Another fractional de- line in copper metal was announced.
 The Iron Age will say to-day of the and outlook of the steel and ! ron trade: l. --.'
 The feature of the markets during he past week has been the heavy buy 1g of steel rails for 1906, notably on he part of the western lines. It. is es- lmated that the total sales foot up to ully 250,000 tons. j Among the large rders are 70,O00' tons for the Chicago nd Northwestern, 55,000 tons for the [. Paul and 5O,OOO tons for the Chicago, l, arlington and Quincy. InSthe south le Atlantic Coast Line has taken 15,000 'ns, while the Tidawater railway, has 'dered between 5000 and 10000 tons, nd the Reading road 15,O00 tons. It Is nderstood that during the next two eeks the requirements. of the Penn 'lvania and the New York Central ,ads will be brought out Further heavy equipment orders Et ave been placed, the Pennsylvania ading with over 16,00O. steel cars. mong the orders to be placed is a lot LOGO steel cars for the Lake Shore Id Eastern, controlled by the Steel ,rporation.