The daily morning journal and courier., 1906-09-29
STOCK MARKET FEATURES SEVERE BREAK IS FOLLOWED
 BY RECOVERY.

RumOr of Ore Deal Announcement Re
 ern Advances II Points --- Anacontp
 Has Bad Break--Bankers Puzzled
 Erie Earnings for August P0or--ROck
 Islands Showing.
 The market opened firm yesterday, experienced a severe break. which was followed by a recovery that made up the losses and brought about some very strong advances. These were due largely to the report on the Exchange that the long awaited ore deal was to be announced. Great Northern and United States Steel were affected most by the late advance, the latter getting a forward impetus of three points, While the former mounted il.
 The response to Secretary Shaw's relief plan was pronounced for a few minutes Various issues opened up 1-2 to l point. Then a flood of selling or ders came in, and the entire list sagged off by degrees. Before midday prices m some cases had reached low records Tor this movement. The Hartman is- sues and Copper stocks were noticeably weak. Anaconda broke from 2S3 at the openin to 276 1-2. Amalgamated Copper sold down from 112 to 109 IA. St. Paul broke from 174 3-4 to ITO 1-2. While the news was good, it was dis appointing. The street had expected a much larger amount deposited in the local banks. It lost sight of the fact that the withdrawals for the interior would be just that amount less than they would have been if Secretary Shaw had made no deposits.
 Call money was at 6 per cent. most of the day, dropping to 1-2 before the close Sterling was weaker with in creased offerings of bills.
 Bankers were greatly puzzled over the forecasts of the bank statement, which were confused by the receipt of $l2O00,000 new gold and by the pay ment of $350O,O0O by the Treasury for gold import advances. It was general ly figured out that the official figures would show a moderate gain in cash with considerable reduction in loans
 A decline in Amalgamated Copper under 110 hurt the market more than any onelfact. There were an enor- nous supply of the stock which came mainly from commission houses. They have been carrying large lines of cop per- as it has been favorite purchase with office traders. The stock remains impassive to daily advances in the metal Practically no response has been made to the last cent pound rise in Copper, which is equal to about per cent. earned on the whole Amal- gamated capitalization.
 Erie earnings for August were deci- dedly poor. There was only an in- crease of $108,OOO in gross while net fell Sill 1000. The net gain for the past two months is only $1O,OOO.
 London sold quite heavily at New York yesterday, possibly 1S0OO or 10000 shares, taking advantage of the aid given by Secretary Shaw to the money market. The bidding up of stocks in London before the local opening seemed to have emanated from this side, and was clearly intended to get a better basis for selling here.
 The Rock Island earnings for August show an increase in gross of $567, ,6S4, and in net of $S04,2 From July l the gross increased $1, ,1O5, 2S5, and net $67S,- 275. The Frisco lines for August re- port a gross increase of s414,1S4, and a net of $175, ,630, and from July l. a gross increase of $S31 ,551 and net S3S1, ,682 The Frisco August earnings include the Chicago and Eastern Illinois,