The daily morning journal and courier., 1907-09-17
LATE FEATURES OF
 TIE STOCK MARKET lndustrials Decline and Steels Lower. EHE WORRY OVER COPPER Railway Shares Show Strength Gall Money Higher.

,ailway Shares Show Strength
 Gall Money Higher. The weak end of the stock market was the industrial lot, while he railroad list showed signs ol 
 The market seemed to be trying to hake off the influence of the weakness l the industrials.
 Efforts were also made to check the ttacl1 on the Steel shares and thelr llied shares such as the equipment Eares.
 An early decline in United States teel common and preferred to the west prices in several years was fol- owed by a general advance of 1 to 1-2 points. Later Amalgamated Cop er and Shelters returned to approxl- latcly the previous low quotations. he general market closed with only a lightly changed average compared Fith Saturdays.
 The uncertainty as to the copper cares was a prevailing influence and 3ele were general reductions in the Hices for the metals yesterday. Phelps, edge & Go. dropped the price to 16 1-9 ents with small sales occurring and 6e New York Metal Exchange lowered Is quotations IA cent, further per |ound to 15 1-2 cents for electrolptic- Rcent below the selling companies lev N-and the London Metal Exchange re- luced it's quotations e1 per ton. LThere weres some purchases of elec- Eolytic copper made yesterday at B 1-2 cents per pound Some of the N ree independent producers admitted hat they were glod to do business on hat basis.
 EThere were very definite reports made Ehsterday respecting the formation of a | |rge bear pool, which included many f the spectators who belong to what known as the Waldorf clique" The Filling by this pool was said to have Rhen chiefly responsible for the sharp Teak in the Steel, which so disturbed 5le market on Saturday. The heavy Filling in the shares to-day was attrib- Ned to the same interests. The pool Ms said to have gone short of several fousand shares, and was reported to
 acting under the leadership of a 8Iry wealthy operator, who has taken #veral daring plunges in the last year. I {The rally after the steel stocks touch, # the lowest, illustrated the opposition #e bears are having these days, and . e limit of which they can go with a &I Iort interest of present size. Steel Referred from S9 S-4 rose above 91; 4nelters from S7 1-2 went to 90; Union NAcific from 127 8-4 to above 13o; Read &g from 93 12 to 95 5-S, and Amalga- #Rted Copper from 59 IA to 61. < Buying of Northern Pacific continued Rght up to the close, the high price of p 1-4 being made, while the rest of " e market was reacting.
 I'M. K. T. made one of the best ex- Xbits of the past fiscal year. The # pss increases in earnings was S5,OG0,-
 and the increase in surplus $1, ,S69,-
 A 5 per cent. reduction in operat- expenses is an important incident
 the years work. Nearly per cent. ls earned on the common stock.
 new accounting policy by the Rock
 and system to conform with the in s-state commerce laws, is responsi-
 for the net decrease of $22O, 1000 in g after a gross increase of $1, ,590, ,0OO. e company has begun to charge off
 arger pro rata monthly sum for de- Relation than ever before.
 19== 19= CNhe short interest is growing large
 d stocks are beginning to show the
 sain on some borrowers.
 ome of the large banks called loans < her heavily yesterday, which led to
 rise in call money to 5 per cent. It
 Is said that large portion of the
 100000 that was paid in on account
 the new city bonds had not flowed
 k into the banks as rapidly as pos-
 ae, which had caused some incon-
 aience to the large lending institu- ! as. Another factor which led to the
 her rates was the heavy calling of
 ns by the bankers in charge of the
 jon Pacific bond syndicate. Some
 sney was loaned at 1-2 and 1 pel
 t. in the last hour, but the general
 nd, was higher.
 The feeling prevailed in trade cir 7 yesterday that the decline has nov
 he about as far as it will go unles M market should be forced 70 absnrl M Ivy advances had been maue bN ga
 ks There have been very heav!
 ns outstanding, which were origin
 obtained when the price of coppe
 5 selling nine points higher than l
 how With the decline in the pric
 borrowers have been forced to pu
 additional margin, besides having t
 heavy interest charges,
 he of the largest of the independen
 ducers said yesterday respecting tn
 look: T think that the market
 fast reaching a basis where tn EM ducer and the large consumer ma.
 able to do sone business Ther
 be no doubt that the largest manu
 turers will have to come into th
 rlket for supplies before long. 5.