The daily morning journal and courier., 1907-11-14
LATE FEATURES OF
 THE STOCK MARKET Early Weakness Followed by
 Moderate Rally. BETTER FEELING PREVAILS Evident Support in United States Steel and Other En-
 couraging Signs.

courag1ng Slgls' There was considerable weakness ln stock during the first half hour yester- day, but not much came out, and be- fore midday there was a moderate fal- ly. American Smelling broke to a new low record during the first few minutes and National Lead and Westinghouse ware also weak, with losses of several no,nts each. Business was very small at midday, and almost came to spec ulative transactions, because or the premium on currency. In the last hour some little activity developed, with prices on a declining scale. About 2:15 o'clock a block or 45Oo shares of United States Steel com- mon came out at "A, the lowest price thus far for the day, followed by anoth- CT of 2,500 shares at the same prioe Other stocks receded in like manner and traders were apprehensive that some bad news was coming out. The only news pertained to "a report of government withdrawals of funds from the bands and retrenchment by the United States Steel and other corpora tions.
 IThe stock market was quiet at the close with no evidences of liquidation At the close of the day sentiment was somewhat improved, because of the somewhat smaller demand for currency from the interior The premium on currency continued high, but slightly under the top.
 That anybody should have been will ling to take 1000 shares of Steel com- ' 2mon in two blocks indicated, appar- ently, that support was put in and that Nit was believed the bear party was the seller. The block of 1000 shares meant Ban investment of $16S,0OO, which few Hpersons would be likely to have in the %present condition of the money market. Nevertheless, the advantage of the credit system would facilitate the transfer of one account to another &without disturbing the cash position of the banks as "a whole.
 Such selling as there was of Ameri- ! tan Smelling, National Lead and Vest Playhouse appeared to come from sln- gle quarter to-day, and was set down by Wall street as forced liquidation" by certain interests which were large holders of all of them. The gossip had 10 do chiefly with certain capitalists t vho have gone extensively into mining md smelting operations during the < ast two years. It was difficult to get ny real facts to-day regarding this natter Further talk was heard about he alleged difficulties of a Smelling ool
 Union Pacific stock was closely I patched for "clue" because of the lending case in court regarding the H ttemrt to compel MT. Hartman to Rstify as to the company's deals. 2 Yesterdays selling of Union Pacific las less than might have been ex- < ected, in view of the fears which ere entertained last spring, when the <. hse was being investigated by the in- T rstate commerce commission, Wall rect yesterday appeared to feel that
 would be impossible to get many missions out of the financier.
 The best belief is that the Hartman les will not reduce their dividends at
 e forthcoming meetings Of directors.
 is Wall streets idea that both the lion Pacific and the Southern Paci- H companies are in Q better position
 maintain the dividends than ever
 fore. The latest report showed TIT
 cent. earned on Union Pacific
 mmon and 12 per cent. on Southern
 lcific. In sympathy with the rest
 the market these shares weakened.
 nion Pacific at one time showed a
 Is of a full point at 110 1-2.
 Besides the evident support of the
 tied States Steel shares and indi- : lions of better situation in that
 bpect in Smelling, specialists had
 pporting orders in New York Cen
 Il on a scale down. These were said
 have Vanderbilt origin, and in
 same way Kuhn, Loeb &S Go. were
 ought to be giving out supporting
 hers for Pennsylvania and the con-
 tible bonds.
 Traders thought they saw signs of
 bear party at work in the metal res, which has taken advantage of t retreat in the copper trade situa-
 to back up their operations. : algamated Copper in the early
 ding broke full point to 45 S-4,
 le Anaconda Mining declined frac-
 hallv. In Smelling there was a
 ak to 60 S-4, a new low record, an
 hts of a point under that made
 ksday, and 1 IA points under sk Rsday's closing.
 ome attention was attracted by
 early selling of Atchison It was
 to represent collateral in loans.
 pecial time loan secured on Atch- common is understood to mature
 week The stock sold a stout
 ion under Tuesday nights closing.
 aturally after it's smash Tuesday
 attention was given the move 1t in Ssonl4'->g. Tall that the divi-