The daily morning journal and courier., 1907-10-16

New Lows for Two Stocks
 No Gold Exports-Cal
 Money Easier
 The bears put in some work early ,n tba dav and drove Amalgamated l Copper and General Electric to new low levels. Then, after spell or nervousness, the market rallled ana' | on the whole, the rally was well held'
 The bear selling encountered sup hort with a sharp rally ensuing. At fbe same time no evidence exists or | any intention on the part of banking | interests to do more than check semi | paniclry conditions They have plaln- | ily no present intention of engaging in ! any important movement for the rise A small bank failed in western town, and the Montreal market fell into turmoil over the passing of the dividend on it's favorite street railway stock; but these events were very far from soaring Wall street
 What the days movement seemed to indicate was that breathing space had been allowed and that Mondays final attack on values had not been altogether successful It must neces- sarily have increased the outstanding commitments for the fall.
 Orders are fewer for some of the industrial corporations, and men have been laid off in the electrical industry. Copper-the great electrical metal is still declining. Yesterday the New York Metal exchange again cut it's prices, bringing the electrolytic grade to 12 3-4 cents bid
 Union Pacific sold again at its low price of last week, but rallied easily. The action of Mr. Fish in obtaining an injunction against the Hartman people voting about third of the Illinois Central capital stock at that company's annual meeting to-day was not looked upon favorably.
 The bears endeavored to make us of their advantage of the news of rioting ct San Francisco, which wrecked & Japanese restaurant and laundry But Wall street refused to bite at that news.
 London cable dispatches reported American securities uncertain in the English market before the opening of business here. Price changes were irregular
 A feature of the mornings break was e decline of IS points in Detroit United Railway, on a single transaction. This was due to the passing of the divi- dend. The stock had declined sevCsl points Monday, making total of 25 for two days.
 Wall street is guessing as to what will be the probable reduction in the Amalgamated Copper dividend. It is generally believed that the rate will not be reduced below per cent, al- though few persons predict per cent. JAS a s per center the dividend cut has already been discounted in the price of the stock.
 Some of te best buying at midday appeared to be in the so-called favor dtes of the Standard Oil party, includ- ang Union Pacific, Northern Pacific, Reading, and St. Paul. But the mar Iet became dull on the advance.
 
 Southern Pacific sold down by the bears on the early break to "A IA, 1-2 point below yesterdays low figure The selling was rather heavy for a time, being based on doubts as to the pro- posed prosecution of the company and its officials by the government for al- legged payment of rebates.
 London was busy yesterday, inquir- ing if everything was going to smash here and the replies at last convinced the enquirers that there were not only no weak spots here, but that the large brokerage interests were in an unusu- ally strong position. Wall Street banks made similar statements to out-of-town correspondents, who were somewhat concerned over the aspects of the heavy selling at the close here on Monday,
 The movement in the South to hold back cotton from export in order to get higher prices received a setback yesterday, when some large Wall street banks advised their Southern friends to stop making further advances on cotton, in eases where the money is to be employed to hold the cotton for a higher price, rather than accept that now obtainable It was said to-day that this action might soon have in- fuence upon the foreign exchange market, and help along decline.
 Less it's being said about Roosevelts policy towards corporations, now that he is after bears down south and now that the traction scandals are being aired
 One favorable feature was the rather sharp decline, of one-fourth cent, in the price of foreign exchange. This was due in part to the offering of finance bills by banking houses that found it impossible to put out their bills ten days or two weeks ago. 4 feeling