The daily morning journal and courier., 1907-10-11
LATE FEATURES OF
 TIE STOCK MARKET A Further Drop in Prices, Then
 a Rally. NET GAIN FOR THE DAY Breaks Were in specialties- Call Money Not Over 6
 Per Cent,

The stock market had a spell Of weakness yesterday and drives were made at various stocks that were sus- ceptible to attack Toward the close of the day the market rallied The mornings depression was clear ly the work of professionals who were lon to their job" At the low points | considerable covering took place.
 It seems unquestionable that some continental house has been hastily | tightening it's load of American securi- | ties, and this is not surprising, when one recalls what happened to the Eng fish holders of our stocks last August, Presumably this Amsterdam incident is now over, and it is encouraging to recall that Berlin sold out it's holdings, some time ago, by virtue of necessity, while Paris never accumulated very great quantities of them.
 It was the breaking out of fresh liquidation, evidently for domestic ac- count, in special spots that resulted in renewed unsettlement in the later deal dngs. This liquidation first showed it. self in General Electric, which fell 6 IA points to new low price for the year, and in the various issues of the railway equipment group, which, as a matter of fact, have been under steady pressure for some time past.
 The continual outbreak of liquidation in fresh quarters of the market is op- erating against any healthy recovery taking place. It goes to show that the holders of the stocks affected are meet ing with difficulty in refinancing loans on their maturity and have been com pelled to adopt the course of selling :. their holdings.
 First prices in this market were low CT all around, with some demoraliza- tion in international issues, including United States Steel, Reading, Southern Pacific and Union Pacific. In the case of Reading 10000 shares came out at 90 3-S to 91, as against 90 7-9 on We'd nesday. There was a quick rally, then another break, which carried United States Steel common down to 25 IA, a new low record for the year. Anal gamated Copper broke to 55 IS, Union Pacific to 128 1-S, SmeltingS2 IA while General Electric broke IA to 113 1-2, and Westinghouse to 120.
 Although the market rallied at las. there were periods of extreme weak ness in the early afternoon with United Steel shares heavily sold. This looked like a final drive by the bear party. Tn the last half hour stocks were quieter and rallied somewhat, but the closing was feverish.
 Talk has again been going around 'that the Moore party has been active on the bear side. They made a lot of money on that side in March.
 There were wide opening sales in numerous stocks, with 10000 shares of Reading at 90 3-S to 91 It closed at 90 7-S on Wednesday, Southern Pacific came out all the way from 78 7-S tc 7S Ia, against 79 1-4 the day before. IT the early break various stocks sold of very rapidly between sales. Amalga. mated Copper dropped from 55 5-S tc 55 Is, on five transactions amounting to S,4OO shares. Western Union, whicf closed on Wednesday at 7S, declined tC 70 1-2 on four transactions of 100 share each. Consolidated Gas was two points off, at 9S, on single transaction.
 Each time this year that the marke has smashed the bargain hunters have been fewer. They came by the thous ands to buy stocks in the March panic Then they bought in lesser aggregatc in August. Now the market woult seem to again present a golden oppor tunity for the man with ready cash but he is not on hand. He has had ex perience.
 The attitude of Europe is undoubted ly adverse to our securities and the lat est high finance revelation in loca traction affairs afforded by Anthony N Brady is not helping foreign senti ment
 Interborough Metropolitan commo early sold IA of point down at g an the preferred at 2S S-4, an unchange price. It is worth noting that, despit the Brady traction exposure, thes stocks have scarcely moved. mi would indicate an already very drasti discounting prcess in them.
 According to London advices, tn selling on Dutch orders has been large ly for the account of spectators a The Hague and Rotterdam.
 The third cut in the price of coppe announced this week by the Metal ez change was one of the factors againS the market. It brings the bid for cleo trolytic down to 1S 1-2 cents a pount