The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-10-02

about six months work.
London sends mixed prices this |
morning for Americans, with Canadian
Pacific the weak feature, off 5A points |
Topics.
Pittsburg still reports closing of
mills on account of scarcity of Besse-
mer ore Large copper producers still
out Of the market.
Outside interest Is lacking and con-
fidence must come from the investing
quarters which we hope will soon be
the case. as prices look cheap at AROUND
present level.
Some Improvement expected and it is
due. The drive in Canadian yester-
day at the close was against the short
interests and has nothing to do what
ever with the rest Of the market.
Today's market was very much up
set by the expected disclosures in the
Interboro Met. inquiry, the news of
which will unquestionably be known
in the morning papers. and the stocks
of all the city railways suffered alike.
New York-William Rockefeller to-
day declared that the rumors current
to the effect that the st. Paul company
was in the market to borrow $4,000
900 on short term notes was untrue and
that the talk that the road is in need
Of money is all nonsense and dividend
rate will be 7 per cent for year at
least.
The bears have had everything their
own way the past week, but will prob
ably overstay the market The short
interest has become extended, and is in
line for round up. Prices have de-
clined simply on manipulation, and
stocks are selling below their value
The evils that did exist are fast being
eliminated
The bear party is selling Smelling
on all rallies and uses the assertion
that the Smelling company had accept
ed all metals in payment for refining
operations for some time past and con-
sequently is now loaded UP with large
stocks Of the different metals at high
prices. We look for further sharp re-
actions in this stock
1t is generally conceded that yester-
days rally was induced mainly by
short coverings. The short interest is
believed to have reached very large
proportions and the disposition of the
trading element will undoubtedly ac-
count largely for the market fluctua-
lions in the near future.
Canadian Pacific was about per
cent lower at the opening but rallied
to the close of yesterday and then
declined again to below the opening
figures. The buying yesterday was no
doubt short covering, and as the stock
/ is very closely held it can be easily
manipulated either way by the parties
in control.
Among the weak issues st. Paul was
! especially noticeable and we hear that
earnings are not favorable, and with
the enormous improvements that the
road intends to make within the next
! few years we hardly think that they
will be able to keep up the present
rate Of dividend, and would not be sur
prised to see lower values for it's Sc
curities.
Everyone must recognize that in
principle the actions of the government
are right. and people who in business
affairs have utilized unfair means to
destroy fair competition. deserve the
punishment which Is due them, and If
our present laws are not adequate to
reach the offenders, laws should be
passed which will, In future, prevent
wrongdoing.
The general tone of the market was
somewhat better as the presidents
speech yesterday at Canton was a fine
document and deserves the admiration
of all good people. Today's speech at
Keokuk pointed out more plainly the
attitude OF the government, which was
nothing new, and predicts that no
changes will be made while our presi-
dent is in office.
A Washington special to the Jour
nal of Commerce says: Assistant At
torney General Purdy, who was at his
desk yesterday in the department of
justice, denied that any definite plan
for further work in connection with
trust prosecution has been formulated.
/ There seems to be no warrant for the
reports in circulation relative to new
attacks shortly to be made upon cor
porate combinations.
James a. Mofftt, president Of the
Standard Oil company of Indiana, was
called before the grand jury this morn
ing. It was explained to the Jurymen
that the testimony of Mr.. Mofitt would
be in regard TO a statement made by
him after the imposition OF the s29,-
100000 fine by Judge Lands. 1t was
the intention Of securing from Mr.. Moi
fit the names of the manufacturers
referred to that he was summoned to
give testimony.
Prominent stock market interests are
OF the opinion that the recovery in
prices which set in yesterday after