The daily morning journal and courier., 1907-05-16
LATE FEATURES OF
 THE STOCK MARKET Move Against Union Pacific Causes Breaks in
 Prices.
MONEY RATES FIRM
Recovery at the Close, In
 dustrials Leading.

It was a dull two hours at the stock markets opening yesterday with trans actions the smallest in many moons. N But when the news came of the per ding report of the Interstate Con- merce commission unfavorabIe to| Union Pacific there was activity at the expense of U. P, prices.
 On the news of the recommendation concerning U. P. that stock fell toI 142 8-4 from about 1lS the day before
 Looking back over the markets of the past three months. one finds that nearly every decline is traceable to some fact or fancy concerning the Har- rinan stocks One also discovers that, in that period, over 30 per cent. of the entire business of the local exchange has taken place in Union Pacific alone.
 If the Interstate Commerce com mission adopts the recommendations of its council there will be 8 situation as disturbing as Northern Securities. It will not be an opportune time to dis pose of $75,O00,OOO bonds.
 Delaware and Hudson early in the day was very weak. but later rallied. The announcement that the directors had authorized at $10,OO00OO note issue came just at the close of business, and was not generally known on the stock exchange, The stock got down to 174 but rallied a little later. One group in which there was uni Norm weakness was the Pennsylvania This stock was out of line with the rest of the market without any special cause for such weakness. Chesapeake and Ohio sold under 39 and Baltimore and Ohio lost a point There appeared to be liquidation in Chesapeake.
 Louisville was under pressure be- cause of the boom in cotton
 The Boston market continued mar row and almost devoid of feature yes terday, copper stocks, in fact, having sunk into stagnation.
 There is no evidence in the arice of the equipment shares to show @ falling off in business. Car Foundry common stays around 3S and Locomotive sev- eral points above G. The one pays 2 and the other per cent.
 Some of the firmest issues of tho day were in the industrial group, First An algamated Copper and Anaconda were very strong. In the afternoon Ma tional Lead was bid up sharply, and for time was the only issue that showed any buoyancy. Nobody pretended to account for it.
 The grain markets were more nor nal yesterday with wheat reacting on the better weather in the northwest. European damage reports appeared to have been discounted. One opinion was that there will not be any more wheat raised this year than sufficient for do- mestic needs and a safe carry over into 1Q08
 Southern Pacific declined relatively less than Union Pacific. This was the case on the decline last March. One reason for this was perhaps the conf dence of the Hartman management in the ability of Southern Pacific to take care of itself. if cut loose from Union Pacific.
 Swift & Co, was quoted at 1O7 yester- day on the Chicago market.
 Directors of the Standard oil com pany yesterday declared a quarterly dividend of $9 a share. the same as de- clared at this date last year, and in 1905 Tn 1904 the rate was $S. in 1903. ST; in 1902, SIC; in 1901, SIP; in 1900, Sl0. The dividend declared on March 15 last was $l5.
 Rock Island common, Southern Rail- way and Mexican Central are all sell ing at the same price. around 21. There Is not much to pick from among these shares. as they are all a long ways OI from dividends.
 The fact that Anaconda showed about 30 per cent. earned in 1906 was somewhat offset by the falling off in production by the Amalgamated. The latter incident. however. was due to labor troubles.
 The cotton market again kept in it's hands the ball of speculation relin- quished by the grade trade, and enjoyed one of it's wild days, with enough damage reports" to satisfy the most eXacting.
 The markets abroad were reported in the same dejected state they have been all week. and the decline in American stocks was accompanied by a general fall In other departments. British con