The daily morning journal and courier., 1907-08-02
MONEY VERY STIFF

HONEY VERY STIFF 'rade Concessions Give the Bears a Weapon-Ster-
 ling Exchange Breaks. The stock market opened well yes |rday but prices soon yielded under Etacks from the professional element. The weakest. moments of the market ere those following the announcement lat the. dividend on Southern Pacific hd been increased to 6 per cent. This las at midday From that time on ices dragged along without much ral- into heavy closing.
 Time money was in good demand at |e highest rates of the season. Better Ian 6 per cent. was paid for six |cnths' money, with 3-4 for indus |ials and 5 per cent. for sixty days. he price of electrolytic copper which le large producers are holding at 22c, |ld under 20c, on the metal exchange. Iumerous instances were cited of lttsburg and Southern iron manufac- Irers who were offering their prod kts $1 and $2 a ton under current |lotations,
 |Southern Pacific stock, after opening b. with the rest of the market, 9-8 bint above Wednesday,, broke one Inf point as soon as the expected dec- |ration was made, recovering partially Pter. Heavy selling of the Shelter |ocks, with weakness of the Steel is- les. disturbed the whole list in the lternoon, when there was rather gen. l Ial liquidation. Abroad the markets Eere generally depressed, continued liz ! tidation of British consols at London wing rise to considerable uneasiness connection with the possible out me of the losses In Egypt. Trading the British capital was also infiu- Y ced by the appseaeh Of the holiday, 8rerican stocks being about the only Hive issues there.
 H HThe indifferent reception accorded to ! Southern Pacific dividend increase : lows that in quarters where manip- htive operations have recently origin 5 ed any immediate good effect has : len fully anticipated. The market al- 4 ignored the further drap in sterling &change, the reduction of the banks &sh loss at the sub-treasury, which as reflected in rather lower rates for Nil money, and the good showing Sbde by the Union Pacific and the chison in their statements for June. Trade reduction" was worked for bre than it implied.
 5The market opened quiet and irreg- br, hesitated few moments and then 9bwly hardener under the lead of the hrriman issues. Amalgamated rose a #lf point in the last five minutes, aft-
 having touched the low of the day. z, S3 a-4
 The short interest Is getting back to e proportions of last month. There s been very heavy speculative sell of Amalgamated Copper, Reading, : Pel, Union Pacific, St. Paul and r ehelters. The borrowing demand for pcks Is quite heavy. The present de- he from the high prices of last month < &bounts to from to points, which Ruld be ordinarily sufficient to pro- ce a rally.
 'he late selling looked like bear at-
 k, but 1t was not very successful.
 ring most of the afternoon business
 S dull and not much long stock ap- bred to come out.
 Tn increase of $1,64OOOO in gross earn
 Is was reported by the Pennsylvania
 lroad, but this shrank to $43O, %
 en the net was reached It is esti- 2 ted that the road will earn about
 100000 gross this calendar year, and
 It something like $13,OO0,O0O will be
 after the ' per cent dividend is
 d. And yet the stock is heavy.
 host of the statements of railroad
 nings which came to hand yesterday
 (wed large increases in gross, indi-
 ing that up to the end of June, at
 st, there was continued expansion of
 fife. But net results, while general 4 showing gains, were much less, pro-
 tionally, than the gross increases.
 bse statements were without influ-
 e on stocks.
 good deal of interest was na-
 ally taken in MT. Stuyvesant Fish S s louncement regarding Illinois Gen.
 proxies. It was generally assumed
 mean an aggressive declaration ol
 on Mir Hartman. The stock ex-
 nge contingent held to the opinion
 t Hartman was too firmly intrench-
 in Illinois Central for his position
 be serious jeopardized.
 eferring to the continued rumors oi
 serious illness of H. H. Rogers, C.
 MacQuoid & Co. said; "We are
 horized by Jessup & Lamont to deny
 rumors of Henry w. Rogers's seri-
 illness, and to say that Mir. Rogers
 ble to be out of doors, and is tran
 ting business over the telephone.
 teel common is earning at the rate .s 1S per cont per annum, and some