The daily morning journal and courier., 1907-09-14
LATE FEATURES OF
 THE STOCK MARKET After a Sharp Collapse in the Industrials PRICES HAD STRONG RALLY Bad Rumors Failed of Their Purpose Money Condi- tions Better.

Purpose-Money Condl-
 tions Better. The industrial list in the stock mar ket yesterday had another hard spell End Amalgamated Copper, Shelters, Itc., slid down several more points, but Efter this agony was over the shorts |ushed to cover and prices recovered |apidly, The shaky spell was alarming while ' lasted. Amalgamated Copper open Id under SO and sold at 5S; Shelters ell over 5 points, Anaconda ? S-4 while drive against Steel common carried At off to 2S IA, or lower than it has cen this year. Railroad shares also nally yielded.
 In the rally some stocks scored rath- .r substantial net advances over Thursday. This recovery affected srincipally the railway stocks, and, khile it doubtless resulted mainly from urchases by the recent aggressive 2bears," gave some suggestion of eau Hous buying from other quarters. Even Smalgamated Copper went in the af- Gbrnoon above it's closing price of Thursday. This was hardly a conse- Euence of anything in the news. \ Expectation that the production of Upper will be materially reduced-it not stated that the output will be Emitted to 40 per cent of maximum Fore directly on the ability of dividend 1bncerns to continue present rates. Two &ore producers, the Utah and Wolver- Ne, cut their dividends yesterday.
  #Amalgamated Copper it was rumored 4ould very probably reduce it's, divi- xend disbursement at the next divl- Ebnd meeting. From the action of &nelters, which has declined over 15 pints this week, the 8 per cent. rate i'd is endangered with business fall &g off and metal of all sorts depre- ating at such a rapid pace.
 
 What was lacking in actual news as .abundantly made up in ''rumors"' x &rculated by people engaged in break B the market Very rarely in the story of the Stock exchange has this prehensible business been more ram mt than it was yesterday. The New brk Post suggests as a remedy that aost Wall street people will agree lat sound caning in public would # the most effective remedy to apply | the authors of some of yesterdays hievements."
 Money conditions were easier,-not ually so in view of the heavy liqui- ton of the last three or four days dinarily, this second week of Sep- nber is a period when currency goes t in quantity to the~ west, depicting New York bank holdings as con- auence. There has not been a move- mt of the sort in progress this week; Darently, the banks have gained nething over $2,OOO,00O, and this with
 any appreciable turning-over of Y Eernment money to New York de- ;itories
 Then, too, helping matters, was the < narkably large increase in wheat ex- T It's this week. The total shipments the preceding week have been near doubled this week, and despite the eness of the harvest, the exports not y run S7,000 bushels above this week rear ago, but are actually the larg- W of any week but one since the ing of 1903. The markets are likely hear much more of this hereafter.
 lthough general conditions favor the rket and there Is already a large Tt interest the bear element Is con- ,s mt and goes on selling stock, The
 that half dozen important houses Ee refused to loan out their stocks
 made some impression but not ch. It is well known that the com ments in Steel common are enorm-
 but still this stock was sold as ressively yesterday as any other.
 he of the main factors which led to
 decline yesterday was fear of a
 nite trade reaction, with perhaps
 h suspensions of enterprise which a Id themselves unable to finance
 h requirements in this money mar
 Anaconda continues paying pres
 dividends and the current price re-
 ns the income yield will be around er cent. On the old basis the stock
 cling at 145 compared with S02%
 year, a decline of 15S points. Next
 alumet and Hecla, which has fall
 loo points since January, this is
 heaviest drop among the coppers.
 the renewed selling of Amalga- ed Copper, American Smelling and
 conda, a great many speculative
 unts that had been weakened by
 rsday's decline were closed out.
 gave rise to much excitement, and
 were fresh rumors of impending
 res, one or two houses being again
 afcally mentioned.
 .r an hour or more this morning the
 pad section of the market was very
 Is.
 Paul approached nearer its low
 lst record than any of the railroad