The daily morning journal and courier., 1907-08-01
ATE FEATURES OF
 THE STOCK MARKET Importing Orders With drawn and Prices Wilted.
VAS A WEAK CLOSING
|alk of Trade Reaction
 Lower Copper Prices and Higher Money.

 The stock market worked off yester- by almost from the opening, and was Eavy all day and closed weak. |As soon as the bears detected the ab- nee of support they pounded the |oeks. This led to general selling, Eth such net declines at the days low |vel as 2 5-S points in Amalgamated Upper, 1 1-4 in Atchison, 7-S in Brook h Rapid Transit, 5-S in St. Paul, 3 Great Northern pf, in New York Entral, IA in Northern Pacific, 3-4 Pennsylvania in Southern Pacific, a1-2 in Union Pacific, and IA in anited States Steel common. Some of Ie specialties were also weak, notably Enerican Ice, United States Rubber, Id St. Louis Southwestern pf. zThe official statement that orders of # United States Steel corporation lis month have decreased 25 per cent smpared with those of 1906, affected 5 market. Coinciding with present Hrditions in the copper trade the rinkage was accepted as very def- l proof that in the two basic trades the country, the consumer is hold back and demanding discount in ] 5hce of the premium he was recently Hing to pay.
 4 The explanation of the contraction in rent orders noted by the Steel cor ration is that the railroads are not j wing rails except as they need them I immediate use, both because of the ] Eh money rates and also on account 5 the controversy over the relative @alities of open hearth and Bessemer ls. The contraction has been main- # in the one item.
 good deal of attention was also i'd to the hardening of call money; hewal rates for this class of funds re raised from to 3 1-2 per cent. rthermore the rumors that one of
 most important members of the lndard Oil party Is seriously i'll were lewed with much persistence, and oh was said of the possibility that Ter suits besides those launched hinst the Tobacco company and the called Powder trust, would shortly instituted by the government. There special pressure on these accounts < ainst the Steel shares, the Coppers # American Shelters, and the weak $ in these stocks finally extended h the course of the morning to the ire market.
 Altogether fear lent wings to these ries and their effect upon the mark was overdone.
 ew appreciate the fact that in the t three years the Steel trust has len out of earnings. after allowing y literally for depreciation, enough pay the whose cost of the S75,000 00( ry plant and $1O,OOO,000 additional ese are big figures.
 he slight hardening of money rate ected in doubt a loss in bank re E yes as compared with week ago
 it brought an immediate compen. ion in a sharp relapse in the foreigr hange market, which apparently s an end to negotiations for golC ports for the time being at least.
 liquidation during the afternoon gely represented closing out of spec tive accounts. Southern Pacific wa
 weakest stock at the close
 was apparently forgotten that derate trade reaction has repeauedl, n looked upon as something to wei he rather than deplore, especiall ause it is the only way in whicl ley conditions can be really eased.
 here were some misgivings as to tn
 ernment report on cotton, to b
 lished on Friday, and a sharp breal
 copper metal in London.
 rokers advised the purchase of In
 Pacific on the decline, stating tha
 would return big profits if held flo
 or three months, with the possibil
 of only trif1ing loss. The stoc
 today on better than 2 per cent
 s.
 nalgamated has not been so weal
 many a day. There was no sup
 whatever It was allowed t
 k through SS and ST and to ge
 1t S5 1-2 before substantial buyin
 rred. Perhaps the insiders are no
 osed to accumulate it until it sell
 ten per cent. income basis.
 reaction was declared to be
 thy and natural one, and that wit
 Il and steady market in August tn
 ol- fDy, ., 7r-araipcr r1ripae later OI