The daily morning journal and courier., 1907-04-13
STOCK MARKET FEATURES
PRICES STARTED OFF GENERAL
 LY LOVER.

James R. Kccne Again Understood to
 be at Work on the Bear sIde-ActiOn
 of Erie Common InterestIne--Abrupt
 Recovery in Brooklyn Rapid Transit
 Optimistic Rogers Interview.
 The stock market started generally lower yesterday, with Amalgamated Copper down point, and Smelling 1-2 point lower. Other losses were from If to 1-2 point for the most part. Princes rallied little during the first quarter of an hour, then heavy selling movement developed, carrying prices down to the lowest of the week. Anal gamated Copper and Anaconda partic- ularly were under pressure. Union Pa ciflc was also very weak. Prices slow ly rallied up to midday. About 12:S0 o'clock another sharp break began, car rying prices down by 1 o'clock to still lower levels for some than during the | were particularly weak at this time, while copper did not go so low as earlier in the day Early in the after noon trading became quieter, but had rallied very little.
 James R. Keene is again understood to be at work on the bear side, and certainly some of the recent market characteristics have looked like this work. The old time leader has been slowly recovering some of the ground lost in the panic of 1903, when the Har- riman forces crushed the Keene pool in Southern Pacific stock. Nowadays, when Keene turns bear, Wall street | somehow refers to 1t as revenge"
 After another drive by the operators for the decline in the last hour prices came to a standstill and began to rally under the lead of Union Pacific and Amalgamated Copper. Pennsylvania also rallied well. The bulk of the buy 1 ing probably represented short cover sAg. From all appearances the market has been "sold to a standstill," as a broker explained it and some recovery was due. There was no news on which l the better tone was based.
 The action of Erie common stock was l interesting in view of the fact that the hactual certificates are very scarce In i the street, according to brokers. Thurs day the stock was loaning at a prem l ium of 1-64 per cent, for use over night and yesterday it was lending flat One explanation offered was that London sold a great deal. and the certificates 1 are on the way over. This necessitates the borrowing of the stock in the mean time at stiff rate. Some of the local shorts preferred to cover yesterday, rather than pay the premium perhaps fearing that the price might be run up on them.
 There were several factors that made the lower prices Most of them were of a sentimental nature It was said for one thing that MT. Rogers bullish talk ought to be accepted with grain of salt and hedged against; that there was more truth than fiction in the metal exchange prices for copper, and that MT Hartman had made another deal something like the Alton when he gave $36, 1000 900 Oregon Short Line notes for the Baltimore and Ohio, bought from Pennsylvania.
 An abrupt recovery in Brooklyn Rap i'd Transit, after the early weakness was probably based on a movement against the shorts. There was no news bearing on any of the public utilities shares. Consolidated Gas was firm prac- tically all day, which led some to think that favorable developments are ex- expected soon. Consolidated Gas has habit of going contrary to the remaind- CT fthe list.
 The London trading amounted to 1O,- 900 shares with mostly all sales. The business was of no special importance. London and continental markets are dull without much stimulus from the lower discounts In London there were quoted as low as 3-S per cent. The greatest interest there speculatively is in the copper situation.
 The optimistic Henry H. Rogers in- terview was much commented on. but not wholly favorably Following, as it does, similar interviews by William Rockefeller and E. H. Harriman men who, before the March panic, seldom if ever gave cut public utterances, the