The daily morning journal and courier., 1907-10-18
LATE FEATURES OF
 THE STOCK MARKET Prices Better, Despite Cut in Copper Dividend BEARS START TO COVER Some New Low Records Made Before the Rally 0c-
 cured.

Before the Rally Oc-
 cured.
 The stock market yesterday was a nervous one and some new low leeuiu0 were made, after which prices raiilea' There was considerable anxiety as to what inc Amalgamated Copper 20. dlV- idend would be and when It was all nounced the market stiffened up.
 Bv the declaration of quarterly rate, If s1 share the annual dividend on IAmalgamated Copper stock was cut in half. This was surprise to wal street. which had expected at least 11-2 per cent. The stock was placed on a flat s per cent. basis at the last meeting of the directors in July. Prior to that quarterly dividends of l-2 per cent. 1-2 per cent. were paid. The stock broke rather sharply on the news to 4S 3-4, only a shade above it's previous low record. It sold yesterday as high as 50 5-S.
 When the news of Heinze's suspen-. sion came 1t had no effect on the mar ket. Tt had been discounted MT. Heinze's complications, which, directly or indirectly, were responsible for the outpour of stocks in Wednesdays dis ordered market, had little depressing Influence yesterday. After a prelimi- nary break of the opening hour, steady recovery set in, and, long before the close, prices of active shares had scored a respectable net advance.
 Money rose to per cent, probably because of the days disturbances in credit. Failure of a rather important banking house at Hamburg caused no recoi on markets here; it may turn out to be interesting as a symptom of Germany's financial situation, which In so many ways resembles ours.
 It was early in the forenoon that there was a spell of rather violent weakness, during which the whole list tumbled to about Wednesdays low fig ures several important issues reaching new low records for the year. Among these were Amalgamated Copper, American Smelling. St. Paul and Unit ed States Steel common.
 Here and there through the list liqui- dation plainly continued. It was no- ticeable in the Gould group in the case of St Louis and Southwestern prefer red, which, after opening at 37 1-2, de- clined to S3; American Tobacco pre- ferred which, opening at "A went to 70, Sloss-Shetfield Steel which, opening at 35, went to 3S and in some other quarters.
 The Bank of England made a better statement than expected. Bullion de- creased $2,S00,00O, but total reserve was only $1,50O,OO0 lower and loans were contracted $10,600,00O and public and private deposits were reduced $1S,S00,~ 900.
 There were lot more trouble rum ors' about, although the general opin- ion of the financial district was that the worst had probably been seen with the failure of Gross & Kleeberg on "Wednesday and the suspension of Otto E1einze & Go.
 The Steel shares have been showing Q little more resistance In the first twenty minutes of trading yesterday, 15,000 shares of the common were trad ed in between 22 7-S and 22 S-S. The stock got to new low at 22, but this was only IA of a point under Wednes- days record. It is figured that at 20, Steel common represents only the working cash surplus of the United States Steel corporation.
 The market for the Nevada mining stocks was almost stagnant The only noticeable thing was a new low record for Goldfeld Consolidated at 15-16. or lb-16 from the previous low record of B. About 1,500 shares changed hands. The only other sales were 1000 Daisy at 5G and 1900 Tramps Consolidated from 1t fo IS 1-2.
 Although Erie Is now selling at the lowest price in several years, the com pany, according to its annual report, is earning approximately 8 per cent or its common stock.
 Hopkins Brothers were the largest buyers of Union Pacific in the early trading. B. L. Smyth & Go. were also large buyers of the stock, and there was a report that both orders had come from 26 Broadway. Not much has been heard of Standard Oil support lately and the buying excited a good deal oi talk. The stock failed to get down te It's low price of Wednesday of 116. The Hamburg Banking House Failure
 Hamburg, Oct 17-The failure of Hal, Ter, Soehle & Co, bankers, was an nounced to-day. Their liabilities art estimated at from 12,000,000 to 90,000,. 900 marks ($S,0oo00O to $7,5OOOOW.
 The failure was due in part to the fall in American copper shares, but the bank also had great speculative invest. ments in real estate companies and in. dustrial concerns, The present mem. bers of the firm are oscar LuebbdTS pDd | C Cao1,1a