The daily morning journal and courier., 1907-11-16
LATE FEATURES OF
 TIE STOCK MARKET General Decline Marked the
 Morning Trading in New York.
CENTRAL BREAKS SHARPLY

Lazard Freres Engage Three and a Half Millions and
 Kuhn Loeb Over Two.
 It was rumored that some of the heaviest sellings yesterday in Union | Pacific, New York Central and St. Paul was coming from sources which might be chased as standard oil The traders thought Ghis selling so good l that they were supposed to follow it vigorously. In the first few minutes St. Paul, U. 1 S. Steel preferred and Atchison com mon all reached new low prices for the year. Later on American Smelling al- so made new low far under it's pre- vious record. Another stock that ear- ly went to a new low figure was Erie The stock market declined all the morning, and by early in the afternoon losses of 2 to points had been scored. Bankers exhibited no desire, apparent 8 ly, to check liquidation, but were in clined to see speculative accounts go E by the boar There was calling of loans all around the floor of the Ex- schange, and many margined accounts ! were sacrificed. American Smelling, Copper, Union Pacific, Pennsylvania, Baltimore and Ohio, and other active Headers" declined steadily under large offerings.
 Fresh engagements of gold for i'm port in large amount, and predictions that the Saturday bank statement would make up a part of last weeks enormous deficit had no effect in checking the decline, Wholesale re- trenchment in expenses by corpora ltions and forced liquidation of stocks were the ruling factors.
 Early selling of United States Steel Eommon by Horzfeld & Stern attract led some attention, as they were said to have given out some substantial sell ng orders in the same stock on Thurs Day. Other steel common sellers in eluded c. Schumacher & Co.,, 2OO0; La i kelle, Mathews 6 Co.,, 25O0, Post & ! Flagg, 1000; A. H. Caspary, 1000; New borg & Co, J. M. Moves & Co and rrippe & CO.,, 2,500 The buyers in- luded Baruch Bros, 5000; P. J. Good hart & Co.,, 250O, and J. Welt, 1,50O. immons & Slade sold United States teel preferred, while Wardwell & Adams bought.
 Independent steel manufacturers are aid to be worrying over heavy can ! ellations of orders. What makes them E articularly blue is that this leaves hem with enormous stores of iron on land bought in anticipation of large manufacturing demands.
 A runor was consistently circuiat
 in the last fifteen minutes of trad lg that Secretary Cortelyou had de- ded to authorize the issue of $50, ,000- new Panama canal bonds, which i buld be used by the banks as a basis Pr circulation. Although there was confirmation of this report, some # Pry prominent bankers admitted that
 might be decided upon as the best cans for increasing the volume of ' Rnd-to-hand money which is so ur- # Pntly needed at the west.
 In the last half hour the market was mewhat quieter and selling was inter. The accumulation of unfavor- 5le incidents, none of which was of 'ime importance, kept sentiment de- essed and there was no disposition
 the part of anybody to buy stocks. ith lack of buying power and with lnifest withdrawal of support by nkers, prices were allowed to drift.
 the same time there was an ab- nce of demoralization, and it was nerally felt that financial interests d no apprehension in regard to the took, but felt able to con, rol the arket as they saw fit.
 D. F. Hutton & Co. were sellers of
 cks around the room, including lelting in some quantity. J. s. Bache
 Go. were also heavy general sellers. e floor traders thought the house
 s being used to liquidate line of |cks for some considerable interest
 rney & Go. sold 5000 Pennsylvania. Frnbach & Go. sold 2,O0O New York ntral Tn Union Pacific the sellers
 luded J. Calm, Worden & Co.,, T. J.
 ylor and Lipper & Co.,, while among
 buyers were Baruch Brothers, H.
 rnberger and Graves & Co. Wolf
 others & Co., sold 5000 Southern Pa
 c, T. L. Manson sold 5000 Union
 tifc.
 ne of the best authorities in the
 airing House said that the outflow
 currency in connection with the
 pment of foreign gold to Western
 lks throughout the suh-Treasury
 been unexpectedly heavy. There
 e very definite indications, howev-
 that the heaviest demand for cur-
 cy at out-of-town points had heen
 sfied. One of the largest money
 kers, who has done heW7y busi-
 s in currency this week, said em-
 tically this afternoon that the mar
 was weaker than it had been, and
 he had been forced to supply Wes-
 banks at rates under those that
 had named early Thursday.