The daily morning journal and courier., 1907-09-24
LATE FEATURES OF THE STOCK MARKET
 |Searching for the Late Cheer full Feeling,
 |C0PPERS WORSE AGAIN Heavy, Sterling
 Higher, New York Bonds
 React, Bears Active. J
|CoPPERS WORSE AGAIN
A distinct evaporation of last weeks more cheerful feeling was manifest on he stock exchange yesterday.

fuOT6 Cu66Ilui leClAllS was NitctiAANNNN Va he stock exchange yesterday.
 The trouble was with the coppers. The news came that the price of cop Der metal was going lower yet. This revealed chance for the bears, and hey sailed into prices of stocks,
 There was very little resistance in Buch shares as Amalgamated Copper, melters and United States Steel, which |eu 1 IA to points. Naturally so harp reaction communicated an un- favorable tone to the railroad issues. They declined to 3 points. The previous week of rising prices |or stocks and semi-speculative bonds had placed the market in technical N weak position, so that yesterdays |snsettlement in metal and the tension |n the local traction situation, with an Early drop in New York city 1-2s, on which market interest has been fo- |ussed, made very good basis for speculative selling.
 In itself the reaction in the city Bonds was not particularly strong. The wonder rather was that the up- Fard movement should have con fnued so long, and at so rapid a pace, Fifth virtually no check at all. There was liquidation in the coppers #broad where all metal shares weaken Ia and the metal was offered to low 2r level. Rio Tintos were liberally sold Ey French holders, who fear a cut in 2 he dividend rate. It seems to be prac- cally certain that the rate on Anacon- 8a and Amalgamated will be reduced Hext month. A dozen or more smaller Producers whose margin of profit at
 cents is exceedingly small will. prob- Holy follow the lead of the older com &Anies.
 $ Expectation that an early decision #ould be reached in regard to the fu- hre of the local fractions placed some- SA ing of weight on the market The &rectors of the various roads in the Eyan-Belmont system were in session zesterday afternoon there was also xBme uneasiness were the possibility of Tore unfavorable developments in the Eandard Oil hearing. # Over 75 per cent. of the days sell &g could be traced to the speculative ement. The bears put out fresh lines |
 short stock. They claimed that the hrket had ceased to respond to man llation for the rise and that the ef- | Het of the rise in city bonds was out over
 London houses sold about 15,OOO flores on balance
 8I 8IEIigher money rates are looked for |
 the end of this week and into Oc- | per. The October financing will be
 usually heavy, Dividend and inter- E payments call for S150, ,000, 900. Be- ming next week it is expected that
 pments to the interior will expand, | D that they will more than offset |
 treasury deposits. The rise in
 rling is another factor making for # longer loaning rates.
 Chere was not much liquidation for
 account of the outside public chief influencing factors were - ught to have been about dis
 gnted' for the time-being. so far
 railroad securities are concerned.
 There was a good deal of unoasi-
 s regarding the traction situation. 1
 was felt that the surface compa-
 were very close to a receiYcrship.
 lot since the first week of May has
 money loaned as low as i per
 t., the rate ct which the market |.
 Jed yesterday.
 Wall street railway expert says
 a careful review of the operations
 he Reading Railroad company and
 subsidiary company, the Central of
 Jersey for the last fiscal year
 rly shows that the earnings on the
 ding stocks for the year can be
 ly estimated at 21 per cent. It
 pays dividends of per cent per
 um
 ccording to a report President
 ing of the St. Paul Railway com
 E informed the stockholders at the
 bal meeting that in his opinion the
 lent financial conditions make new
 rprises impracticable. ll
 bntrary to the experience of most
 r companies during the recent de- !
 in prices the number of stock
 CTS in the Standard oil company !
 decreased about 200 since the agi-
 and litigation against the com ]
 by the government became ag-
 live. Presumably MT. Rockefel- l
 holdings have increased. II