The daily morning journal and courier., 1907-09-16
ATE FEATURES OF
 THE STOCK MARKET Attack on United States Steel
 Hurts the List. ] UNCERTAINTY IN C0PPERS The Attitude of the Bank Re serve-The Markets
 Outlook.

II
 The stock market is still feeling the Effects of the drop in copper metals .rice and but little improvement of the eneraI list is to be expected until that Eject wears off,
 Saturdays market showed but little Paying power and although it started f strong the whole aspect changed be- pre the close.
 z A reduction in metal prices to Is 1-2 Pnts evidenced the denoralized condi- ons in the trade. The bank statement 2 las not up to expectations, as reserves &ecreased $453,67O. The cash exhibit las again unsatisfactory, howing a Epss of $S61,S0O compared with a sup Bosed gain of over $2,5OO,O00. One notable incident in the foreign #larkets, which were generally firm, las the withdrawal of $1,OOO,0O0 from le Bank of England for Egypt. It is kpected that the requirements for that ountry will be S25,OOOOOO. About S2,- $DO,O00 gold will reach the London mar let Monday, and there will be competi- Ion for it, as exchange on London is Ell down.
 The weak group, Saturday, was the Edustrials with Amalgamated Copper Ind Shelters running off rapidly, but he decline in the U. S. Steel shares rushing sentiment more than did cop Ter. There was lack of a contradiction h production of pig iron. The heavy selling of United States steel preferred at the close was one & the most sensational features of the lays market, The stock was thrown : sver in large blocks, and the largest ! 2quidation came from banking inter- . Bts which had made heavy advances Hl the stock. A great deal of this sell Els was attributed to a change in sem 2 ment as a result of recent advices re- Pived from very good Pittsburg sourc- & Ane great trouble with the market is & constant incesslon of damaging out Breaks from one quarter and another
 Favorable things are the cessation T tight money and a Hull in political zgitation. Then too the judgment of *le lower court in the Pennsylvania &Rilroad two cent rate case is a long #ep in the constructive political pro- ess that is going on in some states. &he speech of Gov. W'arfield at James, Swn shows plainly what the conserva- I've southern element thinks of the 5Rid on property in states like Ala anIa, North Carolina and Georgia. 5entiment is setting against too much &ldicalism in correcting corporation Hpuses.
 That the fortunate result of last &uesday's sale was largely due to the ersonal intervention of MT. Morgan, Ffore the city had reached the stage
 dire emergency, is now fully recog-
 zed. What does not appear to be 2 Efficiently understood is, that the #ty's financial authorities ought to
 eve taken precisely such negotiations @ hand on their own account, three
 onths or more ago. The guarantee
 the Morgan syndicate, to insure the & De of at least one-half of the $40,- #0O00 offer, was generous, as syndi-
 Gte offers on such occasions go; but
 was also, as the event has proved,
 perfectly safe and sagacious step on |ke part of the syndicate itself.
 Some of the opinions of leading New Fork houses follow:
 Grannis & Lawrence: with trade
 cession and tariff agitation and re-
 sion both plainly in sight for the xt two years, it is obviously not a
 vorable time to buy industrial stocks
 a class. There is little doubt that
 me of these are really cheap now,
 lt, everything considered, they are
 ss attractive than the choice rails" MJ. s. Bache Ss Co.,: "The stock mar
 Pt has declined to such an extent th9t Ne believe liquidation has run it's
 urse for the present. Good railroads
 pear to be purchases at the present vel, but we do not advise buying in-
 pstrials."
 #H. L. Horton & Co.,: "It is worthy of
 te that none of the dividend paying
 sues sold near the lows of last month
 Id in the absence of any further bad
 WIS we should have continuance of sis recovery into next week"
 Carpenter, Baggot & Co.: "We ad-
 re to our advice to purchase care 5 lily for investment. The bull side of
 e market except for industrials will
 the winning side in the long run"
 Edward Sweet & Co.,: 'It seems to
 the opinion in conservative quar- rs that stocks are cheap for invest ! ents. ,
 Miller & Co.: "We believe that all
 verse news to date has been dis
 unted, and that, therefore, railroad
 curities of merit are good invest
 ene purchases"
 Prince & whitely: "While this state
 affairs exist, we can't believe in y sustained improvement, in either
 tsiness conditions or values, and
 agefors still incline toward sales on