The daily morning journal and courier., 1907-09-19

5rO DO III tb 4SA~NtANN~AS N-r1 (which way stocks were going { Even Northern Pacific which has been the center of attraction for sever ] H hl days sank back into inertia.
 
 Amalgamated Copper rose nearly a point, then lost 5-S on news of a Btill further lowering of copper prices zbn the Metal Exchange, It closed however, at substantial recovery Afrom the lowest, and indeed, the days bottom price was 1 1-2 points above the months low level, reached last Fri hay.
 At first prices were bid up a point or nore, with practically every prominent { Stock selling higher than on Tuesday. Northern Pacific above 1S4, Union Pa 2 Seifc at 1S0 5-8, Steel common at 29 S-S, EAmalgamated Copper 62 Is and Smelt- <ers at about 92 were some of the levels Established. Subsequently the active Hist went down 1-2 to 1-2 points and 8the average closing was approximately 2Ehat of Monday.
 Copper prices again broke through 5the 15-cent mark, although an effort &has been made to support them there. A congested state of the Commercial EPaper market was noted Although the nbroker can borrow on good railroad and 3ndustrial securities on a per cent. &basis for six months, the best paper #negotiated of merchantsis commanding sL per cent. and more above the legal %rate.
 I "A somewhat startling state of things Is revealed by the returns of the coun- T rvs 6,244 national banks which show hat following what the east has re- ! garded as eight months of steady liqui- #lation, loans of these Institutions, un- Ter the call of August 22, have actual Ny expanded as compared with year before, r1o less than S379 ,00O, 900, Against his remarkable comparison stands an Increase of ST, ,600,OOO cash reserve, all most entirely specie, clearly attributa- ble to the net gold import of nearly < *6O,0O0,0OO in the twelve preceding < #nonths, to this country's own gold #broduction of the period, and to de- rease in the treasurys' gold holdings.
 The question naturally arises what has caused this $379, 100000 of loan ex- banson when such prodigious sums < have been released from bank loans through the Stock exchange liquida- ion?
 The gain from May to August in the totals of the whole country is due in | part to expansion in the south and vest where the influence of Wall
 treet disorders has not yet reached Y Pnd in part to a heavy reduction in Europes loans to us
 In the last hour the market became lecidedly heavy, and the room trading Contingent were at a loss to know how Q trade. A we'll known member of tn old Stock exchange house, who was Eatching the fluctuations in the last pour, said frankly that he did not know what to advise his people to do, ! IS the confusion of the whole invest nent situation.
 Although Wall street paid little at ention to the testimony taken at the Ftandard Oil hearing, the fact that an- zbther government investigation was in Progress made the market extremely E hervous. This feeling found express Meion in the disposition of the large s raders to engage a new commitment < r to buy the active shares on the de-
 dine.
 M In connection with this attitude. re- ' garding the Standard Oil hearing, the & point was made that pending devel- ppments in the traction inquiry might cad to interesting disclosures of nature which might find immediate re- E ponse in the stock market.
 Trading was rather quiet in part on
 ccount of the Jewish holidays which eurtailed operations in all internation- sl markets. There was some slowing T Hown, too, in order to get a new reck-
 ning after the slowing down in prices
 f the past two days
 Fl The regular quarterly dividend of i
 2 per cent. on New York Central
 tock was declared by the company's directors, payable October 15 There lad been talk in Wall street during the
 tock market decline of a month ago
 if a possibility of a reduction taking place, but a maintenance of the 1 1-2 Der cent. rate fixed last year generally sxpeeted. The company, however, is n position to draw on the resources Df it's allies when it's own operating re- I ults are not satisfactory
 It is reported again that the accumu- E hlation recently of Kansas and Texas pas been for the Hill account, with the Ultimate idea of getting control of the property for the Burlington. This re- bort has been well worked.
 It is understood that there are now
 egisteyed on the New York books of
 he New York Central somewhat more !. han 15,000 of stockholders and that
 here are about 5000 foreign holders. s Proft-tal1ing on Q liberal scale sent own prices along with the short sell
 Ing and formation of a new short in
 erest. It was thought that the run up
 n the Hill stocks and Union Pacific had