New-York tribune., 1907-10-17

Not until ths Clearing House sheets had gone
through at 2:l5 p. N. was there any sign Of ag-
gressive support. Then some substantial buying
orders were thrown into the market N the leading
issues which were right at the bottom, and the
rapid decline was checked On the announcement
Of the suspension of Gross Kleeberg prices began
to run of again. but support was kept In the mar
ket until the close, which at little above the
lowest.
Prices were higher IN London, but it was
evident that the market there had been artiically
held up sell stocks and to facilitate selling here
al the opening Amalgamated and Anaconda We're
heavily sold IN London and the report went out
that the dividend on the former was TO be cut 10
per cent to-day. Some prophesied that il
would be passed altogether. Another cut in the
price OF copper metal on the local metal exchange
helped the weakness in these stocks did the
continued gyratons OF United Copper on the curb.
Il was rot so surprising, therefore, that the cop
Per stocks and American Smelling led the decline
when the market turned weak What far
more disconcerting. however. the pronounced
weakness in such high grade railroad stocks
Union Pacific. St. Paul. the Hill shares. Reading
Southern Pacific and Missouri Pacific. Missouri
Pacific opened az SO and then dropped precipitatey
TO 81. a loss OF points, sales Of upward OF
800 shares. No news accompanied this fall, but
II looked il some big holder had been forced to
liquidate Missouri Pacific pays dividends at the
rate of per cent, and AT its low point yesterday
returned the holder nearly 10 per cent.
Union Pacific stood up against the selling
pressure for time. but finally gave way and
dropped on heavy transactions TO 116. against its
previous low mark Of lls5s S.. Paul touched a
new bottom al 113 The two Hill stocks. Northern
Pacific and Great Northern preferred both sold Off
sharply, but neither quite reached It's low level Of
August when Northern Pacific sold at 113 and
Great Northern preferred at ia The low mark
for the former yesterday was 1l5la and for the
latter 1Is
Though the shares OF the United States Steel
Corporation declined to low levels-22I4 for the
common and Sli4 for the preferred-both were rela-
lively firm compared with other active fayorites-
The same also be said of the Erie issues most
Of the fractions, American Sugar Baltimore &,
Ohio. Louisville & Nashville and several of the
minor rails and industrials Rock Island and
Southern Railway both made trlfing advances on
the day New York Central was another stock
which showed considerable resistance to the selling
pressure. It failed TO drop below par. as IT did in
August and one day last week.
Amalgamated Copper made a new low water
mark at 49. and American Smelling did the same
AT So Both stocks rallied sharply before the close
though the former had net decline OF 27s points
and the latter one of 5l4 Consolidated Gas made
a new low record at s61k and American Car and
Foundry did the same al 2Sl4 The strongest active
stock was Pennsylvania, which refused 10 sell be-
low i1e9s and closed at III. an advance of y for
the day. Third Avenue stock an exception to
the other fractions. and on sales OF 800 shares
dropped IS points. 10 q This is the lowest point
At which the stock has sold Brooklyn Rapid
Transit, Interborough- metropolitan common and
preferred, Manhattan and Metropolitan were all
relatively steady.
There were. OF course. as is usual on days of
such violent declines. numerous rumors OF indi-
viduas and institutions in trouble but none OF
these were believed in the best informed quarters
The head OF a large Stock Exchange house which
has been constantly besTish for the last year and
half but has recently reversed it's position dis
cusstng the days events and the general outlook
said
I look for more unsettement tomorrow until
the Clearing House sheets so through. Then the
atmosphere will be pretty well cleared and the
market ought 10 rally sharply. We had very close
20 a panic on the Stock Exchange to-day and I
lay the great rush sell stocks TO the United
Copper affair Some pretty big people have been
badly hurt and have been forced to throw over
large quantities OF stocks. Perhaps matters will
he patched up overnight. Some big people have
overeXtended themselves and have been skating tn
mighty thin ice for some time The smash had to
come sooner or later. and the United Copper epi-
sode was the last straw. Investors in general nave
not been hurt in the United Copper affair but only
the big spectators. I believe that it is time to
turn moderately bullish. Stocks are now selling at
panic prices. and there wI be handsome profits for
hl"se who have the money and to buy them
The trouble is tnat has any money. What
good does X do II houses are selling for 10 cents ~
Ire average person has not got tie 10 cents? The
dividend On Amalgamated Copper is due to-mor
row, and with that known at least one bugbear
viii have been removed. From the way the conner
f'ocks were sold to-day it looks as II a cut TO A
per cent were probable. The executive COMMITTEES
doubtless decided on the rate some time ago,
TnDDED'C IVyvDrTT.n No.