The daily morning journal and courier., 1907-10-17

bIe, and Amalgamated fell to 49 1-2, it's lowert price since 1904. To-day the company's directors meet to cut the dividend no doubt.
 Anaconda Mining also reached new low price, as did American Smeltina and Refining. The latter broke to 69, as against an early high price of 7-S. Missouri Pacific had a sensational fall to new low level going to S1, as against price earlier in the day of 59. St Paul, the U. S. Steel shares, com mon and preferred, and Union Pacific afforded other notable instances of new low records being reached. Union Pa cific tumbled with rush to lis S-4, against a high price earlier of 121 1-2
 Call and time money were both armer and San Francisco drew $SO0,00O yester- day by telegraph
 Buying by Clark, Dodge & O., of United States Steel common early car ried a good deal of weight with the traders. They took about 5000 shares At the same time the stock did not re- spond very well. Manson & Co. and Pepper & sternbach also bought Steel common. S. H. F. Pell was the larg- est seller, putting out 10000 shares on the early rise. Raymond, Pynchon & Co. sold heavily later on.
 The way stocks dropped gave some color to the supposition that the power ful speculators for the rise who have been entangled in this years market from the start, had found it necessary to tighten their load again, as they did in August.
 E. H. Hartman optimistic, with his 10 per cent. stock at approximately 12O, was taken rather as a joke by Wall street.
 The announcement of the failure of Gross 6. Kleeberg, shortly before the close of business, caused in way a feeling Of relief, as 1t was taken to ex- plain the days earlier rumors. This firm is said to have been active in United Copper steek.
 An enormous short interest was cre- ated on the recent decline. This put the market in a technical position for its advance at the opening. The buy ing was verbally all for bear account. Yesterdays collapse in prices on se- curities at exchanges in the leading cities of the country brought many day, with the largest attendance that has been seen in the brokerage offices for some time Among them were some bargain hunters, who seldom ap- pear except on critical days.
 The continued collapse in Copper and Smelling stocks during the middle of the afternoon resulted in widespread liquidation of speculative accounts such as occurs when panics develop. Brokers were peremtory in their demands on customers.
 Further traction disclosures are be- ing watched for with some anxiety. The public service commission again gets busy to-day,
 After a heavy opening in the bourse in Paris yesterday prices strengthened but tho market closed with an ex- cited tone.
 Southern Pacific, however, displayed comparative heaviness. Despite denials talk about rebates was still affecting this stock.
 Money yesterday: High, >6; low, 1-2; closing, 5; mostly all, 5 per cent.
 
 The market closed very irregular after a sharp rally in the last hall hour
 Reading in the first hour went back over 90 There is a story that Wal dorf pool got badly "stung' in this stock on it's recent decline. The poo is reported to have loaded up witt 50, 900 shares between 92 1-2 and 97 1-2
 The offer made by Kuhn, Loeb & Co to take up S10y)00,000 of the Pennsyl. yania 1-2 per cent. notes Will result in releasing that amount in a few days Altogether some s60,000,000 of the notes mature on November l, and 1t was said yesterday that the Pennsylvania com pany has the money with which to pay off the notes In the banks and trus companies of this city and Philadelphia The only object in taking up the Sl0,' o00,000 at this time would be to pu just that much money in the hands o1 investors and sO bp1D +bp situation