The daily morning journal and courier., 1907-09-28

Both Make New Low Records
 -Discounting Presidents
 Speech.
 Another smash in stocks occurred yesterday in which the steels and Amalgamated made new low records for this campaign.
 Amalgamated Copper dropped to 57 1-2, fall of IA points from Thurs days closing, and half point under the previous low record of 5S United States Steel common fell to 27, against 27 5-S, Thursdays closing, and S7 IA, the previous low price of the year United States Steel preferred went to S9, against 90 1-8 on Thursday, and S9 3-4, the previous low. American Tee stock sold at 32, a drop of eight points from the bid price at the close of Friday. This sensational loss was &C., counted for by the action of the ice company's directors in passing the div idend. Union Pacific under a savage bear attack, went down to 126 S-4, losing two points. American Smelling and Refining tumbled in sympathy with Amalgamated Copper to S5 3-4 as against 91 on Thursday. Yesterdays price, however, carried a dividend of 2 per cent, so that the loss WSs really three and a quarter points. Consoli- dated Gas which went under par Fri day, fell to 96 3-4, a loss of three points.
 The tumble yesterday was attributed to the rise in call money rates on the Stock exchange to per cent. yester- day, and the estimate that the New York banks have lost four and half millions in reserve money during the week. also to the copper trade situa- ton and the prediction that President Roosevelt, in his speech at Canton next Monday, will utter dire warnings as to the country's economic condl- ton.
 It is believed that the copper trade is in a better position than a week ago, not worse, and that the later reductions in the metals price-to figure still very profitable to producers-have brought the long-absent consumer into the market on a considerable scale. What will be done with the dividends of the Amalgamated and other com panies is still an open question, but that is question for the future. The figures for the copper metal have held tolerably steady this week.
 A sale of American ice, whose divi- dend was passed Thursday, was made at 32. The stock has been 40 bid for some days with no sales. A year ago it was 95. The last sale was at 53 S-4.
 So far as the attack on United Steel shares was concerned there was noth- ing in the situation to indicate that de- mand for steel products had declined under the volume known to exist re- gently.
 A new record was made in Third Avenue. Liquidation sales in 10O-share lots made 1t sell at 4S. This is an S0- point decline for the year Quite a little of this stock is held in New Ha- ven.
 What purported to be a resume of President Roosevelt's coming speeches in the West, was printed in morning paper. It indicated that the attack on corporations would be continued and that there would be further efforts bv Congress to draw the federal authority around the railroads. Illness of prominent financiers is al- ways restraining element in the stock market. Reports that Henry M. Flag Ter is seriously i'll, combined with the talk about another operation upon Mr Hartman, resulted in some selling of stocks. Brokers had to pay higher rates for call money. On the renewal 4 per cent. and then 5 per cent, was charged with the high Tate of the day per cent. In 2 view of next weeks dividend payments the paying off of maturing railroad notes and the expansion in the interior ] currency demands for crops it would . Joe surprising if call loans did not get | { to or 8 per cent.
 4 Great Northern, Northern Pacific and ! Union Pacific simultaneously sold at l z12S 1-4 this morning. Great Northern | was the first to break through 12S.
 Opinions differed as to how far the Hbreak in stocks was due to trade caus- les, and how far to bear attacks.
 Unusually large offerings of Consoli- Hated Gas were made on the decline to P6 S-4.
 Early heaviness of the Hartman is- Bues was connected with a report from Ban Francisco that the Federal grandJ ury had found 14O indictments against he Southern Pacific, and also against he Pacific Mail Steamship company, or rebating on traffic from the Orient ia San Francisco to Eastern points in he United States. If this were true. here would be possible fine of $2,- z o,OOO, assuming that the full penalty $2000O for each offence were meted ut. The above amount is equal to