The daily morning journal and courier., 1907-10-09

The stock market Tell lnlo "eaAA4S"S again and the little eheerfulness or Monday was quickly dissipated.
 The market did not follow Northern Pacific when 1t rose to 1S2 8-4 yester- day on the report of possible per cent. cash dividend. It went down when this stock broke 1-2 points on failure of directors to allow anything than the regular rate. The factor, apart from the Northern Pacific disappointment, that produced most depression was the heavy liqui- dation for Amsterdam account and ru- mors of embarrassments at the Dutch center. The selling for Dutch account has been going on for week and is re- sponsible for the low prices made for such shares as Rock Island and Chesa- peake and Ohio, which yesterday touched the lowest of tie year; for Kansas and Texas. and for part of the weakness in the United States Steel common and preferred and some of the preferred industrial shares. Holland is normally one of the largest buyers of low-priced American railroad shares and has practically controlled Missouri, Kansas and Texas for some years.
 The grain markets slackened some- what in the vigorous advance which gave sensational touch to Mondays transactions. Wheat moved erratically up and down, but ended at an advance of 9-S cent per bushel over Monday thus fixing a new high record for the year-and corn moved with it.
 Sales of copper were made a fraction lower, while wheat was rising, and thereby called attention again to the conflicting influences at work on the general market for commodities.
 Most of yesterdays selling for Lon- don account was cleared for the con- tinent. A reduction in the dividend on Rio Tintos from 93 to a2 Is. Cd. was not so drastic as anticipated and the price of the stock rose violently as a result Copper conditions are ob- viously better abroad than here Lo- cally the listed price was reduced from 15 to IA 1-2c. where the large producers are now taking orders.
 Practically everything was against the market yesterday. Money rates were stiff with no trace of the return of the $16,OOO,OO0 paid in on Monday for city taxes Interior exchange was slightly more against New York, and New Orleans drew on the sub-treasury for $1OO,0OO. The banks are holding their own so far in the matter of cash balances. Sterling exchange was up to 4.S6, with payment of maturing finance bills and notes offsets the lib- eral supply of commercial bills com ing forward.
 Tn the last half hour stocks turned weak again, with a new low record for Rock Island the feature. Nothing new came out to account for the weakness except the August report of the Rock Island company and advices from Lon don that stocks had closed very weak there. The August Rock Island report was very disappointing Although the gross earnings increased $300,006, the net result decreased $225, 900. This was in line with most of the statements of earnings which have come to hand during the last few days. In most instances net results have compared very unfavorably with the gross.
 The Atchison annual report shows 15 ger cent, earned on the common in the fiscal year compared with per cent. paid. Chesapeake and Ohio earned 5B per cent. and paid 1, and Wabash earn ed triAe over 1 per cent. on the pre- gerred after paying interest for the first time on the debentures, All lines showed an enormous expansion in transportation costs. This was as much as S5, 900 with the Atchison.
 United States Steel shares were heavy yesterday, the common getting down by 1 o'clock to 26 IA, the prev lOuS lOW lGNGl OL bl4l5 lA4ON14AASAAbs OOl4AS large blocks were taken near that fig ure as if indicative of support. Il was quite as likely, however, that suct purchases represented short covering.
 One influence making for more bear Sshness yesterday was the pessimistic statements of railroad presidents in their annual report to shareholders.
 The Chesapeake & Ohio company is in need of fresh funds for improve ments and increasing it's operations and various plans for effecting these things have been. under discussion. The inauspicious monetary conditions have thus prevented their consummation.
 The drop in Chesapeake to S1, com pared with 30 9-4, it's low price in Aug ust, was due to selling by A. A. Hous man & Go. They offered it down or about 3,000 shares
 The sharp rise of Is cent in the price