The morning journal-courier., 1908-07-16
WALL STREET NOTES United States Steel Common Leads List, Making New
 High Mark.
COPPER'S RAMlFICATI0NS
Money Market Undisturbed by Big Payments--Rumor of Baltimore
 and Ohio Suit.

and Ohio Suit. The stock market opened firm, with some small gains, and by degrees worked higher, with triaing reactions during the greater part of the day. United States Steel common continued the leader. By early in the afternoon it was about point higher than Tuesdays closing figure, establishing a new high record for the year. Tho general list was also strong, for tho most part. and the volume of busi- ness was decidedly larger, the total to l o'clock being 475,000 shares, com pared with 225,000 during the same interval Tuesday. Sales of bonds were more than double the amount, being S2.500.0O against $1,140.00O up to l o'clock. Tuesday.
 Increased activity in stocks during the early part of the afternoon brought the total up to double the amount dealt in during the corres- bonding time Tuesday. In the early part of the last hour there was moderate setback, with some ex- treme losses of point from early high figures This had the appearance of distributive selling by prominent people, who, perhaps thought the rise '>lsad gone far enough for the present. The reactiop was continued into the last half hour.~.-
 Yesterdays gold engagement of s1,- 000,000 brings the total of exports since since April 15, when the move ment started, to $47,150,O00. Except for a little more demand for the longer maturities the money market continued as easy as an old glove yes- terday, and this despite the fact that $9,000,000 had to be paid yesterday to the New Haven Railroad company (the second instalment) and that about s23.000,00O has 10 be paid to Kuhn, Loeb X Co. to-day for account of the American subscription to the Union Pacific bonds, besides which several million dollars of deposits have to be returned to the United States treasury to-day.
 The copper metal market continues to provide skeptics with an abund- ance of ammunition. Weakness of the metal has strengthened their ar guments, but judging from yesterdays experience, it strengthened the market for Amalgamated, which established itself for most of the day well above 70. Of course, 1t may have happened that the bad reports of the metal position were all wrong. but they have been right so often that rhere was ex- cuse for accepting them.
 The administration at Washington is said to have revised Its ideas on rail- road rate advances, and to have let lt become known that 1t will offer nc opposition thereto. But up jumps an official of the Interstate Commerce commission and points out that 1t will be the easiest thing in the world tc puncture any agreement that may be made between any of the railroads and commercial, organizations. In timation is thrown out that, under tho law, the interest of the smallest ship per would be paramount to the admin istration, the railroads and the com. mercial organizations, jointly and sev orally.
 Rumors of suit to restrain tn, payment of the Baltimore and Ohio common stock dividend, on the ground that 1t had not been fully earned caused some selling of this stock, al well as other issues In the afternoon Much doubt was expressed that sucl an action would prove successful, In asmuch as the company had piled ul fairly large surplus, and is merel, drawing on earnings of previous year to help out on the current dividend.
 It may happen that the Unite' States Steel corporation will swalloy all the little fellows in time, but no all at one time. It has apparent. made comfortable disposition of tn Tennessee Coal and Iron, but is no quite ready to take hold of Sloss Sheffield, to say nothing of one of tn largest of the other independents, Re public Iron and Steel, Colorado Fue and Iron, and, as a side issue, Presse Steel Car. This may all come along but not with the rush that some ob servers would have Wall Street be lieye. Probably, if the market gets antback rumorS will take rest an allow the Steel corporation to do like wise. It Is generally overworke along the lines of property acquisit ion, when its stocks are making goo market records.
 London traded both ways, bu bought probably 15,000 shores on bal ance, selling some Steel and buyin the Hartman stocks. The Londo market for Americans has broadene considerably.
 CLOSING PRICES.
 Reported over private wires of Prime
 & Whitely, members of the Ne
 York and Boston Stock Echange
 New York office. 52 Broadway, and
 Center street New Haven. Conn.
 New York, July 15. Adams Express Go. ....,.. IFS -- Amalgamated Copper ...... 695s 69 Amer Car Foundry Co., ... 37 37