The morning journal-courier. (New Haven, Conn.) 1907-1913, 1908-09-24

Around 13:45 o'clock q partial rally
was In progress. but the market then
became narrower. and trading during
most OF the afternoon was on a more
restricted scale, and the market for
the most part without feature. \
late break In Brooklyn Rapid Transit
was a noteworthy incident of the day
20 a., from As Ia in the forenoon
The market was firm at the close The
entire days business was about so per
cent Of yesterdays.
Colncldent with yesterdays halt and
the fall In stocks came a halt TO the
decline In the price OF copper metal.
1t was frankly admitted by the heads
OF two of the largest copper selling
agencies that the recent collapse in
stocks resulted in entire cessation OF
buying by consumers. One of these
agencies has not had single inquiry
for copper since the middle of last
week. This is nothing new In the
copper market; the price, for what
ever reason. is notoriohsly apt to rise
vi ldll Hlb0E WIFI SltINr III NIllGn ilfs
Standard OIL people have an interest.
The violent break In the metal, in
midsummer last year, came along with
the reported distresses of certain cap
italists of that group; and It recov-
cred just as the stock market was
about to recover. 1t broke in Deem
Der, 1904, when the market nanipula-
lions Of that interest ended In the
Lawson panic" and Its decline after
midsummer. 1901. accompanied the
movement OF the stock market.
Buying of odd lots was quite fea-
ture OF the morning market, and brok-
ers said that that class of business was
the largest they had since early in
the year.
Twenty-six railroads reporting for
the second week of September show
decrease in gross earnings of 5.34 per.
cent.
London cabled better prices for
American stocks The higher quota
tions London has sent over for two
days now have been brought about by
orders from this side. according to
the belief in very good quarters. Lon
don was a very good buyer in this
market. the purchases being estimat-
ed at 10000 to 10000 shares. One
authority claimed that London took
10000 shares of Union Pacific alone,
and besides Union Pacific, It was a
good buyer of Steel common and
the Fries.
Opening prices In nearly every case
showed sharp gains on last nights
closings Readings first sale was
/ "a higher, that Of Union Pacific
IA Consolidated Gas Is, Ana
conda. Great Northern, and Northern
Pacific is. Smelling Baltimore and
Ohio, Louisville, and National Lead
each a point Steel, Southern Pacific,
Atchison. Erie, Locomotive. Amalga-
mated, and st. Paul all gained nearly
q point on the first transaction.
There is a very good supply If
stocks In the loan crowd these days.
The general loaning rate was ! 4 per
cent yesterday, with Locomotive. Mis-
souri, Pacific, New York Central,
PENNSYLVANIA. Steel preferred. Smelt-
ers preferred and Republic Steel pre-
ferreG commanding a rate of I per
cent. A close observer says that IN
his opinion It has not been so easy
to borrow the active stocks for two
years past.
Opinion differed widely, In Wall
street, as to how the course of the
market was likely to be affected by
politicsl developments, from now on
The experience OF other disturbing
campaigns has usually been, that af-
ter O. prolonged and violent break IN
stocks on an election scare" culmin-
et,ng In such heavy forced liquidation
as Yesterdays, the market is not apt
70 be scutely affected by new devel-
opments In the political field itself NJ
one. however, regarded the past
weeks break as "discounting" the
election of BRYAN It was therefore
argued in some quarters that IF actua
belief in that result at the polls were
to become at all general the invest
ment market might have another tes
phead of 1t. In 1895. and in a lesser
degree in 1900 the markets decline
stopped when experienced politicians
came positively to the conclusion tina
r,..... haitian