The daily morning journal and courier., 1905-10-05
STOCK MARKET FEATURES
CALL LOANING RATE UP TO 2 1-4
 PER CENT.

PER CENT.
 And Stocks Grew Weaker-Had a
 Touch of IndispositiOn-Banks va.
 Trust Companies-U. s. Steel Last
 Month Sold Third Its Capaeity-Other
 Notes
 Wall street confronted the fact yes terday that cali loans had been advanc- ed to ' 1-4 per cent. They closed, more over. at 8 per cent.
 This caused meditation and refiec- ton, and a halt in the booming. In consequence the strong market of Tues day gave place to a weak one yester- day.
 Stocks may go lower to-day unless the money market grows easier.
 The big men do not encourage wild speculation at present in view of the tightness of money.
 Domestic exchange at western and southern points yesterday was very much against New York. Withdraw als to the crop-moving centers contin- ue with little check.
 With money higher yesterday the supplies which the banks and trust companies had to lend were rather mrager. The large amount of funds just now locked up in connection with the local tax payments accounts for part of the prevailing stringency.
 The low priced railroad issues were active first yesterday. and the profit taking in the standard shares took place.
 The individual stocks then became prominent in the trading.
 The return of stringency as a re- sponse to the efforts to bid up stocks aggressively in the face of last week s conditions, was no great surprise.
 The New York banks and the trust companies are in collision as regards the weekly banking exhibits, and d re- form in this is in the works.
 Brokers who made a study of the loan crowd said there was very little demand for stocks there. The rates on St. Jaul show that the short interest is smaller than at the beginning of the week.
 Money yesterday loaned at the high est rate since December 29, 19So.
 The heavy selling of Southern Pacific, which kept the stock around 70 IA dur ing the morning, was credited to Jacob Field, whose campaign in it is a re- cent development.
 It would seem to indicate' that the banks are working together-that they let off rates at times and on other oc- casions mark them up. Various bank CTS have cautioned the brokers not to encourage unrestrained trading at the present time, but advised waiting for a few weeks.
 The Duluth, South Shore and Atlantic is figuring on an extension from twenty miles south of Winnipeg to Duluth. This is expected to greatly increase the roads earning capacity, and is giv- en as bull argument on the stocks.
 Canadian Pacife,s gross increase for the elastssweek Of September was $S29,- 900. If the earnings continue at the present rate the total gross for this year will. be $5, 100000. The company authorized a new stock issue of $7,500,- 600.
 The quarterly statement of the New York City Railway shows a deficit for the period of $470, ,950, which brings the total deficit up to $4,6SS,9S4. There has been less of a gross decrease for the quarter, and the operating charges were smaller than formerly; but the fact remains, and is again illustrated in the statement, that the Metropolitan depends on future expansions by means of subways to overcome the present large deficit and allow of payment of dividends that are earned. Metropoli- tan sold above 127 this morning and then reacted a point It recovered aft CT the statement was published.
 The Iron Age will say to-day of the situation and outlook in the steel and iron trade: The most interesting de- yelopnent of the past week has been the rush to buy furnace coke for 1906. A number of the large steel companies have closed very important contracts, and the pig iron dealers generally have hastened to cover. The price has ad- vanced to $255 to $2.65 at ovens for strictly Connellsville coke, which is about $1 above the price at which coke was sold in the spring. This means a very serious addition to the cost of pro- duction of pig iron and accountg for t.fe attitude which makers are assum- ing. They are putting up prices, and are chary of taking business beyond the first quarter of 1906.
 As an indication of what has been happening we may note that the Sep- tember sales of the United States Steel corporation constituted a record and Have been double it's capacity.