The daily morning journal and courier., 1905-09-29
STOCK MARKET FEATURES BULLISH FEELING DAMPENED
 BY HIGHER MONEY.

Rate Rose to 5 Per Cent.-England's
 Bank Rate stiRened AIsO-StOcIzs
 Held With Firm Grasp-NO Selling Pressure-Bankers Are Sitting Over n Volcano Says NIT. Shaw-The Bank
 Reserves.
 Stocks were inclined to rise yesterday, but money roseto per cent. and this dampened the ardor.
 The Bank of England's rate stiffened up also and this added to the uneasi- ness.
 It was a dull day, the sales amount ing to only 450,O00 shares.
 The proportion of reserve to liabil- ities of the Bank of England is now 40 per cent, compared with 58 per cent. two years ago. Borrowers in the open market in London have been paying approximately per cent. for some time. With a per cent. rate the demand for gold will be shifted to Paris.
 It is believed that the banks had lost s500,00O since last Friday. Therefore, if loans are not decreased considerably the bank reserve will be drawn down still lower.
 If gold arrives in considerable quan- tity early next week the money situa- tion will be easier.(
 Secretary Shaw in his Cleveland ad- dress yesterday reminds bankers that they are constantly sitting over vol- cano and that unless some permanent change is made in the currency system the conditions that nearly produced a panic in 1902 will some day be repated and not so successfully overcome.
 In the late trading Chesapeake and Ohio was madethe market leader, be- ing bid up nearly point on a few thousand shares. The remainder of the list, however, responded very poorly.
 Predictions were made that to-day loans made over Sunday will command per cent. as the influence of the Oc- toher disbursements of above $7O,OOO,- 900 will be felt then.
 Yesterdays D per cent. money rate was the highest since July 1 and with that exception the highest of the year. The rate was reached early in the day; then it relaxed fraction, but went up to 4 3-4 at the close, ....- s.%.-..:
 Chicago Subway, after running up 6 points near the opening yesterday to heavily dealt in between 53 and 54. The 57 1-2, broke again to below 54, and was heaviest liquidation appeared to be over before noon. Sales of the day were about 10000.
 Specialists discussing market condi~ tions yesterday said that there would have to be very substantial decline in prices for any stop loss orders to be caught; that in fact there were a good mnay buying orders in the market at slight reactions.
 Dick Bros. & Co. said yesterday that within a week the critical period fir the money market will be passed and ope rations for the bull account in stocks may then be conducted with more safety.
 The bank of England's 4 per cent. discount rate for money yesterday was notable, as 1t reached that figure for the first time in two ears.
 Yesterdays rise in cal money to the 5 per cent. basis made al the large banks heavy lenders on the Wall street market. Several millions were put out at 5. per cent, and when the rate de- clined later to 4'1-2, sotne oe the, large lending institutions retired from the market temporarily. As soon as the rate got back to per cent, however, there was a large amount sent to the stock exchange, and the banks instruct ed their brokers to lend heavy ;iddi- ticnaf amounts at 6 Der cent. if thya could take it at that figure.