The daily morning journal and courier., 1906-11-13

Per Cent.-DrOpped to 1 Near tn
 Close With Accompanying RaIIy-Il
 London to SA Per Cent. Ruled
 Gossip of the Day.
 The stock market weakness of yes terday was of course due to the tight ness of money, and especially to tht rise of call money to 20 per cent. at on time. It dropped to four near the close and stocks had quite rally. In Lon. don the price ruled from 8 to 8 1-4 fol American stocks
 press dispatch last evening says or the subject
 The money market was excited to- day, and soon after the opening touch ed twenty per cent for call loans. Some large amounts were put out between 1E and 20 per cent. The demand was gen. eral among Wall street houses, and re- suited largely from the rather heavy calling of loans soon after the market opened. The first loans were made around and 10 per cent, but the re- adjustment that followed the calling by tfe large banks soon put the rate up to 20 per cent.
 The rate fluctuated between 12 and is per cent until about an hour before the closing, when the demand having been supplied for the day, it went off to five per cent. at the close.
 The payment to-day of some $12, ,0O0,- GOO On account of new St. Paul stock was one explanation for the early fur ry in money. A considerable part of this money was not reloaned by the banks, and borrowers were considerably inconvenienced as a result"
 From present indications money rates will be high the remainder of this week.
 In the decline stocks fell from 1 to 8 points.
 Very little evidence of liquidation was given. Stocks are too well fortified by large margins and much lower average costs to make general selling, even with the present money strain likely.
 There were thirty-one ce the fifty four New York banks in the clearing AANG7C tAActl ltpOl LGt lIlCIlloeIN 6S DPlOW the 25 per cent, required reserve in Sat urday's weekly bank statement six teen national and fifteen statt.
 The situation was complicated by the prospects of a strike on some of the eastern lines unless higher wage sche- dulles were ordered. This clement of additional expense has to be reckoned with by corporations along with in- creased cost of materials.
 This sharp rise in money was the na- tural consequence of the ba-k position as disclosed by last Saturdays bank statement, which showed a $1, ,514, ,0OO de- ficit in legal reserves. With the early rise in money the question of treasury relief became again the chief topic in Wall street discussion.
 X The prospects of a strike on the Erie had no more effect on the company's shares than did the general bearish market conditions. The common drop- ped over a joint, and the preferred is- sues about the same. A strike would be serious thing for the road.
 As to Secretary Shaws action the view prevailed that Mr. Shaw had bet ter pursue an ultra-c conservative course in order to husband resources and re- lieve the money market later on, in case it becomes necessary in December. One prominent banker hoped the buying of bonds would not be resorted to, as it would be too long to help out by that method.
 There was a considerable amount of money put out on call in Wall street by out of town banks yesterday. The strength of Rock Island and Mexican Central was conspicuous in a market, where nearly every issue was lower The harmonious action of the two was possibly due to reports of closer traffic relations, though as such rumors have been denied
 The Hallgarten pool in Rock Island bought the stock in the face of a de- clining market The Dutch and Ger | man buying, which was checked by the ] decline from 30 5-S to 27, has been re- newed around 2S. There was considerable calling of speculative loans by New York banks. Neither in Pennsylvania nor in Bal l timore and Ohio has there been any re- adjustment in values to the higher divi- dend basis, Both have sold lower aft CT the increase went into effect than before.
 Stocks are apparently in the strong est of hands It is also apparent that those who own the bulk of them ac- cumulated the majority at prices aver aging l5 to 30 points lower. Inasmuch as there is no suggestion of break in prosperity, it is hardly likely that liqui- dation will be forced at this time.
 Brokers on the floor said that the character of the buying indicated sup port by banking interests in half a dozen leading stocks, such as Reading, Erie, Pennsylvania, Copper, St. Paul and Union Pacific. Erie in particular yielded very little.
 As rule the Southwestern roads that carry large amount of corn were among the strongest on the list. Mis- souri Pacific and Kansas and Texas showed good resisting power. The land grant decision favoring the latter help i ed it with domestic and foreign mar kets. The indisposition of stock brokers to buy many securities for customers, | which usually occurs whenever call | money runs up very sharply, was man fist
 Doctor how can I ever repay you for your kindness to me?"
 Doesn't matter, old man. Check, 1