The daily morning journal and courier., 1906-10-23
STOCK MARKET FEATURES
BEARS ROUTED AND SHARP AD-
 VANCE IN PRICES,

Shorts Rushed to COver--Blg Interests
 Give SuppOrt--Hclp from Shaw Ex.
 pected--Call Money Lowcr--.Gossip Ol
 the Day.
 Quite change came over the stock market yesterday.
 General expectation was that the ing would be very weak.
 On the contrary big interests gave support, and the market rallied, and the bears that had begun gunning for stop orders were discounted.
 The banking element gave unques- tionable support in order to prevent de- moralization of the market.
 Prices were advanced sharply in Lon don when that marked had passed through its first spasm, and here they shoWed opening gainsof to points;
 The advantage was very well held through the day in spite of the large amount of profit taking incident to a rise rom last weeks low level. The best prices were made in the last hour when leading issues were to 4 points net highers
 Call money after the early firmness sagged off all day, ending around per cent, With quite liberal offerings
 The Bank of England was able to get all ot the gold arriving in London yes terday. Furthermore assurances were given that the Bank of France would probably assist the English bank with a large amount of gold.
 Secretary Shaw was reported as talk ing steps to help out Wall street.
 The heavy liquidation of Friday and Saturday also helped matters all around, except for those who had to drop money or else put up more margin
 London has sold about $30,000,000 worth of securities since the bank rate was advanced The opinion was held that London had done it's worst as re- gards liquidation
 Just before the stock market closed there was a very definite rumor that Secretary Shaw would give out some statement to-day respecting his attitude towards the question of money market relief.
 Very scant rallying power was shown by New York Central. It opened at 13O and then dropped a point to 129, the lowest yet, while other shares were im- proving. This weakness of the stock portunity to pick upthe stock as 1t was selling at 16f year ago or so. By and by bull talk is expected for Central
 The weakness of New York Central was probably due to further liquidation of long stock, which was bought by
 
 the offering of rights would cause a profitable rise in tie stock These peo- ple found just the reverse to be the case, and as their purchases were on margin break of some ten points all tered all their calculations. Many per sons were carrying other stocks also, and natural had to sacrifice all pr most of them.
 The recovery was mostly influenced by the buoyant tone of Union and Southern Pacific. They undoubtedly had better support than the others, and Union Pacific had been forced three points higher abroad before our open- ing.
 That the country at large was not so much disturbed as Wall street appeared to be on Saturday was shown this morning by considerable buying orders which came in both before and after the opening. Many of these orders were at Saturdays prices and could not be eX- ecuted.
 A comparison of the average price of railroad 5tocks of October 12 and Sat urdayss closing shows a drop from 13765 to 1S1.62. This decline of 6 points in the general list is the quickest and heaviest fall since the demoralzed May market
 The Henning failure was not a mar ket factor Henning was one of the big floor traders He was long large amount of St. Paul when it dropped to 155 last spring. He never recovered from this loss.
 Tie suspension of Henning directed attention to the position of many oth- CTS. It was said that a number of them went heavily short last Saturday in the last hour
 It was conceded everywhere that the market held because the banking inter- ests had been powerful enough to check the liuuidation This makes an artifi- cial position which usually leads to re- action when the strain Is removed. Brokers were skentical about the ad- vance and cautioned their customers against over confidence for fear of an- bther decline to Saturdays prices.