The daily morning journal and courier., 1906-10-10
STOCK MARKET FEATURES
VIOLENT RISE OF 34 CENT IN
 STERLING EXCHANGE.

Likelihood of Checking Gold Engage
 meDts-Due to Demand for Paying
 on San Francisco Loans--Time Money
 Stays Up but Market Appears Easier
 Trading Slow in the Afternoon
 Drop In AmaIgamated--Can Money at
 BIZ Per Cent.
 There was sharp rise in New York exchange on London of 3-4 of a cent in the pound yesterday, after which prices had dropping inclination, some stocks, particularly Amalgamated, St. Paul, Great Northern and Union Pacific, go- ing below Mondays closing prices. The market closed for the most part at the lowest figures of the day.
 The violent advance in exchange was directly due to the heavy demand for remittances by bankers having to pay off the loans negotiated in Europe just after the San Francisco disaster of last spring. These loans were renewed in July, but the leaders appear now anx- ious to have them taken up, and with money easier here, there is little incon- venience in satisfying the demand With sterling selling at to-day's high level of 4S505 for demand bills, there is little likelihood, however, of continuing the gold inflow from Europe.
 Time money quotations maintained their figure yesterday, but the marker appeared easier, and indications are that six months loans will soon be ob- tainabe under per cent.
 The fact that loans secured by all in- dustrials as collateral were readily talk en yesterday at per cent. suggested that better terms could be secured ty large borrowers able to pledge the high CT grade issues as security.
 American Smelting and Pennsylvania were the stocks selected during the first part of the day to support prices. Both rose sharply 10 new high figures for this movement.
 Early in tue afternoon trading came to standstill, at level of prices mid way between the high and low prices thus for for. the day
 During the afternoon trading was slow, being at a rate of less than 60OO shares an hour for some time.
 The reactionary movement in Amal- gamated Copper which ran off from 116 1-2 early in the morning to around Ills around midday, greatly disappointed traders. The general inference was that Copper was. being sold under cover of the move in Smelling. Many were skeptical anyway,
 Most of the selling was by speculative interests. The room element predicted lower prices before the opening. The western leaders sold Steel and Union Pacific quite freely Those who have been resisting the advance increased their short interest,
 A two-point rise in Locomotive re- flected rumors that the General Electric stock increase would be used to buy an interest in the company.
 Call money was freely loaned at 1-9 per cent. The dullness of speculation gave bankers more short time funds than they need. They are using the capital in paying off foreign obliga- tions. Discounts in London and Ber- lin are higher than here.
 London sold 15,00O shares on balance in New York yesterday, covering most of the active shares This seems to have represented proht-taking on stocks bought last week There was slight feature to the trading in American stocks abroad before the local opening. Some were a fraction up, aud others were a fraction down.