The daily morning journal and courier., 1907-08-23
TE FEATURES 0F
 TIE STOCK MARKET

lnE SIUUA MAHAEI Ices Were Advanced 2 to 3
 Points.
 P. AND READING STRONG hfidence Stronger and Credit Conditions Improve-For-
 eign Exchange Falls. lore confidence was apparent in the Pk market yesterday and a less hys- cal view was taken of the situation. he market was very strong at times, the demand from which the i'm vement was due was chiefly from shorts. The short interest is very |ensive.
 was estimated that nearly 75,0OO Ires were taken of by the shorts in ton Pacific and Reading. |gain the fractions were weak on
 idea that dividends are to be drop outrage revived because the unfav- |ble incidents of the past three days Ee been ignored by the market, sug- |ting the end of liquidation and ap- Eciation of the true value of securi- at the current level.
 If notable importance was the decis-
 of the Bank of England not to ad- bee the official rate. This announce nt was greeted by recovery on the ropean Stock Exchanges, by a fall open market discount rates at Lon P, Berlin, and Amsterdam. by a fall exchange on London at New York, Fis, and Berlin, and by rise in |tlsh consols. In other words, the en- international money market gave |dence of genuine relief. lime money fell about one-half per It. for short dates, but there was no up in the strain on industrial loans. months bills were quoted as high 8 per cent. Call money was very |y and in very little demand. he action of the New York munich authorities in raising the rate or erest on city stock and bonds from b 4 1-2 per cent. is another instance worldwide strain on credit. It is Important as the action of Atchison |ectors last spring in creating 5 per l t. bonds, whereas they had been 8herto marketing 4 per cent. It dis ld1ts for a time the lower interest l 'lding issues.
 he short interest was more nervous n it has been in some days. Stocks Ee not been coming out the past two Fs, and it has been apparent that
 liquidation is about over for the Re being.
 |malgamated Copper was very |png in the face of further IA cent. .uction in the price of the metal on
 local exchange. It was also heavy London.
 The demonstration against tbe Hrts in Reading began at 90. J. M. Ees, who has been buying the stock
 several days, bid it across 90 soon Pr the opening. There was a scar
 of stock on the advance and stop f orders were executed against the , rts. On account of the return of
 Morgan it was reported that the ribution of coal land assets might made soon.
 Third Avenue railroad stock broke I Hrply to a new low level the bonds \ e also weak, This was assumed to |Pshadow the cutting off of the guar bed dividend on that stock also.
 s a result of the widespread buy
 of stocks by small investors the hsfer offices of the railroads and in- trials are very busy.
 Pennsylvania has gained 2,000 new lreholders since the May dividend
 now has total of 47.500. st.. ] |l has secured 600 or 700 new
 kholders. the same as in March. but 90.0O0 Great Northern pf. was Pntly split up into small lots, There
 been heavy investment buying for erican and foreign investorys of I Pl common and preferred. she failure of Mills brothers was ig- ] led. The firm was quite active in
 market frequently and it's troubles .s back to the March panic.
 HIGHER LEVEL IN MARKET. SropoIitan and InterbOrOugh Stocks
 Continue Decline.