The daily morning journal and courier., 1907-10-15

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 opening yesterday and these when u gemi-panic was expected support was given the market and rally ensueu facilitated by shorts covering
 rondon was fearful of panicky con ditions here and cabled general list of declines for our stocks, following tbis I'D by sales estimated at upward of 4O.0O0 shares. But the market artef the first rush of selling had spent it. self, rallied rather sharply.
 It was very plain that the short in- terest had increased enormously during the collapse in prices.
 Perhaps the interval between Satur- day and Monday was fortunate as It gave speculators a chance to grow as calm and collect themselves. Then, too things happen in Wall street the reverse of what is popularly expected.
 The position of the market remains, highly speculative, and is of char acter where a single incident pointing o1t real turn for the better might have immediate and profound effect.
 The days developments were not particularly cheerful. Cooper went down on the metal exchange 1-2 cent further, touching price-13 IF cents pound--not reached since Oc- tober, 1904 and not so very far from the lowest figure to which the metal fell after the Amalgamated's disas- trous experiment of 1901 left the cop per market in demoralization. In Jan uary of the ensuing year, the price momentarily went to il cents pound and it did not get below it.
 After the early rally speculation quieted with prices in the later deal ings gradually becoming weak. The fact that there were no stock ex- change failures helped sentiment early,
 Tn the last few minutes a number of stocks sold nearly to the lowest of the.day, but the general average was SOuoluSidDly dDONS ltlS bOltOlll'
 In the early smash a good many new low prices were reached, under the records made on Saturday. The United States Steel shares were prom inent in this respect, the common touching 22 1-2, 1-8 points under the previous low record reached last Sat urday, and the preferred S2, or 1 IA points under Saturdays record Neither, later on, rallied as we'll as other prominent stocks.
 Some of the large banks reported yesterday disposition on the part of some of their clients to make dis eliminating purchases in the stock market.
 On March IA Union Pacific touched the low record of 120 1-4, that stood unbroken until Saturday, when the stock sold at new low of 11S o-S. Also on March IA Southern Pacific made the low record for the year of 69 3-4, which is still unbroken. On August IA Reading tumbled to a low record, still good of S5 IA Yester- day-October 14-there were numer- ous new low records reached in the early dealings.
 Call money was decidedly easier after touching 6 per cent early in the day. Time money, however, remain ed at per cent, or better Sterling exchange rose above 4.S6 1-2 for de- mand There was a fair supply of commercial bills, but the inquiry to cover maturities and London sales of stocks easily absorbed these bills. Rates were nearer than before to the gold exporting point, but not near enough to cause apprehension.
 A firm which was large buyer of stocks on Saturday, taking in all prob ably 75,000 shares, including Unitd States Steel, which it was credited with absorbing at the rate of 5000 shares every one-eighth point down, was again one of the largest buyers yesterday, taking fully as much as on Saturday. This firm was generally assumed to be employed by banking interests to support stocks.
 Support had plainly been put into American Smelling. It did not get under 75 7-S, against 75, it's low rec ord, reached on Saturday, and then it advanced sharply, going to 79 on the morning rally.
 That the short interest in stocks yesterday was very large was proven by the lending of several active issues at a premium, including Canadian Pacific at 1-12s and fiat, Pennsylvania 12S and 1-64, New York Central Is. This was something very unusual for Central and Pennsylvania. All of these issues developed firmness after the first few minutes, and the short account could hardly have been much reduced. Various estimates of the probable amount range from 500, to 1000, 900 shares.
 New Haven stock got down Tn