The daily morning journal and courier., 1907-03-02
STOCK MARKET FEATURES
IRREGULAR MOVEMENT IN PRICES WITH STRONG CLOSING

1hhEG ULAR MOVEMENI IN PRICES WITH STRONG CLOSING Bears at Work at Opening-Bulls Then Take HoId--Actlve Work Near the Close-CalI Money Higher-The Ald- rich Bill and It's Possible Effect-The New Note Issues by A. c. Line and Louisville.
 Yesterdays stock market was a va riegated one, with the bears at work in the forenoon and the bulls in the afternoon, but there was not much to brag of for. either side.
 The weakness in the forenoon was on the announcement of new note is- sues by the Louisville and the Atlantic Coast Line, but the stock market ral- lied in the last hour to the highest lev el of the day. This improvement came about without any news development to base it on, and while it did not give rise to any large trading, the move- ment was rather reassuring to mar ket that had sagged along aimlessly earlier in the day.
 Call money advanced to per cent, and sterling at Paris moved strongly in favor of London.
 Yesterdays per cent. call money rate was the highest since Wednesday, January 3, when call loans were made at 9 per cent.
 The profit taking of the forenoon was too heavy for the market whose main buying power comes from the periodic shift of the short interest, to absorb. The vulnerable stocks like Reading, Shelters, Missouri Pacific Pennsylva- mia and Union Pacific experienced the greatest declines. They were also the quickest to rally.
 Reading was again heavily sold, many of the offerings probably coming from the bear party. This stock has become a favorte with speculators who enjoy rapid up and down movements, though it Is not likely that any of them have made profits uniformly. It rallied with the rest at the close.
 Heavy interest and dividend disburse- ments and payments on note issues pro- duced high rates for call and time loans. In addition the loss of $4,000,0OO cash by the banks, most of it to the in- terior as exchange rates in the west and southwest have suggested, made the money outlook less promising.
 New note issues were one of $6,500 COG by Louisville and Nashville, and the other of S5,OOO,OOO by Atlantic Coast Line both of which were offered by P. Morgan & Go. They bear per cent and run for three years. They served to show that there is no letup in the Notation of temporary securities thus piling up obligations which mus be taken care of later on.
 The pressure against Shelters con, tinued long enough to get the stocl down to a new low level. The selling III IIlIS StDCh lS plChlCdlVu OIl IIltACIl lIl' same theory as that in Reading, viz. that it is much out of line with othel shares of it's class,
 Anaconda went up to 2961-2, whil Standard Oil brokers were selling Amalgamated on a scale down. Rit Tintos in London sold at record price The curb and Boston coppers did no move with any uniformity.
 The loss of over $4,O00,O00 cash thi week is discouraging to start with, bu bankers yesterday afternoon though that, in spite of heavy corporation bor rowing, the liquidation in the stocl market might produce good-sized loal reduction.
 The late advance In the market wa under the familiar leadership of Read ing, St. Paul, Pennsylvania, Union Pa cifc and Amalgamated Copper, whicl were heavily traded in on the theor, that the expected passage of the Al drich bill would afford basis for fur ther rally within day or two.
 HIGH SCHOOL.