The daily morning journal and courier., 1907-08-31
ATE FEATURES OF
 THE STOCK MARKET |arket Goes Up from 2 to 4
 Points. HE RISE WELL HELD Ell Money a Little Higher,
Ill Money a Little Higher, Exchange Weak-Fair Bank Statement is
 Expected.

r.
 Bank Statement is
 Expected.
 8The Stock Market shook off its
 hargy yesterday in the last part of
 session and prices rose rapidly,
 rgely of course. on short covering
 tn a three days intermission in the
 Rrket ahead.
 The market started weak and with
 Iery indication that the trading ele-
 ent intended to carry the short com
 tments over until Tuesday. Prices
 clined IA to S-4 points. and the
 oderate London selling gave heavy
 he to the market.
 The change came through the manip- Ration of such shares as Brooklyn
 hpid Transit, Reading, and the liar
 han and Hill issues. There wan an
 even movement in the fractions, for #hile Brooklyn Rapid Transit was ris- 2g points Metropolitan Street Rail- lay declined points to new low eeord at 35. The Interborough-Met- Npolitan stocks and the 1-2 per cent. <Pnds we're distinctly better.
  &Union Pacific, New York Central, Enalgamated Copper, St, Paul, Amer
 hn Smelling, sand Northern Pacific
 SC something like points apiece, 1eading advanced 1-2 and numerous &her stocks gained point or more. ' his occurred with genuinely active lhdlng; it was a consequence, prima- \ &y, of the nasty retreat of specula- 8Ers for the decline.
 RThe hard coal shares advanced on fe idea that plans for separating the Sal lands from railroads are going rward well, but the big demand for M and the higher September sched-
 D probably had something to do #th the advance.
 BOne factor of real importance, in the < #y's news developments on the mar &ts, was the positive information that
 e success of the New York city bond
 le would be guaranteed. This is a HRtter of far greater importance than
 s generally been realized. How large ! part the city's successive features
 bee last spring have played, in unset H Ing confidence and inspiring belief in Htually shaken credit, cannot easily be Eeasured. That they have had such &huence, however, is quite beyond Eestion.
 Again, the fundamental influence Ehking for higher prices was the in- loved state of the money market, me loans were lower and 1t can be i Id now that we are once more in a ' per cent. market.
 Fall money went to per cent. yes-
 rday, the highest since the 18th; this NPs to be expected on the eve of Euble holiday, with the autumn de-
 hnds immediately impending. A fur
 er sharp decline in exchange on Lon . Il, amounting to 3-S cent. for the . y, brought the rate distinctly in fav- ! of this market.
 'Dn watching the dribbling sales of
 btropolitan Street down to 35 one
 rmed a poor impresslon of the stories
 how the ' per cent. dividend was to continued. The Inter-Met. situation
 wever, seems to be improving if the . ton of the securities is any index. be preferred touched 29, which is the . st price since the liquidation down 20 1-2 ceased. There is a good sen-
 nent about on the 4 1-2 per cent, nds. It has been noted in this column at the accumulation under 60 was by Tong interests. There was a better tone to New York ntral on the definite announcement . at the dividend woud not be changed xt month. The third quarter, it Is fimed, will go far to offset the poor |cord of the first ohalf year. The in- snation is made that the Hartman 'bckefeller interests are agreed with
 E. Morgan that the dividend is not l be reduced under any circumstances. |Amalgamated was rallied on reports lat the large consumers of copper had rne in the market again on the basis IS to IS 1-2 cents, and that the turn the metal market has appeared At 1st the stock was weak and acted sder 70 again.
 Much interest was taken in the forth ming decision of Judge Landis re- riding the case against Chicago and ton, which he called a special grand :. ry to consider The jury was ordered reconvene on Sept ?.
 |Canadian Pacific stock sold ex divi- Ind of 1-2 per cent, which would ve made it about l65. But it opened but i 1-2 points lower. It was the akest thing in the London market, per selling for Berlin account was Slmed for the decline.
 'Rumors were current that various |turbing clements had been removed Hese including the taking over of cer- l n large blocks of securities which |ve been carried by persons supposed be in financial trouble. If this were De, it would simply mean that such dings are likely to be liquidated, flowing any improvement in the rket. The higher level, therefore, .lld hardly be maintained until such