The daily morning journal and courier., 1907-11-05
LATE FEATURES OF
 THE STOCK MARKET Early Weakness Gives Way to
 Strength. STRONG SUPPORT GIVEN Decentralization is Prevented England's Bank Fails to
 Stop Gold Exports.


 The stock market opened weak yes terday, as was expected, owing to sat urday's weak bank statement. Added to this the market had to face an- other advance in the Bank of Eng lands discount rate, which was moved up to 6 per cent in attempt to head | off a further drainage of gold to this country.
 Strong interests soon exerted their power to restrain the bears and in short time the bears began to see things in a new light
 Tn numerous instances the lowest | prices of the day were touched on the l initial sales, and later on the whole | 2 market rallied with sharp advances # made by the leading issues. com siderable short interest was disclosed, < which was driven to cover. The gains x from the early low prices extended to Y four points or more for prominent stocks. Among the leaders of the up- M ward movement were St. Paul and New York Central, both of which Y commanded a premium in the loan r crowd Union Pacific, Reading, Penn sylvania, Amalgamated Copper, the Hill issues, and the United States Steel shares. The last named were favor ably influenced by reports that it will shortly be found that interests close to the United States Steel corporation have acquired control of the Tennes- see Coal and Iron company, which has been one of the Steel < corporations leading competitors.
 Although all is hot clear sailing -1 yet 1t is generally felt that the worst of the financial storm is surely over + and the conference of big financial men helped sentiment much
 It may therefore be said that the measures just set on foot by the big fnanciers will go far towards altering radically the state of affairs which Ftood in the way of any recovery last week.
 Engagements of gold for import from London continued despite the E Advance in the Bank of England rate, he total movement now approximate Ing 33,000,Oo0.
 Very great strength was manifested by the stock market during the after oon, and. as call money got down to per cent. at 2:30, and to 6 per cent. It PAS, 1t seemed evident to everybody ! hat there had been radical improve nent in the monetary situation.
 Yesterdays engagements of gold rings the total engaged since the inn orting movement began up to about 33 1000, 900.
 Money on call opened at 20 per cent, | ith large business done in renewals that figure but, after the demand ad been satisfied, there was an easing 5 6 per cent On time, however, money bntinued virtually unobtainable. In he case loan for 90 days was made 12 per cent,
 The improved sentiment was partly le to change for the better in sem k. ment, resulting in the loosening of cir purse strings by many people roughout the country. Again, the 1owledge that about $S00O0O0 in gold ould reach New York on Wednesday las taken to mean that there would
 ample funds, at least for a time, hen business is resumed after the ection holiday. The September earnings statement hich came to hand yesterday from rec big roads continued to show the neral tendency toward heavy de- eases in net because of larger oper- ing expenses.
 n the Boston market yesterday New hven touched 127 1-2, later 12S Wool
 preferred, 72; Boston & Lowell, 2O5; ergenthaler, 197; Cumberland Tele- one, 98 1-4; Stock Yards, 12G; Agri- tural Chemical preferred, 75 Wool
 preferred, 71; Dominion Iron, IA
 Boston banks last week, according to regular statement issued yesterday, ew S4,629,571 away from New York, lucing their surplus balance there to e9O,14S. Loan certificates amounting s6, ,670, ,00O had been issued and were hand at the close of business Satur- y.
 according to Pittsburg dispatches, it now expected that the stock ex- inge there, which has been closed ce the Westinghouse companies nt into the hands of receivers, will reopened for business on Wednes- he trading in Union Pacific is being y narrowly watched by those who ieved it to be the pivotal stock in x market, he recovery of a Pennsylvania div nd, after 1t sold ex-dividend of 8 1-2
 cent, did much to help sentiment
 e per cent, stock it was consid-