The daily morning journal and courier., 1907-10-08
LATE FEATURES OF
 TIE STOCK MARKET
  Higher Prices, Despite High Call Money. TIME MONEY EASIER Early Weakness, With Rally at Close, Led by Great
 Northern.

After an early weak spell in which non, dividend stocks figured the mar ket rose led by Great Northern which had declared an extra dividend.
 A notable event was a 2-cent rise in wheat, which carried up export prices along with contracts for future deliv- ery. and which fixed New York "spot price' for the day 1-2 cents per bushel above the price of a week ago, 4 IA cents above the high price reach ed in the excited boom" of May, It is probable enough that this move ment was largely speculative.
 At yesterdays export price, Ameri- can wheat commands 90 cents per bus hel more than it brought at this date a year ago, and 20 cents more even than at the opening of October, 1905. Yet the price of S11O to which the market rose can hardly have the effect of res- training exports.
 The extra disbursement of 1 1-2 per cent on Great Northern stock, paid from the earnings of the Lake Super ior company, a valuable Hill asset, gave an upward impetus to prices. It had been generally supposed sthat any extra dividends would come from the larger rate recently paid on Bur ,IyJ,f Ttaann NArfhArn shareholders benefit. That may still be held in reserve. Great Northern led the afternoon advance with gain of 2 1-2 points. Other stocks rose from l.2 to 1 1-2 points.
 Foreign houses sold about 20,00O shares on balance. They have been persistently quitting out stocks for a fortnight. That large part of this IS for speculative account, and, in fact, originates with New York bears, is obvious from the small deliveries of certificates following sales.
 It is reasonable to suppose that the greater part of this recovery, repre- sented covering purchases by the hap-haxard professional sellers of
 stocks of the early days last week. h this regard the movement was not unexpected or unreasonable. W14ther it ran go very far in the face of con
 tinued contraction in bank resources is not so easy to say.
 Copper prices went down under 14c It is apparent that the last cut by the producers from 16c to 15c has not stim- ulatod the trade, The prospect of a 12c rate is not so radical prediction now, though 1t seemed preposterous two months ago when metal first be- gan to break from 21c.
 The money market is at the moment the chief influencing factor in the stock market. With local bank sur- plus reserves down below $3,0000O0, it was plain enough that there cannot be any expansion in stocks at this time. There was some calling of loans yes terday, attributed by some to the ma turing of considerable commercial pa- per and the necessity of making prep aration for renewals The matter of Treasury aid is still in doubt.
 Some comment is made on the fact that stocks like Rock Island, Kansas and Texas and Mexican Central, mem. bers of the Speyer group, have beer so uniformly weak recently.
 Brooklyn Rapid Transit, which was particularly strong at times during last week, was heavy yesterday morn. ing, starting 3-4 point down at 46. The Street gossip had to do with the pro posed investigation by the Public Util ities commission. In quarters close tt the management, this thing is no X looked forward to with much conf \ dence.
 The United States Steel shares hun, back again yesterday. One report wa that 20,00O men would be laid off il N Pittsburg soon. The statement tha N Jones & Iaughlin would enter tn, steel rail trade had an effect. but i | was denied from Pittsburg later il < the day. There is no doubt that liqui dation in some volume has occurred il K Steel common below 30, as the marke E is full of stock.
 { A further decline in Southern Rail l way stocks, with new low records fo
 the year, directed attention to the fac that the voting trust, which was ex I tended for five years in 1902, expire on october 15 next. The company a {. present is classed as Morgan road ] Should control pass to less conserYa \ tive interests, the stock would natural # ly# possess less equity than at spres ent The reports of earnings at han yesterday indicate continued expan 4 sion in gross results, though recer \ statements have shown up poorly i z net.
 ! A new issue of $3,75O,000 Tennesse 8 Coal stock is offered at par, the nom q inal quotation for the old stock of 13 2 bid and 145 asked.
 q. An old observer in Wall Street sai
 yesterday most brokers think the sit
 nation ia batfarius hy degrees but fh