The daily morning journal and courier., 1907-10-03
LATE FEATURES OF
 TIE STOCK MARKET
Higher Prices Show Poor Stay
 ing Power.
CONSPICUOUS DULLNESS
Shorts Cautious in Making
 New Commitments.


 The stock market seemed averse to exhibiting any further strength yes- terday, and prices sagged off again in the afternoon.
 The lesson that was given to those short of Canadian Pacific and St. Paul, while it produced more conservative tendency among the professional eIe- hent did not check the willingness of this body to increase their commit hents where there seemed to be soft bpot
 Canadian Pacific, which rose Mon- hay from 157 to I'll, was back under a69 in the afternoon, and St. Paul, while holding tolerably steady, closed two points below it's high of Tuesday. Nh fact, the covering movement of tuesday ceased abruptly yesterday.
 London came lower, but the bulls made an attempt to continue the ad- vance and for time met with some success, Union Pacific, Reading, Northern Pacific and other leaders selling we'll above the high points of Tuesday. But as has so often hap pened on similar occasions in the past few weeks, when the demand from the short interest was exhausted there was nothing to sustain the market at the higher level. Prices after the first hour slowly receded, and during the afternoon showed, as rule, net losses.
 The principal incident of the day was rise in call money srates on the stock exchange to 10 per cent, the highest since July 1, this year. and comparing with per cent. maxi mum on this day of last October when, however, per cent. had been touched the day before. In so far as the days high rate resulted from shifting of bank balances, incident to the quarterly interest payments, it should be merely temporary.
 The money squeeze" had no effect on the stock exchange, but 1t served to depress the market as a whole just at the close.
 The bear party based its hopes on the higher money rates prevailing this week, the speeches of the president, the uncertain state of the iron and steel trade and the evidence that quite a number of dividends on copper shares have still to be reduced to ad- just themselves to a 15 cent price for the metal.
 Persistent foreign selling, too, is a means to the bear campaign. In the past week the foreign offerings have amounted to 10000 shares or more.
 An important incident of the day was the break of IA cent in cotton futures. The statement of September 18th condition was 5 points lower than in August, but better than pri- vate reports have made it. The main reason for the decline, however, was the large increase in the amount of cotton ginned since the last report and compared with the aggregate of a year ago.
 The address by President Roosevelt at St, Louis yesterday did not attract much attention, and 1t could hardly be said that it was stock market factor at all. Wall street noted the subjects taken up without comment.
 It was announced late in the after moor. that. the Pennsylvania Railroad company would again give its tele- graph business to the Western Union people, and that the contract made with the Postal Telegraph company \ would not be renewed. It developed la \ ter that this report was true so far as ! the Pennsylvania lines west of Pittsburg was concerned, and the feeling prevail ed that the Western Union would again be in control of the wires on the East ern lines as we'll This development was regarded as a helpful factor by many in showing that two classes of x powerful fnanciers were again working in harmony,
 The pool that Is making the present demonstration in Brooklyn Rapid & Transit is the same that forced the stock into the 70s earlier in the year on the reports made with much posi- N tiveness then that dividend would I soon be declared. The same report is now current. Four per cent is the rate suggested.
 In connection with the weakness of # Mexican Central both here and in Lon f don, there was disposition to believe that Government control of the rail- roads of that country would tend tc \ check earning capacity. Selling botr of the bonds and stocks was quite heavy in the last half-hour
 The deficit of the Long Island com x pany is little larger this year thar last. The total accumulated deficit is Ss sS2, ,S51 ,000 This will not be cut dowr any so long as the road paid for its betterments from earnings. In two iyears these charges have been over $2,' 6o0,o0O, or about 15 per cent. of gross earningss