The daily morning journal and courier., 1907-09-20
LATE FEATURES 0F
 TIE STOCK MARKET
 Sharp Recovery in Prices, Call A Money Easier.
 |INDUSTRIALS DO BETTER |No Morgan Buying of U. P.- Bank of England's Strong Report.


 \ Bank of England's
 Strong Report. B It was on the whole a good day for Nthe bulls yesterday in the stock mar E ket After a little setback, prices ral- Al.ed and continued strong until a de- &nial came out from J. P. Morgan of
 the report that he had bought heavily Moi Union Pacific stock. Then came a Hhalt. This was near the close.
 The report was that MT, Morgan had
 bought 6O.OOO shares of Union Pacific. s Mr. Morgan, who seldom takes notice Abf Wall street reports, authorized a smost emphatic denial of the report Mn connection with the report it was Rstated H. H. Rogers had become pressed and hampered with his pros &pect of building the Deepwater-T Tide 1water railway. It was stated that up- Nward of 40 per cent. of MT, Rogers Fortune has been involved as a result . pf this project and other matters. In sEhe deep water, tidewater project 1hlone, MT. Rogers, 1t is said, has been obliged to interest himself to the ex- Rent of $4O000,O00. Of this approxi- snately $SO,OOO,OOO is said to represent |eash and $1OOOO,0OO personal liabilities |hnd the hypothecation of good securi- N ies. The borrowing by MT. Rogers of E10,000,0O0 early this year caused Bgreat deal of comment because of the high rate of interest, 2 per cent, which ! s reported to have been paid The Demands for cash by his railway pro- |ect is understood to have compelled Flim to dispose of other securities. The market was helped yesterday by Ehe sharp advance in the price of New York city 1-2 per cent. bonds; they Touched a price 7-S point over We'd {esday, and 7-S points above the ay- frage figure at which the forty-million I Issue was allotted, two weeks ago. This pavement has not only sentimental Significance, but it instrumental in Easing very perceptibly the position Nj holders of the older city bonds Which, of course, rise with the 4 1-2 Der cents The other fact in the news &yas the treasi1ry's report that S1, ,2OO.- FO0 had been paid over on Wednesday 'py the government to the banks. 4 Advances were general throughout 8he stock list though rregularly dis- Iributed, and number of net gains of to 2 points were scored in the closing pour. The announced decision of re- Htrlctlon of copper output had no par Eicular influence on the market-which, |ndeed. had already discounted" act Eal trade disaster, whereas an ap- Froach towards returning equilibrium. has been the real result.
 The whole course of the list, howev- l Nr, was cratic and price fluctuations l Were the result of Artificial market con- 1 Fltlons. There was a good deal of man. Epulat1on and operations against the | mort interest were responsible for the | Else in the recently weak members of |he industrial list.
 A slight advance in foreign exchange |-still leaving the rate however, strong y 1n favor of this eountry-attraeted |ttention to the international market. In the railroad list Great Northern | Implanted Northern Pacific, and Union Pacific held it's position as the active eader. Reading was firm on the fine |howing for the fiscal year
 When the Hill shares began to ad lance there were some good buying or Eers released by spectators, who be- teved that some sort of demonstration Hill follow the next official announce bent in Northern Pacific. The feeling eemed to be that some news would be |nnounced before long.
 The movement in Union Pacific ex- |ted marked comment. It was be- eved, however, to be of purely peculative nature, and without refer bee to any pending developments re- pecting the prosperity of the proper Y, The stock is being closely watched, Although the price of New York's ew bond issue has advanced, and sen- |ment has thereby improved, the head the bond department of a large hnk said, on the other hand, that pnds were unstable still and that ttle investment demand could be ex- ected until it was shown how the hnks stood the autumn drain of cur Rncy. There was the same irregular line etween the railroad and industrial pares. At midday the three most ptiye trust shares-Amalgamat Cop Pr, Steel and Smelters-were frac- onally down, while Union Pacific, eading and Great Northern were |om If to 1 point higher.
 The New York banks have strength 4 bed their position since May instead 4
 weakened it, as q loan expansion A
 $47,OO0,0O0 in the period, compared ith one of $S92 ,oO0,0o0 from septem- A Pr year ago to May of this year, Idicates.
 The rise in Union Pacific converti A