The daily morning journal and courier., 1907-09-26
LATE FEATURES 0F
 TIE STOCK MARKET The Big Drop in New York and New Haven
 Stock.
COMING MEW STOCK ISSUE

News from the Frost Belt
 Causes Sagging of
 Prices.
 The stock market receded again yesterday but with no serious break except in New York, New Haven and Hartford stock, which had a conspic- uous fall, concerning which more is said below
 What started the decline in the early hours yesterday was the news of frost in portion of the corn belt This is the kind of news which is al- ways expected in the last weeks of September the news was authentic, and the low temperature appear to have occurred rather earlier than usual.
 Financial markets have set so much store by the outcome of the crops throughout the present month, that even hint of further impairment was bound to be i'll received. It could not be said, however, that the stock mark cts action reflected any very acute misgivings. St. Paul, which is still the typical granger stock" declined 1 3-S and Union Pacific, which also traverses the corn country, lost 1 1-2;>but these declines were not exceptional, the ten dency of the market as @ whole being downward.
 The bear element played the frost news incident for all 1t was worth, though the grain market Bid not ap- pear to be greatly agitated, since very small fraction of the crop is af- fected, and the time of the year has arrived when low temperatures in the northwest are to be expected. The really important incident of the day on the money markets was the. |very sharp. movement of foreign ex- |change in this markets favor In the Sweeping decline, which occurred all most at the mornings opening, most of the 3-4 cent recovery scored since Monday of last week was conceded, lthe sight rate going within IA cent of the seasons lowest quotations. This action of the market clearly indicated | that our grain and cotton shipments are making exchange" with much Hrapidity.
 How far the receivership for the < New York City railway would affect ' the properties to which it is legally &joined is a conundrum, which is still $puzzling. The whole business well need led investigation.
 Stocks of the Interborough-Metro #tan and subsidiary companies fell sharply; this may have been because of #the plain announcement that the Public aService Commission will go on with it's Investigation, and that the commit tee of "non-assenting" Metropolitan Street Railway shareholders is aggress- lively in the field.
 4 Most would like to believe that Itthe traction situation, as a market in- &huence has been discounted; but the 8evidence is that it has not been nor Hwill be for long time to come. Every #new development brings to light fea- *tures that have not been realized be- 
 The recovery in New York city 1-2 #per cent. bonds helped sentiment, but Bdid not stimulate a general demand for railroad bonds. Brokers reported that the public at large was still holding off, ' waiting for some influence to develop (Which would lift things out of a rut Most of the favorable developments ! thus far have been of an unimportant x Character.
 ' The purchase of Illinois Central by WCutting & Co.,, who are Fish support ers, attracted attention in view of the light going on for proxies. They took 2 he stock at 40, 2point decline from Tuesdays closing. The annual report l WlLu other roads, Illinois Central shows @ great rise in operating expenses, less
 money spent on the road and a large
 eduction in the amount appropriated
 Tor improvements.
 ' The money market was extremely
 uiet for call loans, the principal lend- krs reporting that they had difficulty
 h putting out money in that way be-
 suse of the very light requirements of 7 rokers for stock market operation
 Many brokers engaged liberal amounts
 f time money several weeks ago,
 which they now find they do not re-
 uire. In order not to suffer a total
 bss on what they did not use they
 ut out unused balances for anything : hat the money would bring, Time
 honey was also a little easier, par
 cularly for short periods.
 The weakness in United States Steel
 elares was due to the statement made
 members of the executive commit
 be at their meeting on Tuesday that
 lew orders were falling off and that
 business was still 25 to 30 per cent.
 elow that of the March quarter. An
 rder for rails given by the Lehlsh
 alley to an independent steel com
 Any was further evidence that Inc
 rust b not getting its proportion of