The daily morning journal and courier., 1907-10-19

shorts and some long buying by the traders, These movements, however, were completely swamped in the de- presslon that ensued, especially when rumors of trouble came from various directions, completely unsettllng conf1- dence.
 The bears availed themselves to the utmost of the fact that the soundness of a New York bank had been brought into the question. The apprehensions which were honestly entertained in the early hours were allayed before the close; the industriously predicted dis aster did not happen.
 Smelling broke S-8, selling down to 61 IA, and Amalgamated Copper 7-S, dropping to 1-2. Both of these stocks made new low records, and for that matter the same was true of a long list of other properties, including such prominent issues as Union Pacific, St. Paul, Great Northern, Northern Pacific and Reading. Union Pacific lost over five points, Southern Pacific 1-2, Great Northern 3, Reading 1-2, Northern Pacific 3-4, Brooklyn Rapid Transit 3, and Sugar 4. The transac- tions for the day were well above the million-share mark, recording highest total for the year.
 The money conditions also were acute. Call loans, after opening with renewals at 6Sper cent, advanced to 9 per cent. There was also a great cur tallment of credit accommodations and much calling in of loans, which really necessitated the avalanche of selling that came on the market during the early afternoon.
 In its early trading the London mar ket displayed hopefulness on the news which had been received from this side regarding the bank situation. There were general advances in American shares, and, in spite of the dividend cut, Amalgamated Copper rose S-4 of point.
 It looked on Thursday and early yes- terday as if some of the biggest bears in the street were covering stocks, evil dently on the belief that the worst was over. If so, they certainly misjudged. ut was this that made some Wall street men very positive yesterday that what had again started the market down was mot bear drive, but urgent liquida- ton from new sources.
 One of the stories afloat after the clouds rolled by was that the Standard Oil interests might be found in con- trol of the American Smelling and Re- timing company.
 The high figure for cali money yes- terday simply measured the necessities of few borrowers, arising from cir cumstances peculiar to the hour When the actual money situation is examin- ed, 1t will at once be perceived that no disturbance of rates, as compared with week ago, Is warranted.
 lIduillS uulelGQ uOWu Ill lUG lHST hour bringing feeling of relief to ev- erybody. There was satisfaction when American Smelling rallied above GA: Amalgamated Copper above 46, and Reading above ,S4. Liquidation of the metal stocks appeared about over for the time at least.
 The action of the market was a great disappointment to those who jumped in as buyers at the opening in the belief that the announcement by the clearing house that the Mercantile National bank would be taken care Of in case of necessity, cleared the situ- ation and would start a good recovery All the early bids were quickly filled and before the end of the first hour the market was again sliding off.
 The market was somewhat excited in the late trading by sharp rise in call money, and some loans were said to have been made as high as 10 per cent. Nearly all the large banks sue ceeded in obtaining 8 and g per cent for most of their money yesterday, al though the renewal rate was 6 pel cent. The First National bank was the heaviest lender in the afternoon, and put out a great deal of money when many of the other banks had vir. tnaIlv withdrawn from the market