The daily morning journal and courier., 1907-10-26

lHE SlUCk MARAEl Dire Uncertainty Gives Place
 to Hope.
 PRICES HAVE A RALLY Gold May be Imported-sman
 Failures-Morgan Still
 at the Helm.
 The stock market yesterday while very irregular finally righted ltse!t little through the efforts and guiding hand of J. P. Morgan and other man ciers, and prices closed near the top after a distinct advance which was well held.
 The failure of some half dozen banking institutions, most of them un- important, was more than counterbal- anced by the steady front maintained against their panic-stricken depositors by the two large trust companies.
 The earning statements for August of the Hartman roads came out, Both Union Pacific and Southern Pacific ex- hibited large gains in gross, but sig nificant decreases in net. Union Pa cidc gross increased $7S7,992, while the net decreased $258,24S. Southern Pacific gross gained $2,OS5,SSO, but the net fell off S77,O64. Increased operating expenses were, of course, re- sponsible.
 As the clearing hour passed without trouble. sentiment in Wall street was decidedly relieved. The absence of failures on the stock exchange, all though there was a small suspension on the Consolidated, was regarded as little short of remarkable. This was attributed to the fact that there has been very little buying or selling by brokers this week, except for cash.
 Much relief was felt when it was announced that loans made to brokers on Thursday by the $30, 100000 bank CTS pool sheaded by J. F Morgan < Co, would stand as made at 20 per cent. There had been no quotation on money up to noon in the loan crowd. Ut was said, however, that the leading banking interests would see to it that there would be no repetition of Thurs days squeeze under any circum- Stances.
 The trading in the first four hours was very quiet, compared with the day previous At the close, the belief was general that the worst was over so far as the stock market was con cerned The behavior of the market at the last coincided with this belief, of advancing in the most approved manner.
 Growing confidence was exhibited in the financial district that the worst ahad been seen.
 Many firms yesterday refused to ex- ecute orders on the short side. This was not a sentimental matter, but they did it for their own protection. A broker selling stock could not be ab solutely sure as to how the transac- tion would work out. The buyer might complicate things if there should be unfavora'ble developments, particularly as the transactions would not be closed until next Monday There was great deal of covering of short stock yesterday, and this had g stseadying effect on the market.
 While, after an opening rally, prices generally reacted, 1t was only in iso- Hated quarters that very material price recessions occurred Tn the late after noon the entire market rallied under the lead of such stocks as Union Pa. cifc, Reading and Northern Pacific. The ragged appearance which the mar | ket. presented at times was naturally due to the scattered closing of stocks that have been held as collateral in, loans. Liquidation of this character must naturally be expected to press up- on the market for some time to come, . in view of the financial havoc that has been wrought in many directions. A very important event, yesterday, also was the breaking of the blockade { of international exchange. On Thurs , day sterling was unquotable in New York; yesterday 1t was quoted at 4.SS, as compared with 4.S5 on Wednesday and 4.S6 1-2 not more than a week anc a half ago. This recalls the famous 2 day at the end of July 1893, when th New York bankers, in the darkest hou of panic broke down the barriers ' the sterling market and startsd t $40, ,OOO, 1000 flow of European gold {. New York city That achievement end ed, once and for all, the Wall street panic
 A movement of gold from London tc zNew York may now be deemed cer- Htainty, and experience teaches the real &ity of the relief which follows when the ,.rouI1yc uoco11rnac ara onoa noooVn