The daily morning journal and courier., 1907-12-03
LATE FEATURES OF
 THE STOCK MARKET Prices Advance Again After Early Weakness. STERLING EXCHANGE LOW Closing Prices Highest of the Day-Call Money IS
 Per Cent.

The stock market climbed higher yesterday after slight spell of weak ness and the closing prices were the highest of the day.
 This time the meeting ot congress was not regarded with distrust or alarm. Wall street is looking to that body to take early action toward cur rency reform and the rbringing about of great elasticity in our money sup plles. 1t was this opinion that was one of the underlying forces that helped to cause the remarkable change in form in yesterdays stock market after period of decided weakness.
 On top of this the better feeling was heightened by the view that satur- day's bank statement does not reflect the real improvement in the situation, and besides the view strengthened that stocks are cheap. Buyers feel less timid.
 The bears yesterday were in full retreat. They pricked up courage when the market weakened but fell back to covering again on the subse- ouent great show of strength mani fested. The bears had argued and with some show of force that the ad vance had been altogether too fast to be sustained and that while the finan- cial situation was rapidly mending conditions did not warrant the inaug- uration at this time of a big specula- tive bull campaign in stocks.
 The days sharp recovery was fairly attributable, in a technical way, to the presence of an abnormally large uncovered "short account" which had mo recourse but to buy when unmis- takable signs of the change for the better in the general situation were in sight. How long this particular inn pulse will continue to drive market upward, is always a matter of uncer- tainty.
 All that can just now be said with confidence is that, when speculative buying for the rise was for so long a period absolutely throttled, specula- tive commitments for the decline were bound to reach unusual proportions.
 The improvement in the bond mar ket is a hopeful sign Bonds have been unduly depressed, especially the best bonds
 At the closing the Northern Pacific and Hartman shares led and there was renewal of the familiar rumor that the Hill and Hartman interests were now friendly, and that some reas- suring statement might soon be made One helpful influence was the re- ported action of some savings bank in redepositing money with Wall street banks
 The easing money situation in the South was indicated by the announce Tnent that the New Orleans Stock ex- change had resumed trading after al- most complete closing for several weeks The Pittsburg Stock exchange, however, is still closed, it's directors having decided this morning not to reopen for business yesterday.
 One gold engagement, for $1,50O,O0O, was announced yesterday, bringing the total of engagements to $95,750,O 900. Sat urday's and yesterdays steamers brought in $4,2O6OOO of this, making the total of arrivals to date $67 ,222 00O
 Estimates made yesterday of the ac- tual allotments of the new government 3 per cent notes fixed a very much < lower figure than the $S5, 100000 hither- to assigned in popular supposition
 New Haven stock sold in Berlin at 19S ex-rights, and the rights were quoted at $3. Swift & Co. sold at S6, Shannon at 1O9s.
 The currency premium, after declin- tng from IA to F per cent, went back again at the close to 1A per cent. IA business was done in the late af- aternoon at per cent excess, ! The heaviest selling of United States < Steel common estimated at 15,0OO \ shares, came from London.
 The days rise in call money was 4 due to the reshifting of loans incident ' to the December disbursements and to D heavy St. Paul payment There was Ssno special inconvenience in obtaining gall money.
 N There was great deal of talk regard ng the probable effet marketwise of he presidents message, which will leach congress to-day. Bulls and bears both claimed that it would help them. # There was further discussion this af- ernoon regarding the proposed plans l If the anathracite companies, in regard # b the proposition to separate the transportation and mining industries 1 s a reason for the great strength of # leading. It was asserted by some that his might be hastened by the action rought by the government against the
 ading anthracite railroads with a jew of lconvicting them of violating
 he antitrust law. Briefs were filed 1. y the leading companies some weeks