The daily morning journal and courier., 1907-10-12
LATE FEATURES OF
 THE STOCK MARKET Down Go Prices Again-More
 Investigations. TIME MONEY WAS FIRM Sterling at Highest-Governor Hughes is After the
 Fractions.


 Fractions.
 Bears were on top of the stock mar ket again yesterday. One new feature worked bv the bears was Governor Hughes' reported intention of naming a public prosecutor to push criminal proceeds against individuals responsl- ble for traction frauds.
 Very little support was offered dur ing the early movement and the re- suit was a rather steady fall in prices with heavy liquidation.
 In the late trading there was little better buying, which, with the rather general covering in the day, contrbut- ed a somewhat stronger tone. In this rally some of the active stocks made up good part of their early loss, al- though selling in other sections par tially offset this influence and somo of the stocks closed much lower than on Thursday.
 It was natural for Consolidated Gas, with its local traction affiliations, to have been attacked. It was driven The bears were not slow in asserting that the traction prosecution may un- cover things that the Consolidated Gas interests might like to keep covered up especially In view of the action pending in the matter of 80-cent gas.
 Brooklyn Rapid Transit, also under heavy selling pressure, went down 8 points to 40 3-4, which, however, was still above its August low record of S7 1-14.
 Special weakness first developed in Missouri Pacific and the metal stocks, and later on in American Sugar refln- ing, the Southern stocks-Atlantic Coast Line and Louisville and Nash ville-4and then in the United States Steel shares. Finally the whole list became affected. The reaching the new low prices for the year was gen. eral
 The market was helped in the late trading by the indications of fair bank return and by the relatively easy rates for call money. The fact that the cash loss shown in last Saturdays bank return was $3,O00,00 in excess of the decrease indicated by the known movement of money suggests that this discrepancy may be partial ly made up in this weeks figures, with a fair addition to the cash item The banks have benefited this week through the receipt of $2,0O0,O0O do- mestic gold, which accounts for their ability to show small gain on the net currency movement.
 Time money retained all of its pre- vious strength, with quotations at the legal rate, and in some cases at a premium. Sterling exchange was de- cidedly stronger for shore periods under 9 continued demand to cover maturitles and stocks sold by Lon don. The European rumor that S40O,- 900 gold had been taken here for ex- port appeared to be without founda- tion.
 London's sales in this market were only 15,O00 shares, which appeared to indicate that the liquidation for for eign account was about over for the time being. Purchases were 10 GOO made on the break, so, that the net Sales were small
 The steady decline in United States Steel shares themselves also served as . disturbing factor since many per isons take their cue from the condition of the steel trade.
 American Sugar Refining was stock in which special liquidation broke forth after the first hour. It rapidly fell two points, getting down Ito 104 5-8 and closing there. It is a stock that has no particular attention paid to it for many months, buts it's Imeakness yesterday started a good deal of talk In the August panic it sold as low at 107 12 In comparison with other industrlals at going prices as a z per cent. center it is rather higher. There is a government at tack on 1t, too.
 Missouri Pacific was one of the very weak spots, early tumbling 2 S-4 points to S9 5-S, a new low record for this and several years back. It brings the stock about to the level that it was when the famous upward movement started fin that carried it to about 125 making the entrance of John D. Rockefeller, jr., and his friends into the property. Since then the Rockefeller interests have left the board of directors.
 Just year ago American Smelling and Refining stock was selling at about double it's price of yesterday and &C., cording to Wall street talk then 1t was going to be put on 10 per cent. divi- dend basis and rise at once to 200 The brehk in silver is affecting the Smelt- Ing shares.
 The metal stocks developed fresh weakness, with Amalgamated Copper American smelting and Refining, Ana conda Mining and National Lead all