The daily morning journal and courier., 1907-10-30
LATE FEATURES OF
 THE STOCK MARKET Weakness Again Attacks the
 List. CALL MONEY UP TO 75 Then Drops to 4-Prorninent Stocks at New Low
 Prices.

Prices.
 The stock market didn't go to pieces again yesterday, but it had another bad spell and some prominent stocks such as New York Central St. Paul, and Delaware & Hudson, B. R. IT, anu Pennsylvania, fell to new low prices'- also Northwestern. Call money went Co 75 per cent. and closed at 4.
 The action of the Bank of Germany an advancing it's discount rate to 6 1-2 per cent. helped the renewed selling Of the market. This action coincident with a great rise in open market dis at London, where the rates ad- vanced to 5 1-2 to per cent, resulted in a sharp advance in the sterling ex- change market with demand bills sell ing close to $4S5 The advance in ex- change was assisted by the delayed covering of gold imports. This, at least for the present, checks additional importation of gold, although we have been able already to secure upwards of $18,0OO,00O of the metal, which will help to relieve the financial situation here.
 The closing out of stocks in loans continued and this pressure on the market was added to by a renewal of |bearish operations. While commission houses decline to buy stocks on mar gin, as that means more money for these houses to borrow, the same ob- lection, of course, does not apply to selling stocks short. Provided the credit of house Is good 1t can always bor- |row stocks. This is something that ap- bealed to short sellers yesterday The 6 1-2 per cent. now fixed by the Bank of Germany is unusually high; hot in a quarter of century has that figure been reached in the last week bf October. To this extent, it reflects khe strain Imposed by our own de- hands on, what is just now the most fensitive of Europe's markets, and 1t undoubtedly foreshadows rise in the Bank of England rate, by Thursday, to i It least 1-2 per cent, as against the
 1-2 now prevalent Neither event leed of itself be regarded as disquiet- &ng.
 ' While the gold coming here from Europe is on the water, 1t is inevitable Esat such high call money rates as Yesterdays 50 per cent. or higher Y #hould continue.
 J. P. Morgan & co. announced yes brday afternoon that all coupons due nd payable at their office Nov. 1 ould be paid on presentation, thus Anticipating payments by three days. %his step was taken when money rates #n the stock exchange went up to 75 pr cent, the First National, Hanover ational and Chase National banks pch loaning a million at between 50 7 nd 75 per cent.
 For the first time in more than a eek out of town banks made loans the stock exchange yesterday after I bon. Several of the local trust com hnies but out money, Nearly all these ans were made at175 per cent. Short
 after o'clock the rate fell back to
 per cent, and a few minutes later oney was offered at 30 per cent. 2@N al 0f oney was being loaned at 20 per cent. Yesterday highly favorable inci- Ent--a result of high rate money bs the appearance of out-of-town
 nk money on the stock exchange. ot much appeared, but nothing at all
 the sort was witnessed at the par lel period fourteen years ago.
 New Haven railroad stock was firm
 sterday and advanced 1 7-S, closing
 136. 3iBsM ,SaagA N : In Boston Swift & Go. stock closed at
 yesterday, a decline of points since nnday's closing Parrot Mining stock bsed at 10 yesterday, gain of a
 arter of point over Monday, and
 annon closed at 10, a loss of 1-9. i bston & Maine closed at 1SS, the same
 on Monday.
 Stocks ended with 8 good rally on
 aden easing of the call money rate.
 sel led the recovery, expectations of
 good statement being given as the
 son.
 The banks in the clearing house yes
 day were declared to have cleared
 all debit balances, and to be in ex-
 lent shape, The clearing house com
 ttee and the loan committee were in
 Ssion all the morning examining col
 eral for clearing house certificates.
 The announcement from Chicago thai
 general reduction of 10 per cent. iu
 price of all meats will be made thi:
 ek is important in it's bearing upor
 labor situation. It is the first de-
 Aase announced in the cost of living
 ces for labor cannot be effectually
 uced until there has been a reduc-
 in the prices of necessities, par
 llarly food.
 irtually the whole country is now or
 Hearing house certificate basis, and great strain on the monetary situ-