The daily morning journal and courier., 1905-10-06
STOCK MARKET FEATURES CALL MONEY CLIMBED UP TO
 9 PER CENT.

But Most Loans Were Made at or S-
 Stocks Held We'll, HOwever-NO Anx-
 iety to Sell Stocks-Dullness Ensued
 Sugar and ''sIelon Cutting'-illin0is
 CentraPs Year-stOp Orders-Lehigh
 and the Coxe BrOthers-Wabasi
 Proxies-New High Record for Stock
 Exchange Seat.
 The stock market held remarkably we'll yesterday, despite the stiff rates for call money, which at one time tow cred up to g per cent. But there have been active bull markets with money as high as this, or higher.
 There was no pressure to sell stocks' owing to the reign of prosperity ana confidence; hence prices held well after a lsight fall and started to rally again.
 Business in the afternoon was on a very small scale, and the total trans actions for the day were 600,000 shares, compared with S50,000 the day previous The heroic effort of last Saturday to make the banks showing favorable was recalled by many yesterday with mis- gfvings as to the immediate future of the money market.
 One of the interesting features of yes- terday was the showing in the annual report of the Illinois Central Railroad company. Like many other large sys- tems, the gross revenues show remark able expansion. The company is now earning close to $50000,000 year. In 1902 it earned less than $41, 100000. But it's surplus then, after dividends, was $6,126,949, while on June 30 it was $4,- 70S,309. Increased operating costs and higher fixed charges and dividends are responsiblefor this. The expansion in the last two items in four years has been $2,30O00O and in net earnings $1,- 590,000
 There were large sales in London by New York interests of long stock, and arbitrage houses supplied stock to this market when it opened.
 The fact that the market did not de- cline more on the unexpected rise in money was because there were so few stop orders near the present level of stocks. Brokers said that in order to get anything like a reaction stocks would have to go ? to 3 points lower where the market would probably be- gin to pick up stop-loss orders.
 Stocks rallied further during the late trading and brokers reported that much of the buying appeared to be of an excellent character. This was based on the fact that call money remained between 6 1-2 and per cent. most of the day. Early in the morning some had predicted 10 per cent.
 j, H. Moore, of Chicago, says that he does not think higher rates for money will break prices seriously. T do not think securities have discounted the country's unprecedented prosperity" he said.
 The directors of the United States Rubber company declared a 2 per cent. dividend on the first preferred stock 'ferred.
 The August statements of Union Pa cific and Southern Pacific are said to show even larger gross gains than oc- cured in July.
 A London dispatch last evening said: 'tThe retention of the bank rate at per cent. to-day caused some surprise among the bankers. It was widely an- ticipated that it would be raised to per cent, and it is still believed that the.rise is only temporarily postponed"
 Heavy calling of loans in the after noon led to an per cent. rate. Money was freely taken at that figure.
 The money situation was again the ruling factor in the stock market. Whether rates would advance further, and hops much, was the leading topic of discussion, but per cent. was thought to be the limit
 To-day is awaited with interest be- cause the tendency is for the rate to advance on Friday, when large opera tions have to be provided for and when calling of loans has to be resorted to.
 It was rumored in Wall street yester
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