The daily morning journal and courier., 1905-12-27
STOCK MARKET FEATURES
BULLS YIN LAURELS WITH
 MONEY 35 PER CENT.

~CLEEA @bAAAA3A &G&HAE& EDN-AAAEWAA~ ant OmciaI Statement as to COnsOII- datiOn of the Interborough and Met
 ropoIItan Interests Issued Last Night. There was a new speculative out burst yesterday in the stock market and prices rose higher, yet Analgama- ted Copper shot up to 1O6, with big blocks in evidence at the top figures. Acaconda indicates S7 1-2 cents share dividend,-or at the rate of 14 per cent. year, and the stock got up above 25O, touching 255. Anaconda rose S6 points in all.-
 The market acted as if it had got new burst of enthusiasm since Christ mas. Union Pacific got up above 15O and Pennsylvania at last began to move upward.
 The demand for Stock Exchange seats was 8 notable feature. There was only one reported for sale, and for tLis S10O.0OO was asked.
 Yesterdays S5 per cent. call money rate at the close was the highest since September 29, 1902, when money loaned at the same rate as yesterday.
 Steel common rose above 40 at last,- for the first time in three years. Itwas paying f per cent. dividends when it was at 40 or more three years ago. Some in Wall street are disposed to credit the advance to the clever manip- ulation of James R. Keene, but the general opinion is that it is owing to the big prosperity of the steel and iron trade.
 It is believed that a fair amount of the stockholders in Steel common held on when it dropped to SS or g, and are now on velvet. or at least where they can sell out without loss to speak of A large number, however, were sold out at baout 10.
 The rise in Amalgamated Copper to 107 clearly represented the rapid appre- citation in market value of Anaconda, of whose sSOOO0,00O capital Amalgama- ted holds majority. Ii is claimed that the inside element in the latter were conetnt to let the stock react after 1t touched par, but that they did not re- alize then the value to the company of the alleged rich strike in the Anaconda camp.
 As soon as money advanced to IS per cent. yestrday, out-of-town banks re- leased large sums in Wall street. When the rate got to 20 per cent. some two Or three millions were put outline bor- rowers who prepared earlier in the day secured accommodation around 14 per cesnt. That was the renewal rate at several banks Some loans. were re- newed at 1S per cent, but these will only hold until to-day.
 When money reached 35 per cent. there was considerable speculation as to what the weeks high level would be. Frequent predictions were heard that in the rush to make end-of-the-year en- agreements Stock Exchange borrowers would bid up the rate against one an- other until 40 or 50 per cent. was reached. There is no certainty of this, however. ar .-..
 Specific information bearing on the Anaconda ore discovery was rare. Nothing official cameout during the hours of business. Most of the infor- nation has emanated from Montana. Various advices, however, have come by way of Boston, the center of copper stock speculation. ......
 The opening yesterday was fully up to that of any of the bull days of four years ago. The sensational feature was the advance in Anaconda to 250 af- ter it had opened at 220. Next came Amalgamated Copper's rise to 103 1-4, after it had been brought out at 101 1-2 with 12,500 selling at 102 1-2 to 103. From that figure it continued on with 20, GOO shares selling between 1O3 IA to 102 3-4 and up to 103 IA again. Steel common opened with 10000 shares from 39 3-4 to 40, Union Pacific from 149 1-2 to 149 3-4 on 5000 shares, and Shelters started 3-4 higher at 167 and immedi- 1 ately sold at 167. The great volume of transactions in these few issues and the new high records involved made a 1 peculiarly interesting situation. Call money was in sharp demand and 1 rose esteadilythrou ghout the morning, | with predictions by usually well-in- | formed bankerst hat it would work | higher to-day and tomorrow. Traders, ] however, were told not to mind this. l They did mind it, however and took 1 profits on a great many stocks.
 The action of Metropolitan was taken | by some market judges to indicate that 1 the dividend will be cut from 2 to 5 per l cent. Late in the day it was rumored l that the Metropolitan dividend would l probably be reduced to per cent, but | that common stock in a new company | would be given as sufficient bonus to l make up the deficiency. It is only by giving new securities that the minority | shareholders in Metropolitan will con- sent to a reduction in the rate.