The daily morning journal and courier., 1906-11-21
STOCK MARKET FEATURES
SOME REACTION, BUT NO
 MARKED WEAKNESS.

Higher Money Rates PrevaiIed-Can
 Loans Ran Up to Twelve Per Cent
 Brakes Said to Have Been Put On to
 EIectric's Plums-St. Paups Activity
 and "Matched Orders"--Rock Islands
 Actiyity-GOssip.
 Yesterdays stock market had to con- tend with a rise in call money rates to 10 per cent, which was reached in the last hour.
 It was believed that the higher rates were manipulated in order to put brakes on the over-s speculation, all. though there had been a heavy new de- mand also for fresh capital from out side sources.
 The surplus reserves of the banks do not permit extended bull speculation.
 Speculation branched out yesterday. Illinois Central, for example, was ad- Vanced points to 1S0, with "St. Paul deal' story tackled on to the movement, Mexican Central became active once more. General Electric rose 4 points, Atlantic Coast Line and Nashville and Chattanooga were pushed along in com- mon with Louisville and Nashville, and low-priced issues like Great Western and Kansas City Southern gained i to 1 3-4 points.
 The new Big Four stock will be issued at 90. Several efforts have been made in the market to advance the stock on the basis of an issuing price of par.
 After call money got up to 10 per cent in the last half hour stocks weak ened further, there was considerable speculation liquidation. Yesterdays market indicated that quite few trad CTS had been caught with long stocks on last weeks rise.
 Renewed operations in Mexican Gen. tral were due to reports of more effort at selling the road to the government.
 The violent bidding up of Illinois Central originated with an operator who has made speciality of that is- sue, Louisville and Nashville and cer- tain other stocks, which have now talk en rank as specialties, and can be mov- ed at any time, because of the scarcity of floating supplies.
 The explanation of Illinois Cetrars rise was that the St. Paul would buy the road.
 The sharp recovery of St. Paul seem- ed to have been associated with the re- port that Hartman interests are ab- sorbing it in the open market with a view to securing control.
 The large traders were not in sym pathy with the market. Harry Con- tent sold 10000 Union Pacific and E.. Meyer, jr., took the aggressive in offer ing Northern Pacific as low as it would go. I. Warmser and the Field-Ol crowd sold.
 Arbitrage firms traded in about 350OO shares in this market, sales slightly ex- ceeding purchases. This falling off in- dicated that much of Mondays buying was for New York
 At the opening Rock Island fell back to 30, but it quickly gained ground and sold at 31 later in the day. The stock at these higher levels acts just as it did around 27 1-2 and 2S, The pool has it well in hand.
 Coincident with a meeting of the shareholders of General Electric to au- thorize the new stock issue the market price oftheir stock rose points. Rights are quoted between 13 1-2 and IA. It was figured out yesterday that BPS a share in rights has been given in the past three years This would mean an average of about F per cent. year in regular and extra disbursements.
 The purchase of 14S,O0O shares, the number traded in Monday would prob ably have put it up 15 or 20 points, in- stead of 4 1-2, the amount of the gain of Monday Many of the 14S,OOO shares represented "matched" orders by the clique, and many of them speculative operations The actual stock that changed hands according to some mem bers of the exchange, may have not been more than 3O,OOO or 40,000 shares.
 Nothing occurred to dispel the idea that this is a Standard Oil market.
 Whenever money rules high in Wall street New York banks receive inquiries from out-of-town correspondents ask ing if they can lend a portion of their balances at the top level. Twelve per cent. call money would materially en- large offerings by interior institutions, if that rate could be depended upon
 The rise in money here, and indica- tions that the Bank of England may lose gold, helped to curb the operations In American stocks