The daily morning journal and courier., 1906-02-21
STOCK MARKET FEATURES
STRONG RISE IN PRICES CHECKED BY RISE IN MONEY.
Reading Was Strong Feature-CaII Money Rose to Per Cent.--More Hopeful Views as to Coal Strike Pos- sibilities-The c. S o. Decision Fa- vOrabIy Regarded-GeneraI Gossip.

Stocks were strong most of the day yesterday, but fell off easily near the close owing to the rise in call money to 8 per cent. at time when loans had not all be supplied.
 The rise of Reading to 40 was re garded as drive against the short in- terest.
 The court decision as to Chesapeake and Ohio created mild sensation. At first 1t was regarded as bearish argu- ment but sentiment soon changed. To the bull party an analysis of the court review produced the opinion that 1t meant a square deaP' for all railroads and certainly placed the smaller lines In much stronger position( while not taking anything from their more pow erful competitors. This was the sen ttrnent that had most weighed and was finally daooted.
 The Chesapeake and ohio's position, 1t was admitted, was vulnerable one, but that the precedent established in the decision would be permanently beneficial
 Revival of talk about the early com pletion of the Great Northern ore deal Tailed to stimulate any interest. This story has been repeated too many times.
 Gates & Go. sold about 10000 shares of United States Steel common and pre- ferred yesterday chiefly the former. Then they began pulling Amalgamated.
 
 these stocks were yer ystrong.
 The efforts to put up the copper stocks did not prove entirely successful --at least. not So much as was the case prior to a week ago. Anaconda was actively dealt in all the morning, but 1t made little progress. Those who tried to bid it up probably got a good deal of long stock. Amalgamated Copper also rose with some difficulty
 The closing of the Philadelphia and Fot fnn o1n t1.rr T some of the dullness.
 The stock market yesterday had many characteristics of midsummer session, except that 1t was more active. It was devoted chiefly to specialties and high priced shares.
 The rise in the Hill stocks represent ed more short covering in the case of Northern Pacific, in which the specula- tive account has been larger than gen. erally supposed, and buying of Great lnent account and on the basis of what rights could be secured from the pro- posed are land deal
 A 50 per cent. increase in Chicago Great Wostern's earnings for the sec Ond week of February and of 3S per cent. by the Southern Railway were among the days full features.
 The Moroccan conference is receiy- ing more attention than heretofore from men who are following the finan- CldL SllldllOU.
 The short interest in Reading was made very comfortable by the point rise in that stock There had been a considerable short interest in this stock since fears of 8 strike were en- tertained. More shorts were put out Monday and yesterday as a result of the supreme court decision in the Chesapeake and Ohio case, asserting that a railroad company has no right to mine and, sell coal.
 After buying some 15,O00 shares in this market near the opening yesterday London operators, turned around and sold about 30,000 shares to take profits. The 8 per cent call money rate reached near the close yesterday was the highest rate since Monday, Janu- ary 8.
 A seat was sold on the stock ex- change yesterday for $90, 1000, a decline of $3,000 from the last previous sale made three weeks ago.
 The reported intention Of the Della ware Laekawaana and Western to en- ter New York city direct by means of a tunnel under the North river was re- vived yesterday.