The daily morning journal and courier., 1906-12-22
STOCK MARKET FEATURES
AFTER BEING RAIDED RALLY
 TAKES PLACE.
Expectation of Better Bank statemen

EXpectuIlOn oI better Bdnk statement
 -Trregularity in Advance--CalI
 Money Easier-LOan Reduction Ex-
 pected-The Days Gossip.
 The bears raided the stock market early in the day yesterday with poor success and then a good rally occurred,
 There was some irregularity in the upturn due to uncertainty in to what the marrow would bring forth. but a better bank statement to-day is ex- pected, with reduction of loans,
 The coming week will be tn emost critical of the year as regards the money situation.
 As stated already the day beGan with a raid on half dozen inflated shares. Great Northern went down 1-2, Northern Pacific 3 8-4, Reading about ana Canadian Pacific 1 3-4 points. When the selling ceased prices rallied easily with a mild see-saw un- til the end of the session.
 Trading in the last hour was very quiet, with trihing fluctuations. There was small feature, and it was appar- ent that few persons cared to do any thing before the coming holiday.
 The banks have taken the cue from Secretary Shaw and are drawing on their reserves more freely than ever. If bank reserves get below 20 per cent. fo there will be no interference.
 Reading apparently broke simply be- cause the mystery attaching to the dividend was dispelled and there was no longer any excuse flor keeping the price up to such high level The trading element regards Reading as per cent. issue, as extremely high, but fears to go short of it.
 It was matter of much encourage ment that call loans were g per cent. at the highest and that little freer supply of time money appeared
 The Southwestern Paciflc's annual report was an interesting publication of the day, and remarkably bril- liant showing of prosperity.
 News developments yesterday were generally encouraging and contributed to improvement in sentiment
 Not all of the decline in Rock Island is due to- the general setback in the market or to the passive state of the pool The Alton episode has quite little to do with it. The Rock Island interests have come out second best in their Joint partnership dealings with MT. Hartman, and they may have new burden to bear.
 That American Ice stock should de- cline yesterday surprised nobody. The only wonder was that it held up so long. The probability was that the stock sold came from somebody who Was afraid of the coming action to dis solve the trust, and was not short sale. The "bears" in this stock have been badly hurt" One of them was ' reported to have lost $2OO.OOO.
 What to-day's loan account shows will determine largely whether Secre- tary Shaw will need to give treasury . aid next week.
 The weakness of Northern Pacific was thought to represent further liqui- datlon Dy the largest individual inter- est. This has been going on, off and on, for more than year.
 The rise in Peoples Gas recently has been caused by what specialists said was excellent buying. In casting about for the usual explanations the rumor has concluded that the company. now being in a position to increase the div idend rate to the old figure, may do so, The earnings are said to justify such a thing.
 The grangers were neglected most of the day, but appeared to be well taken on weak spots St. Paul attract ed less attention. Traders have lost money on it both ways They have also lost a good deal on Union Pacific, and as whole. the granSers are not