The daily morning journal and courier., 1906-12-07
STOCK MARKET FEATURES
BEARS GET TO WORK AND MAKE
 LOWER PRICES.

Money Market Very Tight--Call Loans
 Rose to 2S Per Cent. With 20 Per
 Cent Lowest of the Day---Adyance in
 Sixty Day and Six Months Loans-
 Only Small Liquidation of stocks--
 The Gossip.
 The stock market was attacked by the bear element yesterday owing to the continued tightness of call leans, and they knocked down prices some what
 Call money went to 2S per cent, rates on time loans moved up a fsac- tion, and stocks sold slowly down. This occurred in spite of Secretary Sh9w's offer, announced to prepay in- terest on the public debt due at or before next Mav
 The Chamber of Commerce speech of Jacob H. Schiff caused much discus- sion This was nearly as emphatic as his money panic" address of last year. He took the reasonable ground that no excuse exists for a per cent. call rate in the morning and rate of 30 per cent. in the afternoon, and that the whole matter of money rate regu- lation ought to be acted upon at once. His charge that one financial institu- tion is guilty of rigging money rates is direct and courageous
 Money rates: flight, 2S; low, 20; closing, 25; mostly all, 22 per cent.
 Opening prices of stocks were nearly all higher, with curious movement in Great Northern preferred stock and in ore certificates, which were first quoted on the stock exchange yester- day. The former began at 25O, but dropped off to 234 while the certif- cates bobbed around over a point range, and at decline of 10 points from the recent high level. Canadian Paci- t1c rose 2 3-4 points.
 Some lots of $25,000, $50000 and $100,- 900 were offered by banks in Massa- chusetts and Connecticut, all of which were eagerly statched by borrowers. The west was not in the market to afly materldl extent.
 Canadian Pacific is steadily rising to the 200 level that has been predicted for it. No doubt exists but that the pool is well fortified
 In two respects the action of Sec retary Shaw disappointed the street. First the amount available for the market was about half that expected: second, the funds are not available un- til after the period when highest rates occurred last year. The act has no sentimental value for money is actual ly scarce and the fact that there may be larger supply of it the middle of December does not help the borrow ers of to-day.
 It is claimed that the Standard Oil people have plenty of per cent. time money and that it Is no trouble for them to carry their stocks. Some oth- CT Interests are said to be heldins on to their per cent. time loans and bor- rowing stocks at 20 per cent. to put up as collateral.
 The days operations in stocks were largely professional. The principal feature during most of the day was the way in which high money was ig- nored, so far as liouidation of securi- ties were concerned.
 The enlargement of lAtchison's cap- italization did not please those who have been conducting a campaign on the ground of a higher dividend rate next spring. Atchisons capacity for capital absorption ils equal to that of Pennsylvania and New York Central
 The trading in stocks was made up largely of specialties. Among them were low priced industrials, including Colorado Fuel, which exhibited much strength at times. Steel common was also firm. There was apparently no particular reason for this. Their bid ding up may have been intended to help sustain the market.
 The October statement of the Union Pacific showed an increase in gross of but $33S,575. This compares with a gross gain by the Atchison of $1, ,43O, 900. The net gain was only $165,395.
 Nipissing furnished much less ex- citement on the curb yesterday. To- tai sales were only 5O,O00 shares. as against 1S0,OOO on Monday. Opening at r, the stock sold up to r 1-2, down to Is 7-8, and closed at 1T, a gain of 1-2 over Wednesdays final quotation.
 Stocks were very weak at the elos- ing The declines in Reading and Un- ion Pacific were more pronounced than elsewhere
 With call money at 25 per cent. near the close stocks ended very weak, at about the bottom for active issues, There was a little liquidation.
 A seat on the New York stock ex- change wal sold yesterday at SS5,OOO.