The daily morning journal and courier., 1906-12-08
STOCK MARKET FEATURES
CALL MONEY RISES TO 36 PER
 CENT. AND SLUMPS TO3,

After q weak Opening Prices Rise and
 Continue StrOng-Canadian Pacific
 the Banner stock--It Rises Seven
 PoInts-The Money Question Was All AbsOrbing-GOsslp of the Day.
 The stock market yesterday was weakened at first by the high price for call money, which rose to 36 per cent, but after awhile it broke away and prices of active stocks went up, Cana Clan Pacific leading.
 After brokers had paid 30 per cent for renewals call money weakened and finally dropped to ? per cent.
 The Shaw relief rumor com menced to work after the 30 per cent money had been fed out, and call loans tumbled precipitately to per cent, with prices rising rapidly. The recovery ran from 1 to points and was even more in certain shares. Can- adian Pacific, for instance, which touched new high price record at 194 1-4. Subsequently money rose to IS per cent. again and dropped to 2 per cent.
 Sixty day loans were made at 1-2 and 9 per cent, and t3O-day money was not obtainable at per cent. In spite of the fact that out-of-town banks have been lending here for the past few days, Chicago exchange was 5 cents premium yesterday, and the supply of capital limited.
 Tn all SO,O0O shares of Niplssing changed hands on the curb yesterday at prices ranging from F at the start to IS at the close. Thursdays sales were 50,000 shares, and the prices fluc- tuated between IT 1-2 and 16 7-8.
 The banks have lost over S8.O00000 cash this week. They had a reserve last Saturday of less than s1,5OO OO0. UnquestionaIbly a large number of for eign loans have been made particular ly by Paris credit institutions. Loans by interior banks have been large but only Thursday and yesterday, so their full effect will not be known in to- days statement Under the circum- stances, as there has been no apparent reduction in loan on collateral, the banks will have another deficit in re- serves, and this state of affairs will make action by Secretary Shaw on Monday imperative.
 Some very large loans were made at 32 per cent, and as soon as the re- quirements of some of the largest bor- rowers had been satisfied the rate de- clined quickly, and by 2:15 money was in plentiful supply around 6 per cent.
 Rock Island stock showed decided weakness at the opening, selling down to 30 3S. It is the first time since the pool took charge that it has been so completely without support. ! Commission houses are insistent in the matter of keeping their customers out of stocks so long as the prospects are for larger interest rates per month than profits. It was market that kept out buyers more than one devel- oping sellers.
 The high money rates caught num- bre of shorts who thought that the market could go only one way-tht was downward.
 The specific weakness of Union Pa cific and Southern Pacific had to do with the federal investigation of their coal lands and of the methods used to block competition,
 In the last hour very definite reports were circulated on the stock exchange I that Secretary Shaw would announce some further relief measure after the close of business yesterday.
 The afternoon decline in money set in shortly before 1 o'clock At that hour the ,S per cent. level was touched.
 One report had it that Secretary Shaw would purcnase $8O,OO0,0OO of old As of 1907; another stated that he would deposit that amount of public money in the banks.
 In Wall street most people know that the acute demand for call money is always apt to subside abruptly after the 2:15 delivery hour" when stock exchange purchases must be paid for. The stock market closed around the best.