The daily morning journal and courier., 1906-12-11
STOCK MARKET FEATURES CALL MONEY 2S PER CENT, HUT
 DROPPED TO 6

Ane BullS TOOK HOld and Boosted
 Prices--Closing StrOng-WiI Gold be
 Imported .-shaw Does Something
 Copper MetaI--Price Goes Higher
 St. PauIs ExtensiOn-AtchisOn to Is-
 sue $9s,OOOOOO More stOck--Nipis-
 sings Big DrOp-GOssip.
 The stock market yesterday confront ed call money at 2S per cent. and short time loans made at 10 per cent, but after awhile call money fell to 6 per cent. and the bulls then took hold and raised prices.
 Amalgamated was leader in the ad- vance owing to another advance in the price of copper metal.
 The improvement was chiefly laid at the door of Wall streets fresh borrow 1ngs in London, which, if the move ment of sterling exchange rates is safe witness, must again have been sub stantial. Wall street itself declared that prices went up because treasury relief was on the way.
 After the banks had renewed loans for 25 per cent. the rate advanced to 2S per cent, where large offerings were met These were effective in depress- ing the markt So that the IA per cent level was touched quite early in the afternoon. When the rate got down to q 4o' e 4I,. ,....l by interior lenders was withdrawn. As high as 9 and 10 per cent. was paid for thirty day loans in few instances.
 On January 30 shareholders of the Atchison will be asked to increase the authorized common stock from $152,0 ,000,- 900 to $250,o0O,000 and to authorize a convertible bond issue of $9S,OO0, 900 so that either bonds or stock can be sold. When the proposed action is taken the directors will offer to the shareholders for subscription approximately 25,OOOOO of the new stock or convertible bonds in order to provide funds for several purposes.
 The market depreciation in Nipissing now amounts to nearly $29,000000 The stock has dropped from $50 per cent. to a 250 per cent. premium. This means enormous losses. Instances of this or that man who bought 5000 or 5000 shares around s1 or S3 on the Guggen- helm say-so are numerous. It all makes the street very sore and very skeptical of mining ventures in Can ada.
 It is. expected that the St. Paul's ex- tension to the Pacific coast will be com pleted by January 1, 1909, and that it will be finished to Butte, Mont, by January l. 1908. The official announce ment of the route was given out Satur- day. A good part of the St. Paul's ex- tension runs almost side by side with the Northern Pacifios The distance from Chicago to Seattle by the St, Paul system will be 2,3O5 miles, slightly shorter than the Hill lines.
 The October gross and net earnings of the Southern Pacific were big. The gross gain was $1,521, ,523 with the earn .ings for the month on the basis of $130, 000,O00 annually. The net increase was $970,000. The statement is all the more remarkable when compared with Atch- ison's enormous revenue for the month and the small October net gain by the < Union Pacific.
 Another advance in copper prices oc- cured yesterday, the gain being 1S to 1-4 cent on the pound. The improve ment was the result of an urgent de- mand for the metal and continued linn ited offerings, owing to the smallness of available supplies in first hands.
 The basis of the better feeling was the general belief that an announce ment by Secretary Shaw would come within forty-eight hours, and 1t was officially announced in Washington last evening that Secretary Shaw will de- posit $1O,OOOOO0 in depositary banks and will buy $1O00O,00O in bonds of 1907.
 The rise in Rubber common was compliment to the profit-making pow CTS of the trust in this sort of weather. The stock sold at 53.
 Virginia Coal and Coke, Republic Steel and several other specialties were bid up a little, then sold off on dis tributive orders, which clearly account ed for the manipulation.
 A pool in Anaconda pledged to put the stock to 300 were large buyers. The movement is thought to be based on talk of higher dividend, which inter- \ ests close to the company do not yer ! fly.
 The late rise in Reading was accom- I panied by rumors that not only will the dividend on the common stock be in 4 creased or an extra one declared, but { plan was nearing completion for the Il separation of the railroad and coal in Il terests so as to avoid future legal en- ! Atanglements. There were no facts. The < old pool in the stock was at the back of the rise
 Stocks were all higher in London, That market had considerable faith in 6ecretary Shaw's willingness to aid our money market The fact that New York drew small amount of gold did hot cause much alarm. Purchases were about 10000 shares.
 Boston banks in their weekly state ment yesterday reported a surplus on shand of only $1,143. They report, how ever, a surplus of $5, 26S, ,143 held on bal lance in New York