The daily morning journal and courier., 1906-12-13
STOCK MARKET FEATURES
CALL MONEY HIGH AGAIN AND
 STOCKS FALL.

Poor Outlook for Easy Money This
 Month--Great Northern's Fat Plum
 for. Its StOcI1holders--Vario In-
 cFeases of Dlvidends--WOOIen Com-
 pany - Peoples' Gas - Nipissing---
 Other Gossip.
 The impetus given the stock market by Secretary Shaw's work for relief of the money situation was only tempor- ary. Call money rose to 15 per cent. yesterday and stocks fell.
 With call money soaring so, would-be spectators do not want to buy securi- ties on margin and then worry over charges.
 Call money will probably rule high all Ahe latter part of this month.
 Great Northern is to issue 6O,OOO, ,OO0 of additional stock at par. The rights on the new shares are worth 34. In the past few weeks shareholders in the property have received the equivalent of $120 in marketable securities. The effect has been depressing rather than an enlivening one, which some consider bad sign as regards the stock mar ket, especially when every benefit that comes to shareholders is met with im- mediate sales of outstanding stock.
 It is figured that there is grand to- tai of nearly $25,OO0 900 available for the Union Pacific treasury from its deal in Great Northern and Northern Pacific shares.
 As proof that money is not likely to relax greatly so long as prosperity con tinues, the arrangement whereby pay ment for the Great Northern stock is carried over period of sixteen months is offered. Northern Pacific will most likely issue new stock on similar ba- sis.
 The American Woolen companys proposed issue of $1O,000,OO per cent. cumulative preferred stock has been underwritten by syndicate formed by Brown Brothers & Co.,, of New York and Boston, and Brown, Shipley & Co., VI A1OtA0OAs hO oppAAN0blOlo 1Ol LllO underwriting were in excess of the amount offered. The stockholders will have the right to subscribe at par in proportion to their holdings, both com mon and preferred participating alike. Every five and one-half shares of pres ent stock will be entitled to one share of the new.
 In any revival of speculation result ing from the removal of anxiety re- garding crisis in the money market, it Is believed that the Vanderbilt stocks, and especially New York Central, will be prominent The Nickel Plate" stocks, 1t is believed, will discount the increase in dividends promised for next month. New York Central, however, as the holding company of subsidiary concerns with great earning power, will in time be the principal beneficiary of all dividend increases of constituent : companies. The earning power of Lake , Shore is so great that increase of the dividend to 20 per cent. is confidently expected next year, and before 1907 is over many well-informed interests look to see New York Central pay per cent. dividends.
 Reading was rushed up per cent. at the opening, a price which simply seemed to invite selling, but trading continued brisk and talk extremely bullish over the talk of an extra divi- dend of 10 per cent.
 It Is figured out that in the million share day Tuesday big men let go quite a big lot of stocks.
 An incident of the day which attract cd considerable attention but which had no effect on stocks, was the in- crease in various dividends, including Pan Handle common, from a to a per cent annual basis, and Pittsburg and Lake Erie from a 10 to a 12 per cent. basis Pan Handle is an import- ant link in the Pennsylvania system. The Pennsylvania company rate re- mains unchanged,
 Some new interest was taken in Peo- ple's Gas on the idea that the dividend might soon be put back on per cent. basis. The stock has never acted as though insiders meant the per cent. rate to be permanent.
 Nipissing had just one-half the vol tune of trading on the curb it had on Tuesday-4O,O0O shares changing hands yesterday. It opened at 13 1-2, sold down to 12 3-4, closing at 13 5-S.
 The first regular electric train on the New York Central left Grand Central station Tuesday afternoon, running to Highbridge by electricity and thence being drawn to Yonkers by a steam engine. A number of passengers were on board the train Officials of the company said that more trains would be put in service as quickly as pos sible.
 1nterborough- Metropolitan stock was weak as a result of the Burrows suit to have the merger of local lines set aside. Most of the selling appears to have come from small holders.
 St. Paul's sharp ''bulges" were pre- sumably intended to facilitate liquida- ton by the pool, after the rise of about points since Mondays setback to 1S1 5-S Still, no news developed to ae- count for the advance.
 The statement of H. c. Prick that the steel situation Is as good as it can be, and ought to remain so during 1907, helped United States Steel shares. The preferred was notably strong.
 This week the New Haven high school football players will have their