The daily morning journal and courier., 1906-01-04
STOCK MARKET FEATURES
IRREG EGULARITY AND WEAKNESS
 AT THE CLOSE.

Some Gains in Railroad Shares at First
 Tight Money. Continues Ana
 conda's Weakness -- Pennsy's Fine
 ShOwing-SpeculatlOn as to When
 Money Will Ease Up-GeneraI Gossip.
 The stock market was irregular yes- terday and though some of the railroad stocks showed gains early in the day there was weakness at the close.
 Higher rates for call money contin- ued, but easier money is looked for Call money started at 40 per cent but de- clined until toward the close when 1t slid up to 50. Then the price dropped to 15 after everybody had borrowed what they desired.
 The prediction was made of a quick return of call money to 8 per cent. basis. Other opinions were that money would remain tight for weeks to come.
 The estimate was made than $2O,OOO,- coo of call loans were paid off in the first hour of business
 Pennsylvania earnings were enor- nous and showed the biggest increase ever made by a railroad. The total gain over the same month in 1904 was $2, ,126,- O00 The net increase was about $1, OOoOOO. For the eleven months of the calendar year the gross gain has been $l5OOOOOo and the next about $4,O0OO OOOo. The stock remains, however, very difa- cult to move,
 January 15 was put down as the crit ical day when the heaviest movement backward of money would set in. Some bankers thought per cent. money by that time,
 The attempt to boom Southern Rail- way common came to inglorious results yesterday Perhaps the spe6ulators let go 10 take q better hold
 A large amount of new money was put out yesterday for S5 per cent, and fresh supplies were given to brokers with the understanding that they should be released in case the call rate touched 50 or over before the day was out. Some foreign money was loaned also yesterday.
 Reading was feature yesterday ris- ing to IA 7-S. It is an easy stock to move so much of it being entrenched in the treasuries of the big railroad com panies which control it. Yesterdays rise in the stock and It's activity looked as if spectators wanted to take profit
 Withdrawals of $1,500,0 900 in gold coin from the sub-treasury yesterday excit- ed much discussios. Some said that the gold was intended for Mexico, others that it would go to South America. The London and River Platte bank did en- gage $5OO,OOO for shipment to Buenos Ayres, The shipments attracted a great deal of attention.
 London operations amounted to sales of 25,000 shares. These were in Union Pacific, Southern Pacific and Steel common.
 Reading is likely to have sharp fluc- tuations from now on, because of the doubts which exist in many minds In regard to the demands of the men for a readjustment of the wage scale and for recogsition of the union.
 The western houses who took profits last week before the selling became general were back in the market as buyers yesterday
 Anaconda stock was weak all day un- der profit taking. During the forenoon it fell from 2SS to 2S1 under heavy selling. From this figure it recovered to 2S4 in the middle afternoon. In the last half hour a. sudden and extremely heavy selling movement started, under which the stock fell rapidly from 277 to 26S 1-2. At the close it was 271 1-2.
 Several large financial operations, in- volving railroad and industrial con- cerns, are to be consummated when money eases permanently.