The daily morning journal and courier., 1906-12-28
STOCK MARKET FEATURES
SHORTS RAN TO COVER WHICH
 SENT PRICES UP.

Rate-MOney Outlook Better-Bears
 Big Losses in Ice StOck--No Dividend
 on Wabash Debentures,
 The stock market took a sharp turr
 upward yesterday. This was due to a
 better outlook for the money situation
 in the next few days and to shorts GOV.
 ering.
 The tired feeling" gave place tc
 more optimistic views as to money and
 it was easy to put up prices on the
 shorts.
 There was heavy lending at 6 per
 cent by the National City bank. This
 institution has heretofore been unable
 to supply any considerable amount at
 the legal figure, but yesterday morning
 It loaned over five million dollars. This
 was while the open rate was 10 per
 cent.
 The Improvement was greatest in the
 Hill shares, Reading, Union Pacific and
 Canadian Pacific, which suffered most
 in the recent collapse. Gains were
 from 2 to points.
 Trading was restricted, and 1t was
 apparent that the outside public was
 not participating to any extent. Tran
 sactions during the first two hours
 were only little over 100000 shares,
 The belief that there would be noth- Ing more than a spasm in money rates
 to-day, and that the worst of the trou-
 ples were past, was founded mainly in the attitude of the secretary of the treasury toward the local situation. and the benefits derived from recent lioui- dation.
 The bidding up of American Ice stock to 96 cash during the late afternoon as against SS 7-S Wednesday, directed attention to the driving in of the shorts by the pool which, it was reported. had called in all of the shares yesterday that it had loaned out It allowed some to go back for day at a premi- um of l 1-2 per cent, but it did not seem anxious to lend at any rate. This marked the practical "cornering" of the stock. According to some of those close to the clique, 1t controls fully 80 per cent. of the total capital stock. The losses of the bears in this stock have been very large.
 The confusion over St. Paul rights and the disgust that many sharehold- CTS felt over the discrimination against holders of odd lots was responsible for the heaviness in St. Paul Many per- sons were advised to sell their holdings rather than to undergo the preplexing feature of the new subscription meth | cd. There are many shareholders who lose from $50 to $250 and $500 by the company's refusal to consider fraction al lots of stock.
 The heaviest buying of Reading yes- terday was by two firms, which were popularly supposed to execute orders for leading ''bears." One was credited with taking 25,O0O shares and another l9,ooO. The price moved up easily and 1t was apparent that the floating sup ply was small, The snort interest, which accumulated around 130 and un- der, was variously estimated at from 75,0O0 to 100000 shares.
 The feature of the Atchison state- ment for November was the large ab- sorption of the gross gain of $774167 into operating expenses. This left a net gain of but $132,551.
 The curb feature was a sharp break in International Salt, on what was re- garded as semi-oft1cial information that dividends would be discontinued for the present, the earnings being used for the acquisition of new patents, which would effect 6 considerable saving in operations. The last dividend was 1 Ter cent, paid December 1.
 It was the opinion of the best in- 'ormed bankers that there would be no urther trouble in the money market worth considering.
 A story was circulated on the Stock xchange to the effect that New York interests were negotiating to get gold n Paris, and that they had succeeded l n securing $S,000000 or $4000,0OO The louse that was mentioned as likely to the operation said that there vas no truth in the rumor, With ster- i Ing slllng at 482.70 the market was at f
 basis where gold could be secured broad without treasury assistance. l There was an all around squeeze of e horts during the morning. Those who c ad sold Great Northern and Northern 6 'acific suffered; the sellers of Amer c san Ice were in a bad fix; the short in- n crest in Reading was voluntarily re- r uced on the run up above 134, while s ther leading shares were from i to 9 = oints hghar on enforced covering, ', There was less, demand for tinoa 1oney, and most of the four months t 'ans that were made brought 7 per |. snt. There was decided falling off .' the d;mand for thirty-day loans ow- U lg to the proximity of the January q 'ttlement and greater willingness of II to take their chances in the V III loan market pending the dividend II nd other interest disbursements next II eek. t. An Assocated Press dispatch last C ight says: Directors of the Wabash st -llroad to-day announced that the II ml-annual dividend of 3 per cent. on II le A and B debenture bonds, had been re lssed, the company's earnings during e e past six months having been in- p' ifficient for that purpose. " EW TELEPHONE STOCK ISSUE. m sue Of S6,8Oo,0OO Offered to sharehold- tn ers-To Be Listed on New York Stock tn Exchange. tn of the New York and New m rsey Telephone company have voted fo off -ks,.- T. 1.-a