The daily morning journal and courier., 1906-02-20
STOCK MARKET FEATURES
QUITE 4 RALLY EESTERDAY '
 AND STRONG CLOSING.

The stock market rost easily yester- day and closed at about the highest of the day.
 The rise was due to covering by the shorts, and some support was also ac- corded by strong interest.
 The market was oversold, for one thing, which facilitated the operations for the rise.
 Also about 4O,OOO shares were pur- chased for foreign houses.
 Good judges of the market thought that, after stocks had rallied three to five points, they would work off again under the influence of the same factors that have been operative the past ten days, viz, tight money, heavy capital absorption in new issues, some trade setback and loss of confidence by the speculating public.
 Anaconda, after selling at 273, rose more than 10 points, and Amalgamated Copper was strong.
 The advance yesterday was from 1 to 2 points in the most active shares and from to 12 points in such issues as Northwestern, Great Northern, North ern Pacific and Anaconda. With the better tone to the market there was an increase of activity.
 One operator exclaimed yesterday that now that stocks had had a drop he was bull on the business outlook.
 A 10-point concession was necessary to sell 800 shares of Jersey Central. This represented liquidation.
 The decrease that occurred in bank loans last week led to an easier money market both for call and time loans. The banks, instead of showing the mo- notonous daily loss to the ub-treasury, reported gain of $646,OOO from that in- stitution.
 There was a rather general impress sion from the way in which stocks started off yesterday that Saturdays break was largely due to a bear raid. There was some pressure near the opening, but support was forthcoming, whereas on Saturday there seemed to be none.
 The great activity of interior trade, which weekly bank clearings show do not admit of much relief in money mat ters in the next sixty days. There is nothing in the steel trade which indicates weakness. The popu- lar view still seemed to be that one or more large capitalists bave disposed of their surplus holdings, being content with large profit on their investment. Some of them bought Steel common In Steel preferred under SO.
 Word came from the Gates office that they were bullish on the situation, but whether for a turn of few points or more substantial advance was not revealed.
 Stockholders of the Delaware and Hudson company yesterday voted to ln- crease the capital stock of the company 100000 in order that the increased stock may be used in exchange for the $14,0OO00 per cent ten-year gold de- benture bonds, which the company is about to issue The action of the stock holders yesterday makes the total amount of authorized capital stock of the Delaware and Hudson company $55, ,94O, ,000.
 The Chicago and Northwestern also announced a new issue of $16,267, ,000 common stock, aud there will be an an- lnouncemeflt made within few days of corporation controlling the street car companies of the country with a capi talization og $56,OOO,OOO. These contin- ued demands on capital naturally limit the supply available for commercial and | speculative requirements. In New York there were twenty-five banks reporting less than % per cent. reserve in Saturdays bank statement, of which fourteen were national and eleven state A week ago there were the same number of banks below the required reserve; two weeks ago there were nineteen below.
 It has been easier to sell stocks lately than it was to buy them back yester- day. There were abundant stop orders 2 and points above the market which the bulls tried to reach just as persist ently as the bears worked to get stocks down to certain levels last week.
 In London yesterday copper rose 1Oc. in the market and closed at 97S los. Six hundred tons were sold. Tin ad- vanced 3Os., closing at 6166. Three hun- dred tons were sold.
 The Morgan and Hartman issues were the subjects of good support in London, and a large portion of the 40,- 900 shares purchased on balance was in these stocks.
 l More gross increases of earnings were lreported yesterday as follows: Cana dian Pacific, $3O2,0OO Missouri Pacific, SEA, ,0OO; Denver and Rio Grande, $105,- GOO; Central of Georgia, $59, ,700 Texas Pacific, $5O,OO0; Wabash, $SS,OOO; Mis- souri, Kansas and Texas, $77,74S; Soo line, $67,OO0, and Louisville and Nash vile, $215,O0O.
 l Stockholders of the Boston and New
 York Air line have received letters from
 the treasurer of the New Haven road
 requesting them to offer the preferred and common stock to that company. The latter now owns more than one | half of the preferred stock. When
 more than three-quarters are secured the latter will be bought in on an ap- | praisal and Air line stockholders thus
 outstanding will receive check for
 stock at price of appraisal The stock
 is now quoted nominally 110 bid for the
 preferred. The common stock has had a merely nominal quotation.