The daily morning journal and courier., 1906-11-15
STOCK MARKET FEATURES
STRIKING BuoRANCY OF TA-
 RI0US ISsU UES,
St. Paul Again the Leader-sensntiOna RepOrts--3ig Movement in Standard Oil Issues--CaII Money Easier.


 RepOrts--Big Movement in Standard
 Oil Issues--CaII Money Easier. Yestedays stock market was again a surprise to the onloolSers in Wall street. Instead of being bothered by the talk about tight money stocks rose as if , nothing was the matter with the money market-in fact, as if ignoring it alto Sether.
 The general advance was maaderate, but in few issues, with St: Paul leading, the changes were rather radi- cal. The 12-polnt rise in this stock since since Monday means something more than response to easier money con ditions. A big short interest does not wholly explain it.
 | However, the reports of a new issue of stock and of alliance with other Northwestern roads are officially de- nied.
 1 Conditions have been temporarily im- proved by the steady fall in rates for call money here and gradual better ment in monetary conditions abroad, but the money question will become a big factor soon again ii reckless speeu- lation is undertaken.
 It was market bid up on bose talk of deals, rights" melons" Anaconda's 7-point advance was at | ri tnI tal1 sx, yrz.t |, street from Butte, Mont, that the An aconda has struck the largest body of copper glance evec discovered in the district, on the 2,4OO foot level of the High Ore shaft No. ?"
 Brokers who have good sized buying orders found that stocks were in very limited supply
 Much of the short interest in St, Paul was said to be by arbitrage firms who had to borrow against sales of the rights. Nothing more came to light bearing on this stock,
 With the story of rights disposed of of St. Paul hesitated at fnst but then rose to a level nearly points over Tuesdays lowest.
 Brokers continued to offer out-of- town money to local borrowers, Much of the money was offered around per cent. on call.
 Judging from the action of the mark ct the short interest was larger than anticipated
 The rise was fairly well maintained up to early in the afternoon, though at that time many stocks yielded some what under heavy proft-taking sales
 Southern Pacific had some stimulus from the September report, which was favorably analysed over night, and from rumors, still persisting, of St. Paul influence in tho property
 Among those who have steadfastly maintained that higher prices were likely in the future the idea is crystal izlng that stocks will move up consid- erably before the holidays.
 For the first time since September 15 New York exchange at Chicago yester- day sold at premium.
 Next to the easier money conditions the real basis for the advance is the prospect of large cash and stock con- tribution by the Hill lines and sugges- tions that the St. Paul and Northern Pacific may come together
 That the St. Paul will sell stock to pay for at least a part of the 1,5OO-nlile Pacific coas textension to cost between $6O 100000 and $75,oOO,OOO, has been a matter of common knowledge in rail- way and financial circles for weeks. It ila not believed, however, that anything will be done until the strain now on the money market has been relieved, Since the new shares were authorized at the annual meeting in September, brokers have reported good buying in that stock,