The daily morning journal and courier., 1906-12-27

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 Only 600,OO0 shares were traded in ! yesterday, and there was still the spectre of tight money over the mar ket.
 There was however, distinct weak ness in the Hill shares, which lost over points each on the filing of injunction proceedings at Minneapolis to prevent the $60,000,000 issue of stock St. Paul sold at the lowest level since the rights came off, Reading rallied points from the opening price and there was a gain of nearly points in American Ice on a squeeze of the shorts, who sold it down to 75 on Saturday, The closing was heavy.
 Later events, it was claimed, showed that the bear element was simply rest ing. The decline in Great Northern and Northern Pacific means something beyond speculative activity It is pret- ty well established that the Hill follow ing here, in Canada, in England, Scot land and on the continent is loyal and has not disposed of its securities. The next big holdings rest with the Union Pacific interests. Proof accumulates that these are constantly being mar keted.
 It was evident that some one with exceptionally large quantities of North ern Pacific and Great Northern shares in his possession had kept off from the market in the early hours thus encour- aging purchases for both accounts, and then on the higher level of prices thereby created, had thrown the Hill stocks" on the market as fast as they could be disposed of.
 In view of the weak state of Mon- days closing and no good news over the holiday, lower level was looked for at the opening. Possibly the fact that London was closed removed pres sure that had been expected from that source. The position of the market was such as to encourage some short covering.
 Railways which secretly bought one anothers stock in "hoom times" with money borrowed on bonds, are bound, in the nature of things, to be some day discovered secretly selling these same stocks and pocketing the profits. Where does the outsider come III!
 Anaconda is about the only stock that has not reacted on the news of a higher dividend. The advance to 2S per cent. 2 rate Monday made it sell higher yes terday and carried Amalgamated Cop per along with it. From now on into next month the bull argument on the latter will be an extra payment above Voa,. oaDt rt1ortorlU ta
 Nipissing was under pressure again on the Broad street curb again selling, around midday at the lowest prince since it's rise to 34. A great deal of stock appeared to be for sale at F and for some little time Il 7-8 was the best bid. Brokers on the curb said that it looked as if insiders" were trying to liquidate. Apparently the recent report of the company was not regarded as altogether reassuring.
 The presence in New York of Secre- tary Shaw and rumors that bankers conference was on brought up the we'll worn stories about treasury relief. Call money rose gradually from around noon to settlement time, when it touched per cent.
 Sales of all of the high-priced stocks named were large, and many of them seemed to emanate from the largest holders.
 The smallness of the buying power" in the stock market was we'll illustrat- ed yesterday afternoon by the ease with which everything sold off
 Swift & Co., stock sold at 109 IA in Chicago yesterday, and Diamond Match at 121 3-4
 Loaning rates developed the fact that there was a considerable short interest outstanding in many active issues. The rate was stiffest in American Ice, where, it was reported, IA to 1 per cent. was bid at one time for the use of the stock
 New Haven Iron and Steel stock sold at 3-4 and in Boston yesterday. EDWARD KEANE HURT.