The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-12-29

Very LOw-st Paul Rights--Better
Bank Statement Expected -- Nipis-
sings Downward NIarch---The Days
Gossip.
Call money rose to IS per cent. yes.
terday and dropped to s.
The market was dull as ditchwater
all day, owing to the near approach Of
the new year and the absence of many
dealers.
The death Of Mr.. Cassatt had no eff
feet on prices. Pennsylvania ran off
slightly, but then held firm and rallied.
The low ruling Of exchange with
London appeared to reflect an under
standing that Wall street might Dor
row from London to tide over January
l, provided it did not ask for gold.
The elements Of uncertainty are, first,
whether the Bank of England can keep
up London private discount quotations,
and next whether Wall street will wit
ness anything like ease in money.
The rather sharp advance in can
money in Wall street to IS per cent.
created but little excitement. This was
due largely to the calling of loans by
some institutions that had to finance
the $10,000,000 payment for the new St.
Paul stock The banks renewed loans
on an II per cent. basis, and while
there were some new loans made by
out-of-town institution here, the volume
Of such transactions were not specially
heavy.
Northern Pacific and st. Paul were
distinctly weak most of the day, and
there were other declines of a point or
more; but Atchison and a few other
stocks initiated Reading, thought at a
respectful difference.
The general trend Of stocks was up
ward. They opened with hesitation
and then rose sharply with Reading, all
of the stocks that have been declining
showing signs of continued covering of
shorts.
General impression regarding to-day's
bank statement seemed to be that it
will show no impairment of the posi-
ton.
The cash gain Of the New York banks
this week is about S3000,000. This,
with liquidation Monday and Wednes-
day and declining average Of loans at
the end Of last week, ought to enlarge
the reserves.
The loss of Mr.. Cassatt to the Penn
sylvania will be serious matter, for
his genius was responsible for the re-
markable plans, now under way, which
will revolutionize traffic in New York
city. The Pennsylvania is such a we'll
knit corporation, however, that the
work in progress will be carried out.
Much of the out-of-town money that
was placed in New York to lend at rs
Ger cent. or better did not bring more
than II per cent yesterday The IS
per cent, rate only applied to rela-
lively small portion of the money
loaned.
After the first hour the covering by
shorts stopped. 1t looked then as
though the bear element had taken UP
all the stock they intended to-
The eagerness of trust companies to
secure new business, which was reflect
ed in the bids of 8 and 31-2 per cent.
for active accounts yesterday, was
commented upon in Wall street as
showing how easily the companies had
adjusted themselves to the new cash
reserve law.
The Cassatt holdings Of Pennsylvania
are not likely to come on the market,
1t is suggested that part of them have
already been transferred to H. c.
Prick.
Nearly every one is looking for a bet
ter market early in the year. The only
difference of opinion seems to be the
date at which Improvement will begin.
Some look to see a rise after next week;
others after January Is, and still others
along toward the end of the month.
There are those who believe that the
market will go down when the money
strain is past
Continued liquidation in st. Paul
rights" with a neY low record for
them, was one of the features Of the
day. A great many small lots came
out, but there were also some large
ones, probably representing a desire on
%he part of speculative interests and
pthers to avoid the necessity of arrang-
Ing for payments for the new stock, the
hrst one Of which is due next Monday.
The selling of St. Paul stock was nat
lrally coincident with the liquidation
n the rights.
A private settlement with the shorts
In American Ice, amounting to 1900
shares, was followed by a fractional
decline. 1t is said that the manipula-
ton of the stock is frowned on in Wall
street.
The early rise in Reading was prob
ably nothing more than one of the
periodic drives" at the shorts, which
Is seen every now and then in this is
sue.
The board room persisted again yes
terday in its theory that James R.
Keene is the leading bull at present,
and that he covered his shorts near
bottom figures on Tuesday and We'd
nesday and has started on an aggres-
sive up tack.
Nipissing sold down to II "a on the
Surb in the afternoon. This was new
low price since the rise to 81. Specu-
Rators appeared to be liquidating. or
attempting to liquidate, in all mining
stocks. Buyers were scarce.
Arbitrage houses sold about 10000
shares on balance. There were rumors
that a large American account was be-
Ing liquidated. This hurt sentiment.
The Boston market was broad and