The daily morning journal and courier., 1906-11-22
STOCK MARKET FEATURES
HIGH CALL MONEY DOESN'T CUT
 MUCH ICE.

Market Goes Up in Spite of It-couIers
 Hartman and Hill Issues Were Fen
 lures, Also Rock IsIand-Bank O
 France Helped London-The Day,
 Gossip.
 Yesterday, despite the high rates fol
 call money, the market advanced.
 The better sentiment dated from the news that the Bank of France had re- leased $2,730,O0O to the Bank of Eng land. The importance of this was that the latter institution had been called upon for $3,50O,000 for Brazilian &C., count. This would have seriously af- fected its reserves had there been no ossset.
 The rise in money rates has been az gravated by the expansion of stock ex- change business in the past ten days That 1t is also due to one of the fun damental errors of our currency sys- tenn.
 The shipment of $5oO,OOO by the sub- treasury to San Francisco, which was in connection with the annual move- ment of the fruit crop, started a dis cussion as to the amount of money that Is likely to be sent from here be- tween now and the end of the year. The shipments last year were about $6,0Oo,O0O
 Speculation expanded with the ad- vance, but the old leaders like Reading, Union Pacific Grea Northern and Northern Pacific, made the greatest gains. The new features were Dela- ware and Hudson, Colorado Fuel, the traction shares and some of the inde- pendent coal and iron issues. Rock Is- land crossed 32 with larger movement than usual in the preferred stock.
 The selling pressure was greatest against St. Paul.
 London sold about 15,00O shares on balance. The English market and the continent, for which it is the clearing house, have been taking profits this week.
 Trading was desultory during most of the day, within a narrower range, and with a smaller total of transactions than yesterday up to midday.
 Very good rallying power was shown | by the market, Just as soon as money | rates relaxed little stocks were bid | up.
 The curious strength of Standard oil, ! while the majority of stocks were weak, was characteristic of that issue. 1 It sold ex-dlvidend of $1O at $54S, or the equivalent of 55S, and insiders ap- peared willing to take all the offerings. i In other words, the proceedings against the company have been discounted.
 Missouri Pacific gained $1939 921 net in September and has a three months net increase of $4SS, ,O00. l It was plain that prominent interests were for some reason or other withhold ! ing efforts to stimulate public partic- patton in the market, Just why this was was not entirely clear, unless they saw that the money market would not stand any considerable expansion.
 Such issues as Corn Products, Hide and Leather and Colorado Fuel were more active, with signs of returning speculation in them.
 NNSsAAA5 WQS Dlo up Slldlply dEUuUu , midday by a broker who is generally identified with the short side. Presum- ably the rise represented short cover ing. The pool in Rock Island had a A. point profit yesterday from about weeks manipulation.
 No such money was loaned by out of-town banks in this market yester- day as the rates asked by the lenders r were too high to insure quick employ nent of the sums offered l The movement in Colorado Fuel had { 10 particular basis It has been dead stock for long while, The pool ex- 1ects that there is enough rallying bower in the stock to put it to 50 with ldroit manipulation.