The daily morning journal and courier., 1906-01-09

Take Up One Group After Another
 Money Easier--PrOht Taking Appar-
 ent--Gossip.
 Stocks were strong again yesterday with the bulls in full control
 First one group of stocks and then another were forced up.
 There was good SD ,ation buying, and there was also good profit taking.
 London, however, sold 5O,oOO shares, and there was uneasiness abroad over the coming Moroccan conference.
 Great Northern and Northern Pacific stock showed good deal of bouyancy yesterday, though it was not apparent that there was any reason for this eX- cept, perhaps, a desire to use them in order to liquidate Union Pacific. At 294, allowing for the rights, Great Northern preferred was close to the highest on record.
 Not much anxiety was exhibited over the money problem.
 Call money was down to the lowest of the month, and nearly all the early loans were made at 6 per cent
 The rather violent rise in exchange was in response to the easier money conditions.
 Merger reports were thick and per sisteny, with talk of increased dividends here and there also. Now the talk is, for instance, that Atchison is to go. on a 5 per cent. basis, and fresh talk that U P will pay 6 instead of 75, and very likely at the rate of '. Heavy buying of Atchison ran the price up to 95 S-S, it's highest price yet, except that in 1902 | it rose to 96 5-S But from the current earnings an increase of the dividend rate is hardly expected.
 A rather sharp rise in foreign ex- change to-day attracted some atten- tion. This was directly the result of a drop In money rates here. An opinion prevails in banking circles that, even ] if money rates continue easy, we are not likely to lose gold to Europe at this 1 time But there was talk of gold going to Paris Thursday.
 There was also talk that the bitu- minous coal stocks were to be boom l ed.
 The talked of movement in Central | Leather common stock was somewhat { fulfilled yesterday with about 4O,OOC shares dealt in, and the stock up 2 points. It's range in the past six months, since it was listed, has been between 40 and 1T. Yesterday 1t rose to a new record. A pool embracing stock exchange houses with National City bank and ArmourLvalentin affiliations has been formed and is said to control a large body of stock.
 | In the late trading stocks were irreg- ular at first, with advances in one quarter and recessions elsewhere, then with a sharp general decline.
 The largest volume of trading was in the industrial list, Such stocks as ] United States Steel common and Amer ican Sugar making new high records for this year.
 The Bank of Commerce loaned $3,' 100000 at and 1-2 per cent, and there was $1,OO00OO uptown bank money at 4 1-2 per cent. Just before the clos ing money roseto s per cent.
 Steel common sold at 45. There wal b tier buying yesterday in the prefer rel to a new high record. The De. eember quarter net earnings are said tc be the largest on record.
 The movements in Amalgamated Cop per mystifed traders greatly. They were during most of the day within { range of single point with 109 l." ! about theaverage price, The prict crossed this figure up and down repeat edly. Some said 1t represented effort to distribute long stock of the pool Others declared that the pool was ac cumulating 1t. So there you are.
 The opening in Tennessee Coal wa characteristic It sold from 147 to IA on 700 shares, a gain of 9 1-2 points from Saturday. Stop orders were re sponsible. Then it reacted to 14S. was announced that the company hat l sold it's entire output for the first sil months of the year.
 } Those who had been contending tha DnlCeQ OldleS OGeel pIoASlASu Weo ICld lively too low compared with man. other industrial stocks-particularl ] compared with Steel common, felt sense of justification yesterday morn l ing when Steel preferred moved u quite vigorously above 1O7 to ne1 1 high record figure. Some of the trader began to sell the common, arguing tha Z the preferred would be put up for tn , purpose of taking profits in the com I mon. But the common also held yer , strong for a time, reaching 4S-th . highest in several years-around mid 3 day. There is reason to believe tha t much of the buying of Steel preferre, was for investment.