The daily morning journal and courier., 1906-01-03
STOCK MARKET FEATURES
BULLISH TALK BUT PROFII
 TAKING APPARENT.


 High Prices at the Opening--COntinued High Call Money Prices Dampen Ardor--Big Interest Charges in the Monthly Statements-AnacOnda Rose to Nearly 3OO-AtchisOn Got a Good
 Start Upward-GeneraI Gossip.
 The continuance of high call money rates had dampening effect on bullish ardor yesterday.
 The bulls started in and made higher prices at the start, but after that prices shaded off under heavy profit-taking.
 Call money ruled from 30 to 60 per cent. throughout the day. In the free silver-tal days the running up of call money to these prices would have been the signal for panic.
 One thing that meant business was the big interest charges on the month ly accounts of stock exchange clients. This was an object lesson. In ordinary times 6 per cent. is charged. Most of the army of customers yesterday aWoke to find that the rate charged was from 10 to F per cent, and some charges ran as high as 15 per cent A few brokers stuck to the old rule of per cent.
 The announcement that Secretary Shaw has anticipated the February in terest on United States government bonds had little effect upon the market. The sum to be paid out in New York in this way will aggregate about $2,0OO,OOO and the full disbursement will not eX- ceed $4,OOOO 900. Some relief is expected when the dividend money has passed through the banks.
 The way in which brokers generally determined the rate of interest, to be charged their customers was to average what they paid from day to day throrlhout the month. Even by doing this many brokers paid more for money than they felt warranted in charging customers. Several of those who charg- ed 10 per cent said they were money out of pocket. One broker who charged only said tfat he lost practically all his commissions and he was tired of doing business at loss.
 The new year finds the domestic mar ket as badly strained, as IS expected, but in Europe money market affairs are slightly better.
 Railway officials in Chicago say that there has been absolutely no falling off in tonnage, and that there is enough business in sight to keep things hum- ming until next spring.
 Peoples Gas WAS benefited by su- preme court decision, which virtually upheld the gas combination, declaring that it is not violation of the anti trust laws. It is probable that there was considerable short interest in it., since the dividend was reduced from 6 to 5 per cent The pool in the stock found it easy to bid the price up.
 The profit taking yesterday was largely in stocks that have had big ad- Nances, like Amalgamated Copper, Union Pacific, St. Paul and Sugar.
 Out-of-town banks were again prom inent in the call loan market yesterday, releasing some fair amounts around S5 per cent. That rate was accepted in most instances without question. A few loans were made at 40 per cent. Some eagerness was manifested to get out as large an amount as possible be- fore the dividends disbursed yesterday were returned to this center,
 Owing to tight money an active trad ing account of 1,500 to 2,0O0 shares cost to carry in December from $9,000 to $5,- GOO. One account, including 1000 St. Paul at an average price of 1S2, absorb ed $32S in three days, and another of 800 Union Pacific at 1491a. $134. These off, sets to rise in stock values are what seriously influenced commission house business yesterday.
 Violent stock exchange pyrotechnics will be postponed, probably, until the money situation has cleared up.
 The strongest pressure from the spec ulative element centered on Amalga- mated Copper It touched its high price at the opening, and never rallied to it.
 The move in Reading seemed to have been prearranged, as was that ln Erie. Reading is one of the easiest issues on the list to put up.
 One story regarding the southern iron and steel merger is that Republic Steel preferred will be taken in at 19O with the 12 per cent back dividends paid.
 Anaconda was advanced sharply to 298, new high record. It sold last Thurs day morning at 2S9 so the extreme rise since then has been 59 points.
 Atchison got a move on at last yester- day and was advanced up to 90 without causing much profit-taking, and the best buying occurred after it had cross- ed 91.
 Many time loans are running out this week, and brokers are objecting to pay ing per cent. and commission for most periods, making the rate from to 8 per cent. in many cases. It is said that most brokers will refuse to renew their time loans, but will take their chances with call funds.
 
 BUFFALO'S NEW MAYOR.