The daily morning journal and courier., 1906-02-14
STOCK MARKET FEATURES
BACKING AND FILLING AND
 NERVOUS CHANGES.

Attacked at High Levels and Well
 Supported on DecIines-Bank Re-
 serves Lowest in Twenty Years--New
 High Record for Coppers--No orthern
 Pacihc's Rise-The Big New Bond
 Issues.
 The stock market was kaleidoscope yesterday in its variability. It backed and filled, was strong, then weak and closed strong.
 The market was we'll supported on the decline.
 The list was supported by the re- markable advances that occurred in Anaconda and Amalgamated Copper in the Hill stocks, where Northern Pa cific made a new high record, and in new movement which developed in the Vanderbilt shares.
 United States Steel shares were heavy, and so were the stocks of the railroad companies that are about to make new capital increases.
 About $5,OOO,OOO of the two Copper stocks were absorbed in the opening sales yesterday. The opening feature was the rise in Anaconda to 300 on 10000 shares, and in Amalgamated Copper to 11S on 12,0OO* shares
 Late in the day it was reported that Amalgamated Copper and Heinze in terests were in session yesterday, with view to closing up the details of the alleged deal. This did not induce any buying of the affected stocks, but rath- CT was signal for selling.
 Many conservative commission houses advised their customers tO take profits on the strong opening of yes- terday. Higher money is expected to ''cut some ice" in the immediate sit- uation.
 There was a drop in Paris exchange on London, but nothing in the exchange situation here suggests gold exports
 The real basis for the "Wide-open- ing sales in the copper stocks was the
  papers declaring that the long expect ed deal was complete, and relating that it involved the formation of $6O0,00O, GOO holding company to take over Am algamated, Anaconda, United and oth- CT. companies at fancy prices. The price for Amalgamated, it was alleged, is $150 a share, for United $1OO, and for Anaconda upwards of $500, as the stock is quoted on the exchange-tha is, four shares.
 In connection with the continued rise in Northern Pacific, which was one of the most active railroad stocks on the list, it was again reported that the Ideal" which is to make the stock worth what 1t is selling for, is the scheme to retire the joint 4 per cent. Burlington bonds which were issued by the Great Northern and Northern Pa cifio companies. The effect. of this would be to make more feasible the distribution of Burlington profits over and above the amount necessary to pay the interest on the bonds.
 The big banking houses who have as- sumed the responsibility of issuing $40, 100000 of new bonds, are probably confident of winning out or they would not take such big chances. They evil dently see that conditions ahead are favorable.
 Some Wall street authorities thought they discerned shrewd manipulation of Amalgamated and Anaconda in order to take big profits.
 METROPOLITAN SECURITIES WIN. Albany, Feb. 1S.-The court of appeals to-day sustained the judgment of the courts below in the case of Isidor Wormser, jr, vs. the Metropolitan Street Railway company.
 This decision upholds the scheme of control of the Metropolitan and Inter- urban Street Railway companies by the Metropolitan Securities company,
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