The daily morning journal and courier., 1906-12-18
STOCK MARKET FEATURES
ST. PAUL TO ISSUE $66, GOO, 900 NEW PREFERRED AAD S33.-
 OOO,OOO NEV COMMON

There Was Quite Set Back in Prices,
 Due to High Rates for Call Money
 Easy Money is Dubious-st. Paurs
 Strength Explained.
 Wall street was disappointed yester- day, or professed to be, over the lack of response in the money market to the treasury relief measures and the sturdy strength of St. Paul stock, which ob stinately refused to go down, giving rise to a fear of a coming corner in the stock
 An hour after the stock market clos ed yesterday the announcement came from New York by Associated Press concerning St. Paul, as follows:
 The directors of the Chicago, Mill waukee and St, Paul Railway company to-day voted to increase the company's preferred stock by $66,327, 100 and its common stock by $33, ,183,740. This is an increase of about 50 per cent. of pre- ferred stock and 25 per cent. of com mon. Of the new capital about $75,- O00,000 will be expended in extending the St. Pauls line from Glenham South Dakota, to the Pacific coast and in building about 500 miles of branches. About $25000,000 will be expended in new equipment and for other purposes. The new stock will be offered at par and may be paid for in installments extending to March 3, 1909
 The return of money to New York banks from the sub-treasury will prob ably help next Saturdays bank state ment, but wise men say that money is going to be tight we'll into next year.
 The full force of the disbursements by the sub-treasury to the banks will not be felt for day or so, when the relief afforded by the governments s purchases of the 4 per cent. bonds may add materially to the volume of money in circulation.
 Renewals on call money were made yesterday at 10 to 12 per cent, with IS Der cent as the high rate.
 The scarcity of time money continues.
 Perhaps the most interesting develop ment of the day was the evidence of a severe money stringency in Germany. It seemed to be generally thought that the Imperial bank will to-day raise it's rate above the present per cent.
 One reason for the decline yesterday was the heavy offerings of stocks bought last week to stay liquidation.
 During most of the day the decline proceeded in leisurely fashion, it was not until the closing half hour that anything approaching demoralization in prices occurred.
 After last weeks talk of competitive buying in St. Paul the change in the 1oaning rate from 12 per cent. to par, and calling in of stock by houses said to be operating for the Rogers Rocke- feller control, made considerable dis turbance. It at once suggested the pos sibility of a corner.
 The rapid bidding up of St. Paul dur ing the morning was more of a check to the market than any other factor The mystery surrounding the unusual strength of this stock is explained at last by the announcement as above given.
 The size of the blocks in St. Paul, some of them being 5000 and 4,000 shares each, again attracted attention. The "churning' of the market, with large lots, suggested manipulation such as was witnessed in Reading many times this year
 Brokers do not encourage purchases, on the ground of high carrying charges for the month.
 Tn Chicago yesterday there was an active demand for Biscuit common and the common stock advanced 2b cents, but the preferred broke & The list in general was weak, with Subway ? points lower.
 A London dispatch last evening says: Contrary to expectation, the United States did not compete for today's of ferings of gold in the market. The Bank of England secured $2,5O0,000 and the rest went to India,