The daily morning journal and courier., 1907-01-15
STOCK MARKET FEATURES
REPORTS AS TO NEW CAPITAL
 ISSUES BREAK PRICES.

and AbrOad-Excited Copper Market fin BOstOn-AlIis Chalmers Weakness Drop in Northwest--AtchIson's Dividend TaIk-The Days Gossip. The stock market was advancing merrily yesterday with money easier, when news came of more issues of stocks and bonds by the Northwest road and the c, & o. This dampened the ardor of the bulls, and gave new ammunition to the bears,
 So the large increase in reserves in the banks and the drop in carrying charges in London was to some extent nullifed,
 The big trading was by the active floor brokers and houses that have large speculative accounts.
 Allis Chalmers issues were weak on heavy selling Both the common and the preferred were sold throughout the day. There was no news to account for this movement.
 The feature of the dealings in Steel was the 15-000 share purchase of the common by Halstead & Hodges. It touched 50 for the fourth time in a fortnight. At that level there is all ways scattering selling.
 A foreign banker yesterday made this comment: Things have reached a stage now where every little road wants money, and in most cases large sums The line must be small indeed that cannot put out $25,OOO,0O0 or $30,- 000,00O in new stocks and bonds, and l cannot see where the movement is go- ing to end. suppose these issues will be absorbed in time but until they are the syndicate bankers will have to play waiting game. They cannot do anything else
 Very confident expectations of per cent. Atchison rate are held out, On these premises it is thought that the stock should sell at 120.
 Chicago and Northwestern broke 4 points to 179 on the rumored issue of s25 1000 ,OOO now stock. Not much stock came out and there seemed little eagerness to buy it.
 Southern Pacific is being pulled on the chance that the dividend rate may be raised to per cent. next month.
 The whole list became very active or, the decline. With St. Paul selling at 154, Great Northern pf. at 1S1 1-2 New York Central and 131, Northern Pacific at 15S, Pennsylvania at 155 5-S Union Pacific at 179 t-2, and Steel common at 49, the market became heavy in all branches.
 Commission houses say that they cannot get their clients into stocks be cause every time prices get strong fo1 day or two there is some unexpected change that means losses.
 A break around midday started UT general selling by the trading cliqueS and prices went under Saturdays clos ing. At the end of the session lowest prices were made.
 The sentiment regarding money rates was that conditions had permanently bettered, and that reserves are likely to rise steadily from now on. The situation would be improved if the margin between loans and deposits could be made to favor the latter item Just now loans are about S,OOO,OO over deposits
 On Wall street the call money ratt did not go above per cent, and loan, ed on the stock exchange at lowel figure, even in the early hours. Lon don reported it's own money situation easier, but the private discount ratt did not relax from Saturdays pc cent.
 The rate which London is chargin. to finance American stocks is now to per cent over that demanded here Consequently it would be natural fo borrowers to bring their securitie home This was in all probability tn actual cause for yesterdays sahrp ris in exchange on London; sight sterling reached 4.S5 9-S, as against ASA 7-S ol Saturday and ASA 5-S last Wednesday
 The factor that turned prices dowl ward in the afternoon was the rumo of a $95000,0OO issue of Chicago ant Northwestern stock. This brok northwestern 1-2 points, and wa mainly damaging to the high priceo shares. There were unconfirmed re ports of S0,O0O,00O Chesapeake ant Oh!o issue,
 On the curb and in Boston there wa an excited market for coppers. Heav, advances occurred in the Heinze prop critics, and in some of the Lake Super for and Utah shares.
 Regarding the plan of Chesapeak and Ohio for raising new capital it wa asserted yesterday afternoon that tn management has apparently no agreed upon the details. But it wa rumored that the company desires | raise at least $1O,OoO,oOO, some of whic will be required for terminal improve ments, including those at Richmond to cost about quarter of the amour named. It was thought that the neV issue, if made, would be bonds.
 The steady rise of copper metal t 25c is the underlying cause, but rumo of another big combination with tn Standard Oil interest," in control play an equally important part now in lift ing prices.
 
 DDTNTz