The daily morning journal and courier., 1907-01-11
STOCK MARKET FEATURES
UPHILL WORK. TO RENEW
 SPECULATIVE INTEREST,

oA NN C LA ~ A@h -AsASNO-t But Money Conditions Are Better Both Here and Abroad--M. o. r. Takes a Sudden DrOp--Pennsy to Ask Author ity to Issue Additional Big Issue of Stock and Bonds-Gossip of the Day. The stock market seems to be in a rut, and unable at present to get out of it.
 Business was dull much of the time yesterday, but there was good buying of some of the highly speculative shares, including Reading and St. Paul.
 There will be quite a little interest to-day over the announcement made last evening that the Pennsylvania R. R. Co. will ask it's stockholders for the necessary authority to issue from time to time $1OO, O,OOO,OOO more stock and $100,- 000,O00 more bonds. The announcement appears in our telegraph columns.
 As a whole the market is very slow in responding to the better money con ditions here and abroad. The decision of Secretary Shaw to allow banks fur ther time before repaying the treasury part of the funds that were to be re- turned this month eased rates here. Renewals were down to 6 per cent, and all the maturities were practically at that figure.
 Abroad the rise in the Bank of Eng land reserve ratio to nearly per cent, compared with 3S 1-2 week ago, in- dioated a strong recovery, but the sub OOOO00 gold had been taken for Brazil removed all prospect for change in the discount rate. At the end of the month the discount will probably be re- duced to per cent.
 Call loans were quoted: High 6, low 2 12, closing at 1-2, with most loans made at 1-2 per cent.
 First Reading and St. Paul were used as leaders" then Northwestern, New York Central, Pennsylvania and Cop per, Union Pacific and various indus trials later took their turns. But in spite of all this, the market was heavy early In the afternoon.
 There was no particular news which could be assigned for the change in the market, but mixed up with the actual liquidation was selling by well-known | bear operators.
 It is claimed that pool has been formed by the Moores to put Biscuit to par.
 Boston houses say that 1t is New York buying that is largely responsible for the broad copper market in their l home town. Very much money has been made in the Butte and Lake Su- l perior properties.
 Attendance in the various brokers of fees was very god yesterday, but few i persons did much in stocks. The crowds were made up of spectators agreed that the large number of ac- tions against companies and mergers was chiefly responsible for the aversion to doing anything in stocks.
 The purchase of 10000 St. Paul by Flower & Co, was made gread deal of in the way of showing that the 1 Standard oil people were again bull ish on their specialties. Around 150 the stock was thought to be cheap, and there was aecumulation at that level.
 Sales of Reading contributed nearly 30 per cent. of the entire days dealings St. Paul, Union Pacific, and Amalgam ated Copper represented about ten pel cent. each.
 A bear drive at M. 0. P. drove i down to SS 1-2. It rallied soon, how. ever. Bears thought the prospect ot a Missouri state investigation of thu Gould system ought to be reflected ii the market. A decrease of $107, ,672 il Wabash net earnings for Decembel was another bearish point,
 It was evident that support was ex tended to the Gould stocks yesterday.
 The activity in Ontario Mining on tn, stock exchange, and the application 0 the Granby people to lst their shares points to more recognition of the eX changeof mining securities. There | have been reports that some of the bet ter class would be listed.
 The sonnewaht interesting point wal made that, except fer 1890, the Banl of England rate has never stood at per cent. in this week of January sine the Overend-Gurney panic year, 1866
 The trend toward the industrials wa even stronger yesterday. It was ex pressed in the revival of such shares Pressed Steel, Cast Iron Pipe, Corr Products, Railway Steel Springs, Ca Foundry and higher prices in Biscui and Peoples Gas.
 It is at least a question of much in terest, whether the fall in exchang means resumption of foreign borrow ings by our millionaire operators whether Europe is resuming its pla, of erecting barriers, and if so, what to be the outcome.