The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1906-01-10
wEEkLY FlNANcIAL REMEw.

New York, jan 1O.-The continuance
OF high rates for cali money exercised
predominating influence on prices dur
ing the past week. It was generally ex-
pected that rates would be lower after
the new year hut such was not the case.
although as the week progressed. signs
were IN evidence OF relaxation OF the
interest rttes caused a considerable
volume Of liquidation on Tuesday. when
call money showed but little change
money strlngcncy. Last months heavy
money rates showed but little change
from the high rates at the end OF tho
year This, however. was but natural
as II takes several Days. at least, for the
heavy Interest and dividend payments OF
January l to find their way baois to the
banks
Under the influence Of tho money mar
ket security prices remained irregular
and very nervous throughout the entire
week. Anaconda showed at one time a
net decline Of sixty eight points from
the high prices OF the preceding week.
and Amalagamated decline OF seven
and a halfDoints. Public speculation IN
these STOCKS seems to have been more
extensive than elsewhere in the list. and
stop ordrs were freely encountered by
tho decline The shake out has how
ever, improved the technical position Of
the coppers. steels. on the other hand,
were well supported, and selling of steel
common from London was well taken.
American Locomotive was in good de-
nland at n sharp advance in price on
he strength OF rumors OF an early div
idend.
Among the railroads. Union Pacidc,
Reading, and New York Central, were
well bought on recessions. and have
every appearance Of going h.sher in
time. Atchison was bought by London.
and after a long period 81 inaction seems
at last TO hav ebeen taken In hand by
the bull leaders. The Pennsylvania
group was inclined TO show duliness. al
though these stocks are cheap at 60
ing prices, compared with many OF tho
standard shares.
On Thursday the market developed a
haevy selling movement by reason OF
a strong speech by one OF the leading
bankers, calling attention TO the abso-
lutte need for elasticity in the currency.
Analysed. the speech was not a calamity
oration but a clearly defined and strongly
worded statement OF conditions requir-
ing amelioration. It's effect in the mar
ACNNsHt0H1f
lowed on Friday by a pronounced rally
when the import Of the speech was bet
ter understood
The business situation is all that can
be desired. The continuance OF favor
able weather IS enabling the railroads
TO move a very large tonnage expedi-
tiously. relieving the congesf ion OF
freight and helping general business
largely. Il viii probably mean very IA
yorable tsllroad gross earnings for De-
cember and heavy increases In net earn
ings for the month, since the operating
expenses viii undoubtedly show large
decreases.
The market Is stil in strong hands. but
It's immediate course viii depend on tile
money marSef II former years are any
indications money rates should show a
gradual easing up from now on We
look for higher prices this spring and
for an active public participation in
price movements. Insiders may distrib-
ute stock when money becomes easier.
In market Of this kind there are apt
to be severe recesslons, but on such
brsass stocks are q purchase. as pricex
FOR the most part ayo stIll On a sound
basis OF values. Your very truly
J. S. BACHE 4 co.