The sun., 1906-01-03
EIA tNCIiL AND COMMERCIAL,
TUESDAY,. Jan.

White tho stock market to-day could by
M ncan. 10 called weak. or even reaction
ary. il W., nevertheless governed, II ny
anything by a declining rather than an
advancing tendency, and its course gener-
ally was so hesitant and irregular as to lead
to more o. less disappointment on the part
of those spectators who had hcen looking
forward confidently to n violent rse IN
prices immediately at the beEinning OF th"
new wear. Grounds for this expectation
zero that .hc period described would SOC
the clearing a. way of all tho money troubles
that have recently beset the market and the
chief adverse factor in the situation to-day
appeared to be that the money strain was
fully as much in evidence as it was in the
closing days of 1905. / was expected, Of
course, that call money rates would not
instantly fall to low figures from the very
high point touched by them last week:
but the opening bid Of 40 per cent. Tor
money to-day was somewhat disquiet-
ing, a. was also the fact that up to the
last hour of Stock Exchange business
- per cent. marked practically the low
point al which any money would be
obtained; ard when in this closing hour
money rose To Ru nc- cent. the waHerlnR
prices of stocks fell with some sharpness.
Even time money to-day for thirty and
sixty days ruled at per cent. and such
commission as made the rate paid virtually
3 or o per cent. fiat rate of per cent,
had to be paid for three months money.
and from 81 to @ per cent. for funds for
Use for five and six months This does not
look like any speedy letting upi the money
strngency and indeed, bankers and others
having access to trustworthy sources OF
information on the sub ject we're inclined
to speak with emphasis Of the probability
that the duration Of relatively high money
at this centre will last longer than was
commonly looked for at the close OF last
year The only reason assigned for this
state of affairs seems to be that the
activity Of trade and commerce in every
section of the country is such that money
is as tight comparatively. in the West and
South as it il here and that bankers in
these sections are unwilling to loosen their
grip on cash supplies as they usually do
at this time of the year Tho local banks
to-day were confronted with loss in their
transacto with the Sub-Treasury in
the week to date of 81, 100. .0Oo. owing to a
shipment of 50 900 900 to San Francisco
caused by payments arising out OF change
of control in various corporate properties
in that city 1t is also altogether probable
that there was some Christening of bullsh
enthusiasm to-day. brought about by the
inspection bv customers OF commission
houses of the statement OF accounts fur
nished to them for transactions covering &
the month of December. Very few Of
these customers found that they paid last
month less than per cent. for the Use Of
money. Many oi them were charged
between 10 and IL per cent, and there were
those who were forced to pay as high as
IA and 10 per cent. II is obvious that some
thing more than a trivial advance in stocks
is required to make speculation for the rise
under such circumstances a rayng biiSi-
ness and if it was conceivable that money
rates in The present month as a whole were 10
be even approximately as high a. they We're
last month the certainty would of course
present itself that prices Of stocks would
be lower at the close of the month than at
the beginning.
II il probable. however. that such de-
! clines as were made in the market to-day
occurred through the operation Of mere
! ordinary profit taking rather than from
any serious change of views in Wall Street
regarding the money position, and con-
| sderng the large amount of liquidation
tina, occurred it must be admitted that
the undertone of the market was extremely
strong. The highest prices were almost
invariably made at the opening, eycep-
tional strength and activity being noted
! in United States Steel Reading and Anal
gamated Copper shares; and throughout
the dayI there was a vigorous buying of
the Atchison. Reading and Southern
Railway stocks that caused all their prices
to close at decided net gains. But the
| pressure to sell Union Pacific stock which
was so noticeable on Saturday again
stood out prominently; and besides Union
Pacific, the Amalgamated Copper, Amer
ican Sugar Refining, Chicago, Milwaukee
and ST paul, Metropolitan Street Railway
! New York Central, United States Steel
and most Of the leading railway and
industrial shares closed at losses. Foreign
buying and selling was not much Of a
feature in the days market, but news of
| an encouraging character was received
! regarding the money situation abroad
Advces from London were especially to
! the effect that money that had been tied uT
] there was beng rapidly unlOauei ana
| that a perceptible decline in money rates
! seemed at hand. If this event occurs and
! leads as it naturally should to purchases
! of stocks here for London account, it wouo
! present market force that will have tc
! lie duly reckoned with on the other hanC
one of he causes for the failure of money
rates to decline here to-day was the de-
! livery of over $40, O,OOO,0oO worth OF stocks
recently sold for foreign account which
arrived here during the New Year holidays
and to-day had to be taken up and paid
/ for. The outbreaks Of labor troubles il!
/ certain directions in this city, the degree OF
confusion attending the payment of bond in
terest of some of the companies mixed upir
/ tn" Cincinnati, Hamilton and Dayton diff
Guilty, rlmors hat the control Of the Kansas
, City Southern Railway was passing to other
! larger companies, and that the Chicago
Milwaukee and 81. Paul Railway Company
| was about 10 issue a large quantity of stocl
to It's shareholders at par, were regarded
| properly as matter Of only minor specu.
lative interest Various routine reports oi
railway earnings as they were received
made the usual good showing.
New i0rn S;Och ENchnngr Sales Jan. 2