Daily press. [volume] (Newport News, Va.) 1896-current, 1907-01-19
WOULD NOT ALLOW PRICES 70 RISE
Banks Still PiIing Up a Surplus But
it is Not Believed That IT VIII
Relieve the Depresslon-onIy One
Rally Yesterday-Total Sales and
Closing Quotations.
(By AssocIated Press.l


market today and the weakness
which has been spotty and inter
mittent heretofore became general
ana acute. This was n result rather
of crystalization of sentiment on
current topics OF discussion than
OF any important factor in the
situation Moreover 1t became very
evident that the large activities
were tracable to professional
party of operators on the bear side
or the market. This particularly
showed every evidence of tactful
organization and aggressive leader
ship. This bold method epurred
by the newly organized party is
shown by the wide spread procla-
nation made before the opening
or trading of the plans for the
day, including special pressure to
be directed against United States
Steel and Union Pacific. While
professional short sentiment was
clearly tracable in the days market.
The vulnerability of the values con-
firmed the views of the bears and
proved the existence of the condi-
tons on which they based their
attack
The estimates of the weeks move.
ment emphasized the growing ease
of the money situation with an in
dicated cash gain of S14,700,000 but
sentiment in the stock market is
formed to the belief that the ac-
emulation of money resources at
this time is not to be for the benefit
of the market speculation, but is
likely to be taken as fast as it
is able to cake care of enormous
issues of new capital. Yesterdays
reduction in the Bank of England
discount rate was followed today
by a hardening In the open market
discount rate In London. and n
movement of the international en-
changes in favor of London. This
rorrobates a superstition that the pur-
pose of the Bank of England author
tiles in reducing the discount rate
was to resume its control of the
open money market, which had es-
capped them owing to the discrepancy
in the private and official discount
rates. BY borrowing from the mark.
ct the Bank. of England may make
its five per cent rate effective there
and raise n barrier against the
extension OF credits to New York
borrowers.
Stocks enjoyed one good rally
in the afternoon when shorts took
profits and reduced their lines, but
another determined drive against
the market displaced heavy loss TO
stop orders and caused threaten
ening slump in st. Paul the Har.
rimans, the Hills. Reading and
Amalgamated Copper. The closing
was in consequence unsettled and
feverishly active. Bonds were ir-
regular Total sales par value
$2,477,0O0 U. S. Bonds were un-
changed on call. Total sales 1884,
200 shares; Copper 2O4 900; Sugar
300: Tobacco 200 Atchison $1,000;
A. C. l.. 900; st. Paul 101 400:
Erie 10000; Pennsylvania 44,s0O
Reading 237,70O; Southern Pacific
61S00; Southern 1920; Southern
preferred 1,4OO; Union Pacific, 1861
600; U. s. Steel 212,2O0; Virginia
Carolina Chemical 300
Adams Express ...... 300
Amalgamated Copper 1l2
American Car & Foundry ABA
American Car & Foundry pfd. 101 1.2
American Cotton Oil ........ 291.2
American Cotton Oil pfd IS
american EXPRESS ........,. 235
American Hide C Leather pfd 81 l.2
American Ice ... "a
American Linseed oil ..... 1G 81
American Linseed Oil pfd 49,. 30
American Locomotive .... II ~
American Locomotive Dfd III
American Smelling &C. Refng. 147 1-2
American Smelt. e Refng. pfd 1151
American Sugar Refining ... 131 "a
American Tobacco. pfd. certif O6 10
Anaconda Mining Co. ...... 275 10
Atchison .......... ....... 101 rs
Atchison nfd ... 10
Atlantic Coast Line ......... HIP
baltimore & Ohio .......... 100
Baltimore G. Ohio MD %
HrCOklyn Rnntd Transit 1870