Los Angeles herald., 1907-01-04
SLIGHT ACTION
IN SECURITIES
SPECULAToRS IN NO HURRY TO
TRADE IN STOCKS
Hartman Interests Under Pressure,
Amaleamated Copper Principal El-
ement of Strength - Money
Market in Better Condition
BY Associated press.

NEW YORK, Jan. S.--The stock mar
ket of today failed to reflect any pro-
nounced views on the speculative out
look, The operations were largely IN
the hands of professional traders anu
the movement of prices indicated tina
they shifted their position from time to
time from one side to another OF the
market in the effort to scalp a profit
There was evidence of supply OF a
number of prominent stocks and IN
others there was enough time TO FORM
a resistance when depression was pre-
vailing elsewhere, but there was in the
first case little pressure to dispose OF
holdings and on the other hand the de-
mand was so languid rs to cause only a
sluggish movement of prices
The Hartman stocks We're stun unuer
some special pressure and this was
naturally attributed to the coming in
vestigation of the relations between
these properties by the interstate com
merce commission, which is to begin in
New York tomorrow. Reports OF an
indisposition of the president of the
company may have affected the stocks.
Delaware e. Hudson fell away sharply
in spite of the increase in the dividend
rate, which was not, however, as large
as holders have contended for.
Amalgamated Copper was a prominent
instance of strength due to current re
ports of an intended further increase in
the dividend rate. Atchison was helped
by reports of the same character. Ihe
market was made UP almost entirely oil
individual movements OF tnls KIM uut
to special causes.
The list as a whole was lethargic
and gave no sign of the working of any
reinvestment demand such as often fol =
lows the distribution of profits at TINS
time of the year
The money market continued to relax
as it was expected it would do after the
first of the year The maximum early
rate for call loans was IA per cent. COM
pared with 20 per cent yesterday and the
rate got down to per cent compara-
lively early in the day. while 21a per
cent was the low price touched.
Another days large clearanceS at the
clearing house showed the rapid prog
ress of the annual settlements, althoug
the settlement was adjusted evidently TO
cover two days instead of one, so that
the clearings for the first business day
of the year are nowhere near the record
touched last year, although the total of
the settlements affected is much larger.
The sharp reaction tro from eoroi,, the higil ay
change market indicates the urgent de-
mand for remittances had been met.
All three of the great foreign banks
made weekly reports today and all
three showed the effects of the great
year end strain. especially the Imperial
bank of Germany, for which the de-
crease in cash for the week amounted
to $17.665, 900. the low expansion S31.-
445. 900 and the increase in note issues
s73735.0O0. There was some recovery
in the discount rate in Berlin from the
drop of yesterday but the discount rate
in London continued to recede. Not
withstanding the prominent relaxation
here from the stringency of the Decem, ,
Der market it is considered doubtful
whether the recession in money rates
will extend to actual ease.
Reports of railroad net earnings fol
November received today showed the
uniform growth in operating expenses
with corresponding effect in the pro
portion of net earnings. some railroads
showing an appreciable decrease in net
earnings compared with last year. The
dull and featureless character of the
market was emphasized as the day
wore on.
Bonds were steady. Total sales. PAL
value. S1SS0,000.
United States new As declined z and
the COUPON p per cent on call