The San Francisco call., 1907-01-16
New YORK stock Market

NEW YORK Jan. 15.-StOcks were lifted iO
e higher level today in much the same lab0rious
manner as Tor several DAYS pest hul the later
reaction was more moderate and left something
~ the days gains Conditions were not mucl
changed from those ruling for some time past
and much the same factors were given chief
consideration as factors in the trading Inc
shown IN the pressure 10 sell Chicago ana
Northwestern, whicn caused the acute depres
sion in that stock. The rally in the stock after
the official announcement oi the proposed STOCK
issue was due rather 90 the moderate amount of
she new capital than 10 amy change In the pre-
Vailing opinion toward the tendency 10 dllule
capital OF milr0ads. The % per cent Of out
standing capital which IL 70 be offered 10 stock
holders at par calls f0r something less than
S25 600 600 of the 500 600 600 which has been
authorized and compares with rumors 1n the
last few days that an issue mp 10 S50. 600 600
was contaminated Tic stock sold at the low
est late in the day. The general consideration
of the enormous capital requirements ~ The
railroads was stimulated Boy the published re-
lofts o- me lfilcf on d j nnn ol the nItul
Northern 10 THE Governor OF Minnesota, contain.
lnE the assertion that the railroads Of the
country would need o. e2Dend millions year
FOR five years 70 come 40 supply facilities that
would meet the demands made upon them by
the present trathc seeking service An eleel
sentiment was caused by the perceptibie
pressure on Amalgamated Copper, IN spite of
the talk of a pronfahlc increase IN the dividend
rate an the meeting Of directors tomorrow and
tine continued strength OF the copper market.
Reading was n strong fea-ure. in spite Of re-
ports Of the shutting down OF several OF its
collieries on account of mild weather aud Light
demand for anthracite
by st. Paul and the Hartman stocks. The
downward Of interest rates continued IN
This market and there decline also in the
discount rate In London today. The international
exchanges moved again In favor OF London, the
rise in the sterling exchange rates serving to
quiet apprehension that Paris might be disposed
70 recall the heavy credits outstanding IN London
for that account This countrT's agricultural
exports for December as reported today By the
Bureau Of Statistics at Washington failed 10
show the strength of the international exchange
situation fully maintained Except for cotton.
rho principal articles Uf export al show de-
creases from the corresponding months OF last
year. the total decline m valuation reaching
Sl3 o2l .227 Reports from some Of the interior
money markets were Of easier tendency as
well here. New York exchange at Chicago.
however. IS inclined 10 recede. and if IS proba-
bic that with the decline IN the interest there
g. some Withdrawal Of rates placed by interior
lenders. The gain OF the banks in sub treasury
opera lions has reached over S6.OOO.O00 since the
last bank statement. and the Government insti-
tuition again heavy GebtOr at the clearing
house today. The renewal OF the liquidation 10
ChicaEo and Northwestern the principal
/. factor In the late reaction and the irregular
closing Of the market.
Bonds were heavy Total sales, par value,
81 .6i1 900.
Omitted States bonds were unchanged on call.
New York stock Lgsr
r. =. Hutton & Co, 40 California street,
members OF the New York Stock Exchange
furnish the following list Of bond and stock
sales yesterday: