The Washington herald., 1907-01-11
DECLINE IN STOCKS
Several Prominent Ones Dis
play FirmneSS.
MISSOURI PACIFIC
FALLS
Money Distinctly EaSicr-Bank Of
EngIand's Gold Holdings show IN
crease-PenusyIvan to Ask stock
holders to Authorize 5000, 10000
in Common stock and Bonds.

New York, Jan 1O.-Prices Of stocks to-
day again moved downward. although
several of the prominent issues displayed
frmness, and in certain instances ad-
vanced. Indeed, up TO the closing hour
of the stock exchange session the market
as whole was ruled by a rising ten
dency.
Throughout the day however, Missouri
Pacific stock was very heavy, presumably
by reason of the news that the attorney
general of Missouri had brought suit to
dissolve the Missouri Pacifc-Iron Noun
tain-Wabash combination; and in the late
afternoon the price OF the stock broke
sharply, with an unfavorable. sympathetic
effect upon the general market.
There were also rumors that large fur
ther stock and bond issues by one or
more of the leading railroad corporations
were about 10 be brought out As far as
one of the corporations mentioned was
concerned. there was verificaton, after
the market closed. in an announcement
that the Pennsylvania Railroad Company
had asked its stockholders to authorize
$loaoo4.000 additional common stock and
500, 05c.00G additional bonds
Otherwise. it is believed. the reports
are based solely on the possible issue by
various railway companies in the near
future of a certain amount of short-term
equipment notes; that is to say. tenn
porary obligations created for the pur-
pose Of providing the railways with the
cars and engines of which they stand in
50 great need
sales Of notes OF this sort are a ia
miliar part of railway financing, particu-
larly at this season of the year. and it
will probably turn out TO be the case tnat
the notes in question. if issued. viii be
taken by banking interests and viii not
come upon the general investment market.
MoEey Much Easier.
Money to-day was distinctly and
definitely easier Reason for this was, to
begin with. the announcement of the
Secretary Of tiTe Treasury made in the
morning newspapers that he would post
pone until February / and February IS the
time Of repayment Of the temporary de-
posts of 100000 with the national
banks which were 20 be made on January
20 and February T.
This action did not, perhaps, take any
one by surprise. as it was generally eN-
pected that in view of tha prevalence of
high interest rates and the large supplies
in the Treasury, the government would
So arrange matters as not 10 impose any
unnecessary strain upon the money
market. Again, grounds for encourage
mcnt were clearly found i'm the weekly
reports published to-day Of the great
Engl ud's holdings Of gold Increased dur
ing tin week nearly GHJ,9l0 and the loans
decreased Gibson Its proportion of re-
serve against liabilities rose to 39.S1 per
cent. as against 32la per cent last week,
and 33iz per cent at the corresponding
date last year. The Bank of France eS-
hibited an increase in gold on hand of
1,425,0D francs and q decrease in loans
of 157.SO6.O99 francs. These two state
ments taken in connection with the weekly
report Of the Imperial Bank OF Germany
published yesterday, showing an increase
in gold holdings Of 51,S40.o9J marks, and
q decrease in loans of 179,350000 marks
attested that the strengthening in tbs
foreign financial position normal to the
season is in progress, and the inference
naturally follows that succel ding state
nenJs Of the clearing house institutions
at our own center viii show "a correspond
ing Improvement
Much Gold Goes to south.
Hopeful aUguries that might have beer
drawn from these reports were, it is true,
somewhat modified in the London market
by the withdrawal from the Bank Of Eng
land for shipment 20 South America of a
sum Of money nearly exactly equivalent
10 the gain in cash sustained by the bank
during the last six business days.
The feeling is still strongly held abroad
however, that unless sterling exchange in
the American markets so moves against
England as to threaten revival OF gold
exports 10 this side. q reduction in the
Bank of England's discount rate cannot
be postponed longer than a fortnight The
net result of all these factors here to-day,
coupled with the circumstance that ex-
change in New York in the large interior
cities rose to Il premium, was that the
highest price for call money made during
the day was per cent. ard that bank
renewals were commonly negotiated be
tween - and 50 per cent. as against
yesterdays rate Of s per cent There was
no alteration in time money rates.
Market Is Professional.
The stock market was fully as profes-
slOnal and uulnteTestinS an affair as il
was on the day preceding There was an
evident willingness on the part of ua-
known financial interests to accumulate
even at advancing prices the Amalga-
mated Copper. St. Paul, New York Cen
ual and Reading stocks, while all the
prominent Industrial shares, notably those
of the railway supply companies, was
strong. Dealings were relatively small
in the Northern Pacific and Great North
en stocks, but these securities, too.
closed at net gains. All the so-called
Gould stocks were weak under the specu-
lative attack. based upon the lawsuit 10
which reference has been made, but ex-
ccpt i'm these stocks declines made in
prices in the market were usually frac-