Los Angeles herald., 1907-01-16
BY Associated Press.

ISX Associated IGCSS.
NEW YORK, Jan. 15.-Stocks were
lifted to u higher level today in much
the same laborious manner as Tor sew
cral days past, but the later reaction
was moro moderate and left something
of the days gains. Conditions were not
much changed from those ruling Tor
some time past and the same factors
were given chief considerations as FAC
tors in the trading.
The feeling towards extensive new
stock issues was shown in the pressure
to sell Chicago e northwestern, wincn
caused the acute depression IN lnat
stock The rally of the stock after the
official announcement of the proposed
stock issue was due rather to the mod
crate amount of the new capital tnan
to any change in the prevailing opin-
ion towards the tendency to dilute CAPT
tai of railroads. The 20 per cent or
outstanding capital which is to be Of
fered to stockholders at par calls for
something less than S25.000,000 of the
$4,000 900 which has been authorized
and compares with rumors in the last
few days that an issue up to $4,000, 600
was contemplated. The stock sold at
the lowest late in the day.
The general consideration of the
enormous capital requirements of the
railroads was stimulated by the pun
lished reports of the letter from j. j.
Hill of the Great Northern, to the gov
ernor of Minnesota. containing the as
sertion that the railroads of the coun-
try would need to eNpend S1.lOOOOO a
year for five years to come to supply
facilities that would meet the demands
made upon them by the present traffic
seeking service
An effort on sentiment was caused
by the perceptible pressure on Amalga-
mated Copper in spite of the talk of
probable increase in the dividend rate
at the meetiung of the directors tomor-
row. Reading was strong feature in
spite of reports of the shutting of sey-
eral of its Colleries on account of mild
weather and light demand for anthra-
cite. The principal strength was
shown. however. by st. Paul and the
Hartman stocks.
rates continued in this market and there
was a decline also in the discount rate
in London today. The international eX-
changes moved again in favor of Lon
change rates served to quiet appre
hension that Paris might be disposed
to recall the heavy credits outstanding
in London for that account.
This country's agricultural exports
for December as reported today by the
bureau of statistics at Washington
failed to show the strength of the in
maintained. Except for cotton the
principal articles of export all show
decreases from the corresponding
months of last year, the total decline in
valuation reaching $i3,02l,OOO.
Reports from some Of the interior
money markets were of an easier tone
as well as here. New York exchange at
Chicago however, is inclined to recede
and it is probable that with the decline
in the interest there is some withdrawal
of rates placed by interior lenders.
The gain of the banks in subtreasury
onera tions has reached over $4,000. 900
since the bank statement and the gov
ernment institution was again a heavy
debtor at the clearing house today.
The renewal of the liquidation in Chi
cago & Northwestern was the principal
factor in the reaction and the irregular
closing of the market
Bonds were heavy. Total sales. par
value. S1.614,000.
United States bonds were quiet and
unchanged