New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-01-16
STOCK MARKET OPERATIONS.

On moderate volume of trading, the stock
market showed considerable strength during the
greater part OF the session yesterday, a rather
sharp decline in the last half hour not prevent
ing the registering Of substantial net gains in
many of the issues Chicago & Northwestern
was conspicuous exception the general list
losing 5% points the day. duplication OF its
net loss of Monday. 1t had been weak from
the opening. but on the news OF the decision OF
the directors TO issue only S25OOO.0o0 new stock
instead of the rumored amount OF S50,000.0Oo n
rally occurred, which. however. was subsequent
" more than balanced in the late general de-
cline The whole market advanced with North
west the sentiment being one OF relief that al
least one Of the big railway stock increases Of
the last few weeks should have turned out to be
relatively small The market was still entirely
professional IN character, but the tone showed
much Improvement rejecting the steadily i'm
proving position of the banks and also the bet
ter outlook IN Europe.
Call money was lower than on any preceding
day for many weeks, with ~ per cent as Its
maximum rate, and the supply of time money
was larger than the demand, although the
rate continued nominally at per cent for all
dates from thirty days TO six months. In Lon
don there was sharp drop in the open market
discount rate. which is ~ per cent under
IN South American exchange TO point which
shuts off the drain OF gold from the Bank Of
England by Buenos Ayres gave hope OF a re-
duction Of the banks rate tomorrow to Z per
cent step which would. OF course. benefit ma
terially the market situation here The banks
are still receiving daily large amounts OF cash
from the interior and on Sub-Treasury opera
tons having gained since Friday more than Sc
100000 against 81 $4,000 in the corresponding
time last week; and the proba bity is that the
end of this week will show further large in
crease in the surplus reserve, although the re-
quirements of borrowing corporations and the
necessity Of restoration to the federal
Treasury OF large amounts OF government de-
posts preclude the possibility Of early album
dance of funds for stock market operations for
the rise
The statement of exports of domestic products
for December shows a falling off in total value
of S13, 100000, compared with the figures for
the corresponding month of 1908 The shrink
age almost entirely in breadstuns and other
cereal products, the only increase being in the
exports Of cotton, on which the gain was more
than S6OO0OO0 the exports OF the staple having
been the greatest for any December. For the
calendar year 1906 the exports Of cotton were
$4,000 900 larger than for 1905, the movement
beyond of other domestic products showing
such q shrfnkage, however, that, even counting
in the gain in the volume Of cotton exports, the
total for the year was sri 100000 less than for
the preceding twelve months.
The report of the State Tax Commission WAS
discussed with interest In the Street the prin-
cipal concern of which is with the proposed
change in the method of imposing the tax on
stock transfers and with the conclusion Of the
commission that it is inexpedient to reduce the
size OF the tax with which opinion. at least, the
financial community is not in accord