New-York tribune., 1907-01-10
TJ nlisted. +Ex rights.
Closing prices of active bonds dealtnn. with
STOCK MARKET OPERATIONS.

O4OSA 4u<AAtAL1 OA A4tAIAoNO
The stock market moved in an UNCERTAIN man
ner yesterday, with frequent price fluctuations.
Total transactions were less than $4,000 shares,
and at the close the net gains oz1tnumbered the
net losses the Hartman issues and the copper
stocks showing the principal advances The
opening was relatively firm. but the market
steadily relapsed into inactivity and developed
a sagging tendency, which checked now
and then by small covering movements. result
ing in unimportant rallies There was a fair
sized rally in the early afternoon followed near
the close by renewed selling, last prices being
under the best Of the day. Time money was
unchanged at per cent for all periods from
thirty days TO six months, with borrowers more
inclined to pay that rate for the shorter dates
than bankers to place large sums at their
disposal, the view OF the borrowers being that
within thirty to sixty days call money should be
in good supply at favorable rates The call
money yesterday advanced to only per
cent, against a maximum of II per cent on
Tuesday and 10 per cent on Monday, and stood
per cent at the close Most OF the days
loans were made at 4 per cent. The foreign
exchange market weak. the demand sterling
rate declining u cent. and now standing at
level at which normally gold importatons might
proftably be arranged: but. although the Bank
OF Enelands position has been greatly strength
ened within the last rev weeks, me IlSCOunt
rate is not expected TO he reduced to-day and
the bank would in all probability resist any
effort at present to engage gold for shipment
to the United States. especially as the demands
upon London for god for South America and
Egypt are not yet satisfied.
Southern Railway preferred was among the
weakest stocks of the let yesterday, losing 2s4
points on the day. There was extensive liqui
dation in both the preferred and common,
ported TO represent the selling Of the hold
ings of the late Samuel Spencer It
also rumored that the dividend the
preferred vas to be reduced and that
The company was contemplating a large
bond issue Great Northern closed with a net
loss OF 3 points at 1S3. the low of the day,
selling helped by the uncertainties of the Htiga-
ton against the company in Minnesota. North
ern Pacific sold "ex rights" and weak
Great Northern, the stock declining ~
points and the rights %. The Gould stocks
were not favorably affected by the news of the
bringing of legal proceedings in Missouri against
certain roads of the Gould system, but this
move. viewed in conjunction with the pending
investigation of the Union Pacific system. the
Great Northern litigation, rumor of steps
about to be taken to look into the relation be-
tween the Atlantic Coast Line and the South
ern Railway, and other similar railway troubles
will probably play its part in restraining the
larger interests from pronounced activity in the
stock market within the near future.
The decision of the Court of Appeals that the
1906 amendment of the Stock Transfer Tax law
taxing alike shares of the par value of 800 md
81 is unconstitutional is Of some benefit to the
Stock Exchange market, as il lessons the burden
transactions in some active issues, like Penn
sylvana, Reading and Lackawanna, the par OF
which is $50, and Anaconda, SO par. Its effect
will be principally felt the curb however
where so many stocks of 81 to so par value
dealt in. the 2-cents-a-share tax which
has been almost prohibitive. The receipts from
the tax In 1906 S6.500000. much larger
sum than had been estimated when the law was
enacted and movement 10 from the
Legislature a reduction in the rate of the is
to be instituted, it is said.
AS every little counts" in the endeavor to
obtain greater in the money market, the
fact that the repayment of S6,000.000 of govern
ment deposits. ordered for January 20 has been
postponed until February l is of Importance
The banks have gained from the Sub-Treasury
since last Friday more than 81 100000, and the
| indication is for a favorable bank state
ment on Saturday