Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-01-16
NEW YORK. STOCKS AND BONDS
Market Liftsd to Higher Level BY Same
LsbOnous Methods Employed Monday.
MODERATE REACTION FOLLOWS ADVANCE
Net Gains for the Day Are
sIiEht-Harrimsn, 81. Paul and
Reading Issues show
Strength.

NEW YORK, Jan. 15.-Stocks were lifted
60 q higher level today In much the same
laborious manner as for several days past,
but the later reaction was more moderate
and left something of the days gains. Con-
ditions were not much changed from those
ruling for some time past and much the
same factors were given chief consideration
as factors in the trading.
The feeling towards extensive new stock
issues was shown In the pressure TO sell
Chicago a Northwestern. which caused the
acute depression In that stock. The rally
in the stock after the official announcement
Of the proposed stock issue was due rather
TO the moderate amount Of the new capital
than TO any change In the prevailing opinion
towards the tendency to dilute capital OF
railroads. The Is per cent of outstanding
capital, which is to be offered to stock
holders at par. calls for something less
than rs 10000 of the t1OO,OOO.0O0 which has
been authorized, and compares with rumors
OF the last few days that an issue up TO
$50, 900 was contemplated. The stock sold
at the lowest late in the day. The general
consideration of the enormous capital re-
quirements of the railroads was stimulated
]. ]. Hin OF the Great Northern to the
governor Of Minnesota, containing the as
sertion that the railroads of the country
would need to expend H,l0O,OOO,O0 a year
for five years to come to supply facilities
that would meet the demands made upon
them by the present trafflc seeking service.
An effect on sentiment was caused by the
perceptible pressure on Amalgamated Cop
per, in spite Of the talk of a probable In
crease in the dividend rate at the meeting
OF directors tomorrow and the continued
strength of the copper market. Reading
was a strong feature, In spite of reports of
the shutting down of several OF its collieries
on account Of mild weather and light de-
mand for anthracite. The principal strength
was shown, however, by St. Paul and the
Hartman stocks.
The downward course of interest rates
continued In this market and there was a
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
TO recall the heavy credit outstanding in
London for that account. This country $
agricultural exports for December, as re-
ported today by the bureau of statistics at
Washington, failed to show the strength of
the internal exchange situation fully main
tanned. Except for cotton, the principal
articles OF export all show decreases from
the corresponding month Of last year, the
total decline in valuation reaching N8
OF, 227 Reports from some of the interior
money markets were of an easier tendency.
New York exchange at Chicago, however,
is inclined to recede and II is probable
that with the decline in the interest rate
here there Is some withdrawal of credits
placed by interior leaders. The gain of the
banks on subtreasury operations has
reached over 100000 since the last bank
statement and the government institution
was again heavy debtor at the clearing
house today. The renewal of the liquida-
ton in Chicago & Northwestern was the
principal factor in the late reaction and
the irregular closing of the market.
H,614,0O0. United States bonds were un-
changed on call.
Sales and range of prices on the New
York Stock exchange were;