The Washington herald., 1907-02-09
STOCK RISE IS BRISK
Active Issues Show Gain in
Early Part of Day.
MARKET UNDER RESTRAINT
Wall Street Aguin Filled with RU-
Bors That Administered VIII
IatcreSts-PHriS BOuFsc WcUkcns
Under Income Tax Imposition.

New York Feb S.-Roalizing sales fol
lowing the sharp advances in prices in the
security market yesterday. which estab-
lished gains for the principal stocks
varying from four TO seven points in the
course OF the last six business days, We're
the features Of the market to-day. Al
though the evidences Of such liquidation
We're plain, the selling of stocks was
very moderately conducted and was not
sufficient to cause more than small frac-
tionaI net recessi0ns I'm quoted values.
Neither was its deterrent force great
enough To interfere with "a brisk rise in
prices during the early part OF the day.
In this earlier period, gains on the quo
tatons of nearly q point occurred in
many of the active issues. The un-
doubted feeling Of spectators IS that the
present market is still more or less under
restraint. and that the situation for the
time being does not admit OF any vigor-
Gus development of an upward tendency.
On the other hand. the volume of buying
orders that was attracted TO the market
to-day was probably better than the ma
iority OF operators had looked for. and
there was no resumption of any OF the
attacks upon the market that have been
SO frequent during the last two months.
AmaIgamated Copper Strong.
Particular strength was at first eX-
hibited 10y the AmaIgamated Copper.
Chicago. Milwaukee and ST. Paul. Atchi-
son, New York Central Pennsylvania,
and other stocks Of similar class. and
the Great Northern ore certificates. and
in general the entire Industrial list of
stocks was extremely firm, owing to the
absence OF all indications that the profits
of the industrial companies have been
recently, or are likely to he in the near
future, materially interfered with
Wall street was filed to-day. rs IL has
been during the past week. with more
or less vague stories of a change of at
tlude" ou the part of the national adj
ministration regarding corporation mat
ters, although just how this change was
10 be exhibited no one seemed TO know.
a more favorable impression stiu was
made by the general understanding that
the railroad companies are about 70 take
steps in some way looking forward to
an advance I'm freight rates,
Yet the beneficial influence Of this was
offset by skepticism as TO whether the
advance in rates would be widespread or
might only be confined to certain sec
tons eG Doe charged for the uanspOrta-
ton of only limited classes Of merChan-
disc,
Paris BourSe Weak.
There were. it is true, one or two minor
deterrent factors from ii speculative point
of view in operation in the market All
the foreign financial stock exchanges re-
fected to-day 10 a greater or less ex-
tent the weakness on the Paris Bourse
resulting from the proposal of the French
government for the imposition of an III
come tax. Selling of stocks everywhere
was Witnessed on account of this and
fear was expressed in London that an
adverse consequence of the proposition
might be the adoption by the directors
of the Bank OF England of q more con-
serVatlve policy than they would other
wise have been willing 10 pursue regard
ing the maintenance by the bank of rela-
lively high rates for the use of funds.
Conversely. the argument was heard i'm
financial circles here that the new fiscal
measure in France, If it becomes "a law.
would cause a greater Investment OF
French capital in financial Centers out
side OF tho French republic Again,
though bank renewals of call loans were
generally made to-day at per cent, the
call money rate was higher after mid
day, and advanced in the later afternoon
to 6 per cent This was said 10 be due
chiefly TO the fact that payments had
d.
10 the city of New YOrk's S30.000Cj9 bond
issue put out earlier in the week, al
though the current apprehension was
that the fTmness in money was prophetic
of a poor weekly bank statement to-
morrow
Clearinghouse Banks Lose.
'The clearinghouse Institutions have lost
during the week. according to the usual
calculations, between $4,000 and $780,
600, and the presumption is that bank
loans have not been reduced. Time money
rates to-day. however, remained I'M
changed. The announcement that com
pany Of such high credit as the Delaware
ana Hudson Canal Company had been
compelled to pay as great rate of interest
As per cent upon an issue OF S6.o00.u0o
notes running for one year. was not
looked upon as a particularly helpful mar
ket factor, and spectators We're inclined
20 regard i'm the same light intimati0us
that the Great Northern Railway Com
pany might sell "a quantity of short-term
notes 10 provide money for its needs pend
ing the litigation now in progress in the
State of Minnesota 10 determine the right
Of the company TO issue 100000 GOO Of new
stock
The view also appeared to be generally
taken. although il received no official con
nrmatiOn. that the AtChisOn Company
might also raise money before long for its
immediate necessities by the sale Of short