New-York tribune., 1907-01-09
STOCK MARKET OPERATIONS.

Facts and rumors alike were contributing
causes of the real weakness which prevailed
in the stock market yesterday. and which was
most evident toward the end Of the session
The primary fact was the continuance of rela-
tive stiffness in the money market, The call
money rate not going below , per cent and ris-
ing in the late afternoon to -, movement
which was accompanied by a related decline in
stock values. Time funds were unchanged at
per cent for ell dates from thirty days to
six months but borrowers held off from nego-
tiating six months loans, insisting on easier
terms. In the course of putting two and two
together It has been discovered that. although
the minutes of the Oregon Short Line directors
meetings showed that 100000 shares of that
cOmpany's holdings of Southern Pacific stock
were sold prior TO March 81 1906 to William
Rockefeller and resold by him to the company
after November 13. the Union Pacfc's annual
report gives the amount of the Oregon Short
Lines Southern Pacific stock June 30, the
close OF the fiscal year, S90oO000O as
year previously. the inference being that the
annual report did not correctly state the Short
Lines interest in Southern Pacific on that date.
This deyalopment from which ii was freely
gued that other apparent rregularities-appar-
ent for Mr.. Hartman and other controlling in
terests in the Union Pacific system have not yet
testified in explanation Of the Southern Pacific
Interstate Commerce Commission proceeded.
was used as a bear weapon against Union Pa
cific which from whatever cause was the con-
spicuously weak issue in yesterdays market.
On sales Of about 49, 800 shares the largest for
any stock Union Pacific declined TO lisa clos
ing with net loss of 2%s points at 1IS%s. South
ern Pacific sold down in sympathy with Union
Pacific. losing IA points on the day. and St
Paul declined q of point.
The most potent for III of the days rumors
was that of the alleged serious illness of ].
Pierpont Morgan. which rather large sell
ing movement was based. This report, how
ever was before the close Of the market au-
thoritatively denied Mr.. Morgan has not been
at his office for than week, and has a
slight cold. but If his presence downtown should
be required he could meet the call without any
peril whatever to his health. The United States
Steel stocks. so strong on Monday. followed yes
terday the course Of the general list, the
mon closing one point and the preferred one
half a point lower than the preceding day
Brooklyn Rapid Transit made a small advance
the news. in the last hour, that the Court
Of Appeals had decided in favor OF the company
in the 10-cent fare case, and then declined two
points profit taking. closing a point above
the lowest Of the day, but fractonally under
Monday.
London again yesterday a considerable
seller in this market. principally of Union Pa
ci1c. An advance in the open market rate at
that centre tended to discourage the expectation
that the Bank of England would tomorrow re-
duce Its minimum discount rate which has been
held at per cent for many weeks and rumors
of the coming expectation OF large amount of
gold from London TO South America also les
sened the probability of immediate reduction Of
the hanks high rate