The San Francisco call., 1907-01-04
New York stock Market

NEW YORK. Jan. 3-Ihe stock market of
today failed TO reflect any pronounced views
on the speculative outlook. The operations
largely in the hands Of professional traders
aud the NOV, nent OF prices Indicated that they
shifted their position from time 70 time from
side % another OF tie market m the effort
p seaip pfont ness @ Mas eslesnoe sls '9 81 "a a
Others there enough demand 10 form n
resistance when depression was prevailing else
where. but there In the first case little
pressure dispose of holdings ana on the other
hand the demand was 50 languid as to cause
only sluggish movement Of prices. The Har-
riman stocks still under some special
pressure and this naturally attributed 10
the Investigation Of tse relations between these
properties by the Interstate Commerce Com
mission. which is 70 begin In New York
tomorrow" Reports OF an indispositon
have affected the stocks. Delaware and
Hudson fell away sharply IN spite Of the IN
crease Ia the dividend rate. which not. how
ever. large holders have contended for.
Amalsnmated Copper was prominent instance
of strength dHe 10 current reports of an intended
further increase IN the dividend rate Atchison
was helped By reports of the same character
Tic market was made mp almost entirely Of in
dividual movements Of this kind due 70 special
causes. The list as a whole WAS lethargic and
gave no sign of the working Of any reinvestment
demand such often follows the dist1-
button Of profits at this time of the year. The
money market continued 10 relax as Il was
The maximum early rate for call loans "a
per cent. compared with 20 per cent yesterday.
sfiveiy eariy IN The daS. while 30 per cent wss
the low point touched Another days large
NIfHLUnIFr
progress Of the snnuai settlements. although
tile settlement adjusted evidently 10 cover
fwo days instead Of one. that the clearings
for the hrst business day OF the new year are
nowhere near the record touched last year al
though tho total Of the settlements effected is
much larger. The sharp reaction from the high
figures of yesterday IN The foreign exchange mar
kpi indicated that the urgent demand for re
miffanccs had been met. al three Of the great
foreign banks made weekly reports today and
ali three showed the effects Of the great year
end strain. especially the Imperial Bank Of
Germany for which the decrease IN cash for
the week amonnted 10 SIT .665. 600. the loan eX-
mansion S37. .445 600 and the increase in noie
issues SO. 735 coo. There recovery in
the discount rate in Berlin from the drop Of
YESTERDAY but the discount rate in London con-
ffnued 10 recede. Notwithstanding the prompt
relaxation here from the stringency OF the
December money market. il Is considered doubt
mi whether the recession in money rates viii
extend 70 actual Reports Of railroad net
earnings for November received today showed
the uniform growth Id operating expenses with
corresponding effect IN the proportion Of not
earnings some railroads showing an appreciable
decrease in net earnings compared with last
roar The dull and fea atureess character Of the
market emphasized the day wore
Bonds steady Total sales par value
s. So. 900.
United States new Is registered declined y
and the coupon 3. per cent on cali.
New York stock Market
r. r. Hutton a Co., 40 California street.
members OF the New York Stock Exchange