The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1907-03-22

market has become pretty we'll sold
out.
While all this is true, II still holds
no less firmly than 1t did week
ago that conservatism among finan-
cial interests of the first rank is still
the controlling policy in these quar-
ters and that spectators for the rise
as distinguished from those who wish
to make Investment purchases do not
find there any notable encouragement
and all this remains factor in the
market powerfully counterbalanclng
such increased hopefulness on the part
of the spectators as was today ex-
hibited. Among the active stocks
fluctuations today were most lively, as
they long have been, in the Union Pa
cific and Reading common shares al
though Great Northern preferred
stock advance points upon rumor
that the decision of the supreme court
of the state of Minnesota in the suit
brought to restrain the Great North
ern railway company's $60,000,00
stock issue was likely to be in favor
of the company. The decision If it
proves to be of this character, will
be wholly in line with the opinions
of those in the financial district best
qualified to judge about the matter
1t is to be remembered, however, that
the new stock issue if 1t is allowed
to be made. will bring further bur-
hn tglya of
we're really only two matters of news
today that were the subject of any
comment in Wall street, the rise in
the bank of Frances discount rate
and the announcement of the direc-
tors of the Erie Railroad company
that they proposed to stop work on all
but small number OF Improvements
upon the property of the company
recently planned by them. The re-
tTenchment thus involved will
amount, it is said, to a curtailment
of expenditures of over $4,000, 600,
and has been made necessary, it is
obvious, first by the stringency Of
the existing conditions and secondly
by the hostile attitude seemingly of
the legislature of this state toward
corporate enterprises. If the public
utility bill now pending in the leg
islature becomes law the whole pol
icy that has in the past animated
the laws of the state of New York
toward public service corporations
will undergo striking change and
will call for a sweeping revision of
judgment regarding the stocks and
bonds of these corporations from the
point of view Of investors 1t can
hardly be expected, either, that the
the cancellation of orders previous
ly given by it to various iron and
steel companies. There were many
| bankers today in Wall street who
professed to be surprised by the an
nouncement that the bank of France
had raised its rate of discount, but
| it was known in high quarters never
theless, that the step was impending.
| This is the first time the bank has
made such move since May, 1900
|
English market last fall fail
ing to disturb French equanimity
For long time, however, the sterling
rate in Paris has stood at a point al
which gold exports from Paris to
London were threatened, while the
movement of sterling in the New
York market has been such as tc
make Withdrawals of gold from Lon,
don for the account of American
bankers matter of daily imminence
for several weeks. 1t is thus mani
fest that the action of the directors
of the bank of France today is es-
sentially protective measure against
the demands of this country for gold
and that it brings out in much clear
er light than at any previous time
the condition of the international
money market. The bank of Eng
land today in its weekly statement
reported lowered proportion of re-
i fn liabilities