New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-01-11

Closing prices of active bonds dealt in. with
cta, foIlo
STOCK MARKET OPERATIONS.


The movement of stocks was again yesterday
without pronounced direction and the volume
of transactions was relatively small. The over
night announcement of Secretary Shaws de-
csion to defer for about a fortnight the repay
ments of S12O00o00 OF government deposits.
making them payable in two equal instruments
February / and 10. instead of on January 20
and February l, as originally directed, contrib
uted to the early feeling of confidence in the
market. prices advancing slowly until we'll past
noon and the call money rate easing. The i'm
provement in the Bank of Engand's position
also had good influence here, the weekly state
ment showing increase Of nearly 61a per cent
IN the last week in the proportion of reserve to
liability and substantial increase in the bull
ion holdings. There change in the banks
minimum discount rate. but all indications point
to it's lowering next Thursday from the present
high figure of per cent. The foreign exchange
market weak in the early hours. demand
sterling declining nearly 20 points. but recov-
ering this loss by the close.
Late in the afternoon stock prices began TO
Weld and q rather active selling movement set
IN final prices as a rule showing net losses
The chief weakness in Missouri Pacific,
which under a concerted attack. based on the
legal action brought against the company by
the Missouri State authorities, suffered a maxi
mum loss of SO points and a net loss of ~
Union Pacific moved within range OF one
point closing X point under Wednesday. Great
Northern gained point and Northern Pacific
"a, while ST. Paul advanced 114 Call money
did not go bove the opening level. per cent.
and closed at the low figure of the day 2h per
cent. Time money rates were unchanged ruling
at per cent for all dates up to six months, but
the tone showed a slight hardening. borrowers
being more willing than earlier in the week TO
,es
A rumor gained currency IN the afternoon
that the Pennsylvania Railroad Company was
about 10 announce a financing plan Of vast
proportions and this report, although denied by
Of the news bureaus. probably the prin-
cipal cause Of the late general weakness al
though Pennsylvania itself closed only point
down. Toward evening the found
to have been true, when an official statement
issued that the stockholders were to he
asked to authorize at their annual meeting in
March additional issue of S1O0OO0OO0 stock
and S1OOOO00O0 of bonds. It was explained
that these securities might not have be issued
in the future, but assurance was given
on that point, and il was added that the end
Of the SYSTEMS new financing was not yet The
late President Cassatt. at the time OF the placing
in France last summer Of the SJ0O00,OO0 loan OF
the Pennsylvania Company guaranteed as to
both principal and interest by the PENNSYLVANIA
Railroad Company, said that far could
then be foreseen the railroad company would
not have to meet any large capital requirements
for several years to come, outside OF what would
be needed to paw off the $4,000 600 short term
notes maturing on November J. 1907, and the
needed for disbursement in 1907 and 1908
the New York terminal, estimated by him
100000 It has been the view of Wall Street
that the proceeds Of the sale OF its Chesapeake
&, Ohio holdings and 80 per cent Of its Balti-
more &, Ohio and Norfolk & Western holdings
would place the Pennsylvania in possession of
the funds necessary for meeting these require
ments, or at least that considerable part of
the money could be applied to those uses.
Following the St Pauls authorization In Oc-
tober Of S150OOOOOO new stock and the issu-
ance of about S100OOO.0O0 of it a few weeks
ago: the issue of S60O00OOO Great Northern
stock the authorization OF sos. 100000 stock and
the issuing of 500. 100000 of it by the Northern
Pacific and the announcement by the Atchison
of its purpose to increase its capitalization by
sos 100000 and issue S25,O000 900 stock or con-
vertible bonds. the Pennsylvania announce
ment Of intention increase it's already gigantic
capitalization by S2OOOO0OOO is not likely TO be
received with equaniTnity by the financial mar
kets here abroad.