The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-04
Stock Market in General IT.
regular, Dull, and Firm.
QUIET ACCUMULATION MADE
Money Rates Expected 20 Drop and
Become stabIe-Fear OF Hartman
Lines Investigation, Labor Trouble,
and Health of Head of Roads Tend
UnfaYOrabIy for Stocks.

day S. Ii was duh, irregular, ana IL III
perhaps the only real point Of differ
ence as compared with the trading yes
terday being that the dizziness was some
what more pronounced
The total volume of transactions was a
little in excess of that of the preceding
session. but, on the other hand, the move
ment Of prices was much less active
The market was throughout an uninter-
esting professional affair. even If n Ger
tain instances there were signs of a quiet
accumulation OF stock by the larger
financial interests.
No cue to the probable trend of values
throughout the day was ahorded by
transactions 81 the London market for
American stocks before the opening OF
business here The Bank of England s
weekly return. published this morning.
although specifically poor, was yet IA
vorably regarded in London.
The bank cash holdings for the week
increased over S6,C05. 900. and were Sl0,00e,-
COO larger than they We're a year ago at
this date; but owing to an expansion of
liabilities the banks reserve against de-
pcsits sank TO 5S3a per cent as against
81 per cent last week, but comparing
also with a reserve Of only 297s Per cent
at this time last year. The banks return
was in fact stronger than at any core
spending time for several years back
Stocks Advance in London.
The statement of the kind made to-day
is OF the sort usually made az the end Of
tho holiday season, and that its meaning
was thoroughly understood IN London was
shown by the further advance that cook
place there IN consols and other leading
stocks
The Imperial Bank II Germany to-day
also made Il return of holiday Charac-
ter Sterling exchange to-day moved
back ana forth very uncertainty. closing
nearly half n cent lower Tran il did yes
terday. and showing the effect Of specu-
laJiyc transactions. It's rapid rise up To
tae close of busiues last night Of nearly
two cents in the pound for the week
resulted naturally, in discussion regard
ing She possibility of sold exports some
time during the month. Il viii be re-
mcmbcred that last -ear STERLING also
rose in this fashion. and that a moderate
quantity Of gold was exported late in
January.
1t was the consensus in banking circles
here. however. that money rates here lor
a considerable tine TO come would be
such as to prevent any loss OF gold 1rom
this center Shipments Of cotton and
other commodities from this city IRE SIM
going on so as to make exchange rapid.
while the general belief seems 10 hc chat
a reduction in the Bank OF England . dis
mill Ir lat "a
month. which win, OF course, serve 10
lessen whatever demand for metal emit
tances may be addressed from London 20
bankers here. TIE discount rate IN the
omen London market to-day was / per
cent below the bank rate.
Money stringency over.
Items of routine news to-day comprised
mainly the publication Of various .ailWay
statements for Novenber, which We're,
none of them, of a surprising sort Il
there was any one matter which had or
should have had a distinct influence upon
the general situation it was further signs
of a IessanIng here Of whatever money
stringency has been in progress.
The opening c&Il-money rate to-day was
"A per cent. but mass of funds Were
offered At this figure. and the banks were
not able TO obtain a higher renewal rate
for the day than So per cent The trend
Of call money during the day was steadily
dovuward for the opening .igUre, brokers
lending their balances in the afternoon
al any price they could get for Jherl.
There was no change in time money. the
characteristic Of the market for this class
Of funds being, however as II has been
since the first o. the year-the fact that
borrowers were unwilling TO pay the high
rates nominally quoted. and that the con-
tinual tendency of these rates was TO
ward material contraction.
In the stock market to-day the Union
Pacific shares We're under rather especial
pressure for which the reasons appeared
10 be pessimistic gossip IN speculative
quarters regarding the coming investiga-
ton of the relations of the Union Pacific
Railroad Company with It's subordinate
lines, talk of n spread Of the labor trOu-
bles upors the system, and unfdvOrable
rumOrs as TO The health Of the president
of the company. II was aUthOritatively
learned, 50 far as the last-named stories
were concerned. that they possessed only
triling foundation, and It may be doubted
if any considerable number Of people IN
that the Union Pacihc's operations in The
near future were to be seriously impeded
by difficulties with its employees.
Copper Is Leader.
On the other hand. Amalgamated Cop
per stock was as distinctly strong in the
market as the Union Pacific shares were
weak. There was a notable advance in
the quarterly dividend rate OF the Ana
couda Mining Company coupled with the
enlarged profits which it is known that
the Amalgamated Copper Company IS re-
ceiving from other sources. and Is logical
" responsible for the conviction which OBJ
tains IL the financial district that the ex-
tension of the Amalgamated directors in
the matter Of 4 distribution to its stock
holders will be Of highly gratifying ma
ture
There was some liquidation in Delaware
and Hudson stock to-day. presumably in
the nature of profit taking. following
upon the recent sharp advance in the Sc
Curity, and weakness was once more visi-
bic in the curb market in the price Of
rights to subscribe TO the Great Northern
Railway Comp2ny's new stock issue. This
was perhaps natural. as payments for
the certificates in question must be made
tomorrow.
No doubt one matter that is response
bic for the prevalence of more optimistic
views upon the money situation is the
certainty that between now and the end
OF the month the Treasury will disburse
money largely, as it invariably does at
this time of the year in meeting all sorts
Of government expenditures due at this
season Last year during the month
the government thus mt out locally over
SEQ, 900, 05O.