The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-23
STOCKS GAIN LEVEL
Equilibrium Returns After
Stormy Bear Campaign.
VOLUME OF TRADING SMALL
Less Than 100000 shares Change
Hands-Change in Prices Incense
auentiaI aS Rule, hut the General
Trend Is Toward RecOvery-Ban1s
Have Trouble Finding Borrowers.

Have Trouble Finding borrowers
New York. Jan. 22-After the excited
fluctuations in prices of the last two or
three days, the stock market to-day ap-
peared to be in at least temporary eQui-
librium. That is TO say, as compared with
Mondays transactions Of 1G9o-0o0 shares,
Fridays of $4,000, and the dealings on
Saturdays half session OF the stock eX-
change in over l,OO0,C0O shares. the vol
ume OF purchases and sales Of stocks to-
day reached total of less than So0,0oO
There was. in other words. "A subsistence
of the feverish activity that has recently
characterized the market, and general
turning over of the speculative trading to
that class of operators whose ventures
are almost invariably small, and who
usually make them and close them within
the limits of single days business
hours.
Except as indicating. therefore that
spectators for the fall who have recently
been allowed 20 exercise full sway over
values had arrived at the conclusion that
il was wise 10 suspend their efforts and
as testifying that 1T the present level Of
prices no pressure of actual liquidation
was felt. the course of the market dur-
ing the day was quite without signiii-
canoe While II was. however, "a mere
room traders affair Throughout, and net
changes on the prices at the close were,
as "a rule. inconseQuential, the general
trend Of the market was toward "a further
recovery.
Prices A-e Higher.
Prices were higher in the fore part Of
the day. many stocks showing an adj
vance of a point or more above their
final quotations of yesterday. Profit tax
ing then set in and the market sagged
somewhat. rallying a little, however be
fore the end OF business. Particular firm
ness was again shown among the active
stocks in the Amalgamated Copper and
Southern Pacific shares. while the buying
of the Northern Pacific. Great Northern
preferred. and Great Northern ore certifi-
Gates was, as it has been ever since the
violent liquidation in these stocks ceased
at the end of last year. what Wall street
calls a good deal better than the selling
that occurred. 4 striking advance Of
- points took place in General Elec-
tric, and was attended by rUm0rs which
may very well have substantial fOunda-
ton of an advance i'm the cOmpanys divi-
dcnd rate. The mqueStiOnably better
business prospect. too. for the Peoples
Gaslight Company. in consequence of
various political and municipal develop
ments in the city of Chicago. was sup
posedIy responsible for the rise of ] II
points in the quotation for the company
stock
London has. according to all observa-
tons done very little in the market, al
though the bulk of the operations was on
the buying rather than ON the selling side,
and according TO all trustworthy ad-
there was a continuing improve
OF sentiment i'm London financial
based upon the belief that money
here as well as here must for some
come work toward a lower level.
-OnsOIs Go Up in London.
'ls and investment securities were
in London, and it was said that
TX of England's endeavors TO MAIN
,o.,s as discount rate Of per cent were
being impaired by offerings of money i'm
London from the continent Of Europe.
Influences Of this kind centered, of
course. around the reduction this morn
ing in the discount rate of the Imperial
Bank of Germany from to per cent.
an event that has been anticipated after
the very strong statement of the cOndi-
ton of the bank. made public last week.
The action of the authorities of the bank
WAS further emphasized. too by "a state
meut Of the president OF the institution
that a further reduction of the banks dis
count rate would probably be ordered in
the coming month.
One rulTtpv that automatically a,-r~sl,-
uted to the better feeling in Wall street
yesterday and to-day was the failure Of
any OF the TumOrs that have been current
about financial trouble in different quar-
ters to in any way crystalline the fact
No one questions that. during the recent
decline in the market. d number of spec
uiators have been hurt but nine-tenths
of the stories regarding financial losses
which have been banded about in recent
gossip have been of the sort familiar to
all having any experience in Wall street
affairs, as betokening those desperate
efforts Of bear operators to depress the
market that often mark the end Of
campaign for lower prices
Cali and Time Money Easier.
Further steps were taken to-day in the
declining movement in call and time
money rates, while prospective lenders Of
time money at a II per cent rate found
greater difficulty than they have done at
amy previous time in finding borrowers.
The banks gained to-day nearly sl.6O0O 600
from the SubtreasUTy. and received dur
ing the day 100000 by Geographic trans
fer from San Francisco. Sterling exchange
was slightly lower and the easier money
situation was reflected in a better de-
mand for commercial paper.
y clue to the recent strength Of South
ern Pacific stock was perhaps found in
the determination of the Southern Pacific
Company, as reported from San Fran
cisco, 10 dispose by sale before JULY / of
over 6,ogo,000 acres of land given TO it. and
the Central Pacific Company under the
government grants of former davs. The
result of this operation will presumably
swell very largely the amount of cash in