Omaha daily bee., 1907-01-24
NEW YORK STOCKS ANDBONDS
Market Is Inactive and Dealings Are
Nearly All Of Speculative Character
hill ISSUES SELL OFF EARLY IN DAY
Decline Due 60 Court Decision That
New Issues of stock Must be
Made In Accordance 90
Minnesota Law.

NEW YORK, Jan. 23.-There was fur
Their decline in the activity Of stocks To-Day
the total dealings bearing no larger pro,
portion to those of yesterday than did
those of yesterday to the active market
Of Monday. The character OF the deal,
ings was little changed. The professional
operations again seemed to make up prac-
tically all of the dealings. Also these op-
erations were followed without any snow
of firm convictions and constant shittlne
By traders kept values In an unstable con
dition that made the market closely re-
semble that of the day before
The early decline in sympathy with the
Hi stocks ELECTED supporting orders Of the
kind that have made the bears grow timld
and which gave color to suppositions that
an active accumulation Of stocks has been
going on with a desire TO avoid violent
price fluctuations. The movement In the
Hill stocks was a direct response to the
judicial UNFOLDING of the contention OF the
Of the State Railroad commission was re-
quired for the proposed issue of new Great
Northern stock. The officials of the rail-
road were not disposed to comment on the
decision in the absence OF Its tull text,
but the opinion in the stock market inclined
to the view that a material obstacle had
been encountered In the way of proposed
plans for raising new capital Inc COM
panion movement In Northern PACING rep
resented the view that its proposed stock
increase might be opposed by similar meas
ures, while the marked contrast IN the
upward movement of st. Paul was caused
by the speculative assumption that the
quick manner of completing its stock issue
had forestalled such probable hindrance.
1t was a belief widely held at the time OF
the ST Paul issue that the abruptness of
the methods by which Il was carried out
was due to g desire to avoid any such COM
plication. Another target for attack was
Canadian Pacific which was sold largely
for foreign account. Some apprehension
of any addition to outstanding stock had
a part I'm its depression, but an overeX-
tended speculative position in the stock
was given the responsibility for most of It's
depression.
The sympathetic effect of this movement
was again moderate, outside of the inn
mediate allied group. General conditions
were given little attention. Money con-
tinued to work easier, but the terms at
which railroad corporations are selling
notes to run for periods of several years
which make the interest rate to maturity
run to per cent and upwards, detract
from the effects of the relaxing moneys. A
feature of the money market is the I'M
proved demand that has sprung up for
commercial paper, which has resulted in q
reduction to rates to 5h for prime grades
Discounts in Berlin receded today The
| foreign exchange market here was but
! little changed. The operations of the sub
| treasury continue to yield a liberal add
ton to the bank reserves, the gain since
the last bank statement now amounting tC
| $23e5,0O0. Today's fluctuations were as
\ various as those of yesterday but the clos
| ing found a rally in progress instead OF 9
| reaction, as on yesterday. Net gains pre-
dominate today where declines were the
rulG at the preceding close
Bonds were steady. Total sales, pal
value, $229SO00.
| Sales and range OF prices on the New
! York Stock exchange were: