Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-01-15
NEW YORK. STOCKS AND BONDS
Early Market is Aggressive and Western
Railways Show SEINE Advance.
RISE QUICKLY FOLLOWED bY REACTION
Northwestern Breaks on RumOrs Of
Issue of New stOck-CIOse Below
Level of Saturdays Final
Prices.

NEW YORK, Jan. H.-There was some
early aggressive demand for stocks to-
day, which showed some aggL essivs
demonstration of leadership for an ad-
vance was In evidence in the market
Vortes but The Sh Ister msrkst ou showed Ia
decline Of speculative interest The mar
ket lapsed into dizziness after the working
sion houses over Sunday The later sag
In the market was partly due to dis
appointment over the volume OF these
plants from commission houses and little
promise OF growth of outside interest
In the market SUFFICIENT to sustain cam
paign for rise In prices.
The early strength centered largely in
the western railroad stocks, with Southern
Pacific and st. Paul the most conspicuous
features Southern Pacific was the sub
ject of some rumors about the Stock ex-
change of an intended further increase
In the dividend rate. London supported
ders The early carrying rates on Ameri-
cans in connection with the stock mar
some reeesson IN the rates before tbe Ssy
ended The Bank of England secured
50, 100000 gold from India, and there was
some revival of the discussion of prob
abilities of a reduction in the Bank of
England discount rate this week. For
elgn exchanges moved in. favor of Lon
on that markets gold holdings. The cop1
per market was strong, both here and In
London. Official intimation was given Of
the Intention Of the United States Steel
corporation to hold the prices of steel rails
and Of other products against any rising
tendency, with the purpose of conserving
the stability OF conditions in the trade.
1t was also asserted in the same statement
that contracts for steel rails for future
delivery are not cancellable at the will
of the purchasers, as was the case in past
years. The possibility of the revocation
Of contracts, which form an important
element in the unprecedented volume of
n a
poration, has been dwelt on in recent
discussion as an uncertain factor in the
future OF the trade.
In the late reaction there was evidently
some recurrence of influence from the fears
of unwieldly capital issues still TO be placed
| in the market. Chicago a. Northwestern
of an early issue. of new stock. Canadian
Pacific also was affected by revived rumors
| of an early issue of new stock. There
was q call for the payment of a fourth
| to the S100,000,000 of convertible bonds OF
| the American Telephone & Telegraph
Of notes by that company last week. II
| Is understood that part of the considera.
| ton for the purchase of these notes was
the scaling down of the original price Of
| Yertible bonds, said to be from 941S to 81
| The transaction constitutes an item in the
formation of the uncertain sentiment ovei
the money outlook. Money continued t
work easier In this market. Subtreasury
operations are yielding a large amount L
the banks the gain on the new bank weel
already amounting to "a. $1,000. The sub
treasury also was debtor at the clearing
house today in the sum of $2,199,494. Thu
market closed under the influence Of tn
late action and generally below the leve
of Saturdays closing.
Bonds were firm. Total sales, par value
81, $4,000. United States bonds were un
Sales and range of prices on the New
York Stock exchange were