New-York tribune., 1907-01-26
STOCK MARKET OPERATIONS.

The stock market opened heavy, with prices
lower than at Thursdays close, and continued
10 sag until nearly the end Of the trading. when
a sudden break came. final prices being the
lowest OF the day with such net losses as Ga
points IN Great Northern. 3M in Northern Pa
cific in Canadian Pacific, 8A I'm St Paul. 2is
in Union Pacific. 21s in Reading. in Delaware
& Hudson and IL points in United States steel
Common. Canadian Pacific was during most OF
the day the weakest stock the list, being
pressed for sale from the outset. with little in
termission Amalgamated Copper was sold on
the failure Of the negotiations for the taking
over in the company's interest OF a number OF
important independent copper properties. no at
tention being paid 10 the steadily rising quota
ton for the metal sales Of which as high as 70
cents g pound are reported. The Steel issues
have been under pressure for some time the
selling Of the common in particular rejecting
the growing conviction that no increase in the
dividend rate is 10 be expected next week, ana
also a feeling that the industry is likely soon
10 show a curtailment of activity. belief which
seems 10 be gaining strength abroad. Union and
Southern Pacific were sold on rumors that Mr.
Harrinan's indisposition was more serious than
had been supposed their weakness being ac-
centuated by the ever-eXistent uneasiness over
the possibly unfavorable developments which
may come when the investigation by the Inter
state Commerce Commission shall be resumed
in this city
Along in the afternoon word was received OF
the new move OF the Attorney General OF Min
nesota against the Great Northern. and this
caused sharp decline in Great Northern stock
which speedily extended TO the whole list The
bad impression made on market sentiment by
the legal move was due not so much TO the
probability OF injurious results TO the Great
Northern from this particular action as to the
arousing of apprehension that further attacks
from unexpected points might be delivered. The
report of the Interstate Commerce Commission
on the relationship OF some of the leading rail-
ways TO the coal industry was also an unfavor-
able market factor. On the break following the
stocks heavily and liquidation In come volume
was evident The Peoples Gas dividend was
increased yesterday. being once more at the rate
OF per cent year, but the markets only re-
sponse a decline OF a full point In the stock.
The call money rate did not 60 above Thurs
days high level per cent, but most or the
DAYS loans were made at ~ per cent. compar-
ing with ruling rate OF per cent on the pre-
ceding day; this slightly harder tone not being
unnatural for a Friday, however. Time money
also hardened trife, with lighter offerings on
the reported intention Of the Secretary OF the
Treasury to withdraw the government deposits
before March {. The preliminary forecast based
on the known movements Of money during the
week showed a gain IN cash by the banks
amounting TO. nearly s4,00O.OOO a substantial IN
crease but much less than last weeks The
prospect is for q good bank statement to-day,
unless for some not yet visible another
large loan expansion may have occurred; but
the decreased gain IN cash was one Of the ad-
verse market influences Of yesterday.