The Washington herald., 1907-01-03
Some Strength Shown, but
Volume of Trading Small.
ATCHISON COMMON Is LEADER
Prompt Release OF Money by London
Pleasing TO Wall Street-CaII Money
Drops To . Per Cent After Some
Observation-Disclosures Road In
vestigatiOn Is Watched

prices on the stock eNCha nge to-day was
desultOry and irregular Most Of the time
there was very little movement ut all
The market was, however, characterized
by a firm undertone and Iap 10 the last
half hour of business mantle Eted, although
in more quiet way, the same distinct
strength that it did at the preceding stock
exchange session. In this last balf hour
values receded upon tri1ing volume of
business, and the net resuBs Of the DAY $
trading was to leave small advances and
declines in quotations scattered through
the list, prices of several OF the active
stocks being unchanged from those Of
Mondays closing.
A general Improvement IN sentiment
was brought about in the London mar
ket to-day by the prompt release there
OF money that had been temporarily with
drawn from circulation for the january
! disbursements. In England, TO a greater
extent than prevails in this country, the
banking OF the land is done in one great
city and the locking up of funds there
around an annual settlement day is a
much more important matter than IS the
case in the United States.
IN London to-day the plenufulness of
money was such that Il rise of q of a cent
occurred iii the price OF cnnsols and dis
counts in the open market sank x % a
cent below the minimum rate at which
the Bank Of England lends funds. Il is
true, of course, that much money is
owing by the financial community in
England to the Bank of England that
time. Nevertheless. the caeeTGuIness Of
feeling was such in the British capital
to-day that an all-round gain took place
in the prices OF securities actively dealt
in there. American stocks being by no
means backward in the advance
Opening - Dull.
Here at the outset Of business. spccuI8l
tors seemed rather loath TO follow Jhe
pace thus earlier set i'm London and che
FIRST prices Of stocks were generally not
much above those ruling NJ the close On
Monday. For one thing. there was az
evident disposition on the part Of the trad
ing element O. delay their transactions
until rates began to bee quoted for the use
Of call money; and an opening rate -u-
call money OF 10 per cent and the fact
that bank renewals were commonly
made at Il per cent, were not very en-
Enthusiastically received.
However, after this. call money began
70 display an easier tendency. and fell in
the early afternoon hours 10 per cent.
Then it rallied again 10 u per cent. ana
closed III per cent The course Of what
ever small fluctuations there were IN quo
tauons ia stocks seemed 70 follow rather
closely the varying prices for call money
that have been described The weakness OF
the market in the afternoon appears 10
be the result Of the recovery in money
rates
II was the expectation in banking circles
to-day that If the course of the caIl-mouey
market was 10 be in fact The Getermin-
ing influence upon prices of securities du--
ing the next few days the security mar
ket would present during this period much
The same aspect tnat it did to-day. 1t 5
d fact OF which sufficient experience has
been had, that relaxation in money rates
does not often occur Immediately after
the beginning of new year. Checks In
payment of interests and dividends arc
mailed from this center 10 all parts Of
the country, and the money thus dis
bursed is usually from one 90 three weeks
IN returning here.
Fear Poor Bank Statement.
There seemed 10 De some idea to-day
that the bank statement at the end of the
week might perhaps be q little Gisappoin.-
ing III that 1t would reflect the intake
Of money by the trust companies fer the
purpose of building up their reserve. in
compliance with the new State law and
would also bear witness To the shifting Of
funds between the financial institutions
and private Individuals. normally incident
10 the time Of the year.
The belief. however, was entertained i'm
the best quarters that by the middle If
the month definite ease in the call money
situation would begin to assert itself. One
thing that is very clear is that the de-
mund for time money is not nearly So
urgent as il was few weeks ago. At
this former period the rates quoted for
time funds We're per cent for sixty days,
from TO Il per cent for ninety days,
and four months, and from 6 Il to per
cent for five and six months
To-day the rates as given at the large
lending institutions were from 6 TO J.
per cent for all periods up 20 and includ-
ing four months, and per cent FOR
longer periods This. il may be said
Is a development regarding the general
financial situation than which none could
be more encouraging. There We're few
features of the stock market to-day.
The strongest stock on the list. and one
Of those in which dealings were largest
was AtcEison common. The rise here was
presumably in anticipation Of the advance
10 per cent. that it Is commonly be or
dered III the dividend rate on the Atchison
common shares early in the present year