The Washington herald., 1907-01-16

New York. Jan. 15.-To-day's was the
last interesting stock market Of any day
OF the year thus far, sc far as fiuctua-
tons in prices were concerned. but from
another and more important view the
market was especially noteworthy. For
the first time in several weeks prices OF
stocks were not weakened By develop
ments of the same sort as those which
have on many occasions during this pc
Rod served to bring about fall
There was again to-day. as there was
yesterday, heavy selling OF the Chicago
and Northwestern common shares. being
based upon rumoTed knowledge that dur
ing the day became definite, that the
Chicago and Northwestern Railway Com
pany was 10 make a large new issue or
stock Since the close of the stock mar
ket on Saturday. the prices OF this high
grade investment stock declined nearly
thirteen points and the weakness Of the
market Yesterday was generally attTib-
uted, and with-7HndOubted correctness, 10
the adverse influence OF this particular
decline. To-day, however. although the
fall in Chicago and Northwestern was
more pronounced than ever upon the Off
company had decided to issue at par to
the stockholders $3.50 600 of the 100000
600 new stock recently authorized, price
Of securities generally advanced.
The market was strong during the fore
part of the day, fell of a little upon the
conclusive announcement Gf the North
westerns stock issue but rallied, showing
at the close good gains in nearly all the
leading stocks. The strength Of the mar
ket was more noticeable, perhaps, because
it not only resisted the pressure upon
Northwestern's stock, but was not per
turbed by evidences Of moderate lqulda-
ton in Amalgamated Copper.
AmaIEamated Directors 90 Meet.
The directors Of the Amalgamated Cop
per Company meet on Thursday, as is
supposed, TO fix the next quarterly dlvl-
dend rate on the COmpany's stock, and
strong hopes have been entertained in
Wall street that the distribution ordered
will be az the rate OF 10 per cent as
against the per cent rate now paid.
While the hopes have not been aban-
doned. they are admittedly less buOyant
than they were. and the idea has gained
ground that the cautious policy pursued
by the AmaIgamated Copper Company in
dividend matters throughout last year
will be continued so as to result IN
determination TO pay only in the current
quarter dividends on the stock as at
present established. If. however. the eX-
presslons of sentiment in high financial
circles are to be taken as guide, such a
decision on the part Of the directors would
rot be regarded as at all hurtful 10 the
best interests Of the Amalgamated COM
pany The company increased its dividend
distribution in the last quarter, ana lis
actual enlargement OF profits, owing to
present conditions In the copper market.
are very we'll understood
It may very well be that the improve
ment in sentiment in tbe security market
to-day was due more than anything else
to some attentive consideration in COM
mission houses and elsewhere to the
rapid strengthening of the financial situa-
tion here and abroad that Is now taking
place Sterling exchange in the Argen-
tine republic rose this morning 10
point that il was said forbade further
exports Of gold from London 70 that coun-
try, while sterling here remained firm,
even closing a little higher than 1t did
yesterday.
ceipt of between S2.5G0000 and 100000
in new gold from South Africa. and is.
moreover, adding to its cash reserve III
other ways, a combination of forces is
thus plainly making for greater ease in
money in the British capital
Discount Rate Falls.
In fact, the discount rate in the open
market in London to-day fell to 424 per
cent, and so great a disparity between
this figure and that of the Bank of Eng
lands minimum per cent rate cannot,
of course, be long maintained. An early
reduction, perhaps in the present week.
in the Bank of England discount rate
was, therefore, to-day confidently pre-
dlcted. and a rise occurred in London
in the price of consols and other similar
investment securities
Here. the highest call money rate dur
ing the day was ~ per cent. and bank
renewals were made at per cent, as
against 3 per cent yesterday; while Dor
rowers displayed such an unwillingness
to pay 6 per cent for time money, and
lenders were so eager to put out their
money at this rate that a fan in the
price of this class Of funds is rather
plainly IoreShadoWed. Inc banks were
gamers from the subtreasury during the
week up TO this morning in the unusual
sum of S6097, ,OO0 a gain that will pre-
sumably be increased before the week
is out and nearly all the large national
banks report an inflow Of funds here from
the interior Of the country.
Should this element hold constant, it is
certainly reasonable to expect that the
stock market will be impressed thereby
after the customary fashion