The daily morning journal and courier., 1907-01-16

Further Break in Northwest on News
 of Rights-The Money Situation Easier-DecIIne in London Discounts Also-some Stocks Advaneed--GOssip
 of the Day.
 The stock market yesterday was ir- regular, with some stocks weak and others strong.
 Money rates were easier and dis counts declined in London, and were there under per cent.
 Throughout 1906 the average of time loans was 6 per cent Since August that rate or better has been charged. Yesterday small offerings were made at 5 S-4 per cent. Call loan quotations were also the lowest in weeks. The bulk of the lending was made at per cent.
 New York banks have gained over $6OO0,00 cash since last Friday on gov ernment operations, and return of cur rency from the interior. In all respects the money situation is universally bet ter, and should remain so for time
 But the great trouble about having an old-fashioned bull market now is the extraordinary demands of corpora tions for more capital.
 MT. Hill says that in excess of $1,0O0,- 100000 annually is required to get the railroads of the country in position to handle present traffic. His estimate is probably not far out of the way, for already there is authorized over bill lion dollars (some of this covers a period to 1909), and much more is being negotiated.
 Wall streets attention is wholly con- verged on the question of new demands on capital by our railroads; therefore the formal announcement yesterday that the Chicago and Northwestern was about to raise $25, OO,OO0 had the senti- mental effect which was expected. The stock itself fell nearly points, follow ing its 3-4-point decline the day be- fore.
 The dribbling sales of stocks by Lon don, now in progress for several weeks and involving 100000 shares or more, continued yesterday. This is not all proflt-taking. It represents several in fluenees. One is the uncertainty over our position, another the inclination to reduce holdings of Americans financed in London, and a third the continental liquidation of stocks like Canadian Pa- cific, Baltimore and Ohio and Steel common.
 News that the Minnesota legislature had unanimously adopted a resolution calling for an investigation of the Hill ore deal had no effect upon the market, United States Steel shares were not af- fected at all.
 The old theorem that two bodies can- not occupy the same space at the same time applies to the problem of financing a big stock market movement coinci- dent with tremendous capital require ments by the corporations.
 Pennsylvania stock acted much better than on any day since the announce ment of the proposition to issue $200 000,OO0 more stock and bonds, but in all probability the movement was merely a drive" at the shorts.
 Sentiment on the floor is extremely bearish and of course, it radiates from there in al directions. Traders are simply at their wits ends to know what position to take.
 The popular view is that there can not be much money left for trading while the present condition of things prevails.
 Reading sold ex-dividend of per cent, and very nearly recovered Its rate. There was said to be weak bull account. supposedly that created a few days ago, It was not exposed in any way. The shorts were the anxious ones.
 Union Pacific, St. Paul, Reading and one or two others were bid up with a view to checking a decline. The trad ing throughout the afternoon was mostly professional.
 The dividend on Amalgamated Cop per to be declared to-day is in the hands of H. H. Rogers. None of his Intimate friends even professes to know what the rate will be. Undoubtedly il was decided before Mir. Stillman sailed for Europe.
 Calumet and Hecla proved to be the sensation of the day on the Boston Stock exchange. From 925 the stock rose rapidly u-til it reached $50 A few moments afterna ards two shares were sold at 96O, the highest price ever paid for this stock.
 All the booming of copper stocks ir Boston, with Calumet and Hecla up 4 points to 96O, did not help Amalgamat- ed Copper much. The street was very much in doubt as to tn chances of ar Increase in Amalgamated's quarterly dividend,
 semi-oficial statements are made that the payment on Biscuit common will be increased next week. The ad- vance. will not be in the regular rate but an extra dividend of per cent. is to be considered.