The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-01-16
STOCKS PUSHED UP
FOR SLIGHT GAIN
Pressure to Sell C. & N. Causes
Acute Depression
STOCK ISSUE ANNOUNCED
Consideration of Enormous Capital
Requirements of the Railroads
Stimulated BY Assertion
James J. HILL
STOCK ISSUE ANNOUNCED

New York, January 15.-Stoeks were
lifted to a higher level today in much
the same laborious manner as for sew
era1 days past, but the later reaction
was moderate and left little of the days
gains. Conditions were not much changed
from those ruling for some time past,
and much the same factors were given
chief consideration as factors in the trad
ing
The feeling towards extensive new stock
Issues was shown in the pressure to sell
Chicago and Northwestern, which caused
acute depression in that stock. The rally
in the stock after the official announce
ment of the proposed stock issue was
due rather to the moderate amount of the
new capital tLan to any change in the
prevailing opinion towards the tendency
to dilute capital of railroads. The 20
per cent of outstanding capital which
is to be offered to stockholders at par
calls for something less than $25,OOO'OOo
of the 500, 900, 900 which has been author
lied, and compared with rumors in the
last few days that an issue up to s5O,O0O,-
900 was contemplated. The stock sold at
l0e lOWeSl ldlO III NiO oNS'
The general consideration of the enor-
nous capital requirements of the rail-
roads was stimulated by the letter OF
the president of the Great Northern to
the governor Of Minnesota containing the
assertion that the railroads Of the coun-
try would need to expend a,1OO, OOO,OOO
wear for five years to come to supply
facilities that would meet the demands
made on them by the present traffic seek
ing service An effect on sentiment was
caused by the perceptible pressure on
Amalgamated Copper in spite of the talk
of a probable increase in the dividend
rate at the meeting of the directors to-
morrow and the continued strength of
the copper market Reading was a strong
feature in spite of reports of the shut
ting down of several of its collieries on
account of mild weather and light de-
mand for anthracite.
The principle strength was shown, how
ever, by st. Paul and the Hartman
stocks The downward course of interest
rates continued in this market and there
was a decline also in the discount rate
in London today. The international ex-
changes moved again in favor of London,
the rise in the sterling exchangesrates
serving to quiet apprehension that Paris
might ne ulSDOSeu 10 recall TUE heavy
credits outstanding in London for that
account.
This country's agricultural exports for
December, as reported today by the bu
reau of statistics at Washington, failed
to show the strength of the international
exchange situation fully maintained. Elk
cept for cotton, the principal articles of
export all show decreases from the ror-
responding month of last year, the total
decline in valuation reaching $13.021,227.
Reports from some of the inter-reoney
markets were of an easier tendency
there as well as here. New York ex-
change at Chicago, however, is inclined
to recede and it is probable that with
the decline in the interest rate here, there
Is some Withdrawal of credits placed Dy
interior lend>s. The gain of the banks
on sub-treasury operations has reached
over SG000000 since the last bank state
ment and the government institution was
again a heavy debtor at the clearing
house today.
The renewal of the liquidation in Chi
cago and Northwestern was the principal
factor in the late reaction and the ir-
regular closing of the market
Bonds were heavy. Total sales par
value. $1,614,OcO United States bonds were
unchanged on call.