New-York tribune., 1907-01-08
ENLISTED. fEr dividend.
Closing prices OF active bonds dealt in, with
net changes follow.
STOCK MARKET OPERATIONS.

Following irregular opening and q season
of sagging, which reflected the unfavorable i'm
preston left by Saturdays bank statement with
its near approach to obliteration of the surplus
reserve. the stock market yesterday morning en-
joyed general rally. induced by the evidently
relaxing tendency of the rates for money The
opening call money rate 6 per cent, and
most Of the days loans were arranged at a trihe
under that figure. More significant was the de-
cline Of time money to a maximum rate Of q ner
cent for all periods. from thirty days to SIX
months. the lowest level for many weeks, and a.
corresponding lowering Of rates abroad In the
last hour the call money rate rather abruptly
advanced to 10 per cent, and this movement.
with the news that the United States Supreme
Court had affirmed the constitutionality oY the
Stock Transfer Tax law. caused a recession In
stock prices. The close was irregular with
many issues showing net gains on the day. and
with net losses for some Of the market leaders
The trading was on an extensive scale sales
exceeding 100000 shares and desnfta beav,,
profit taking during the session the market un-
dertone continued strong The return movement
OF money from the interior is now we'll under
way and II is expected that within another week
most OF the interest and dividend funds dis
bursed at the beginning of the month Will havs
found their way back to the New York money
market The Indications are also that the banL
statement thls week Will show an important
gain in the cash item and In this and other
items Will reflect corrections of last weeks fig
ureS.
The United States Steel issues were among ,he
features Of the market yesterday their strength
perhaps being in measure due to operations
OF the runored pool but finding in any case an
explanation in the well authenticated fact of the
abounding prosperity of the steel industry The
common rose to 50a and closed with a frac-
tional net gain at 90 while the preferred made
a net advance of IN. Amalgamated Copper
after going to 121K, declined late in the day,
closing at 119h a net loss OF Is points; and
Anaconda lost 2h Northern Pacific and Great
Northern went above Saturdays closing level,
but subsequently sold off or points. closing
at net declines. respectively, of IL and 2 points
Union Pacific displayed a tagging tendency, due
to apprehension Of possibly unfavorable develop
ments from the testimony yet TO be heard in
the course Of the Interstate Commerce Commits
sion's inquiry into the financial methods of tho
Hartman roads. the close being at 1SO&. a
points under Saturdays close. Brooklyn Rapid
Transit was conspicuously strong and active
making a maximum advance of 8A points and
a net gain Of d. The buying of this issue was
said to be on the expectation of decision by
the Court Of Appeals favorable to the company
in the Coney Island 1O-cent fare case but the
advance was more probably the result of OF
the periodical demonstrations against the short
interest, which is usually large one
London sold rather extensively during the day,
its operations being partly responsible for the
weakness IN Union and Southern Pacific and