New-York tribune., 1908-01-21
STOCK MARKET OPERATIONS.

IrreguIarity prevailed in the stock market dur
ing practically the entire SESSION yesterday, CIV
ing place in the last quarter hour of the tracing
TO a general and sharp break. the market closing
weak and with last prices in the main under
those of Saturday. Such news as developed in
the course Of the day of favorable nature
except for the suspension of an unimportant
trust company in Providence. The bank state
Tnent at the end of last week had been remark
ably good. and 1t was perhaps in a measure
due TO that fact that the selling Of stocks at
the opening came in such volume to cause
declines of point more the usual procedure
being to sell on the good news. Rejecting the
increasing abundance of money at this centre,
rates for both call and time loans were easier
Yesterday than heretofore since the recent Crisis
began The opening rate for call money was
Z per cent, and that the highest level reached
during the day, some of the loans being erected
as low 2 per cent. For time accommodations
: rer cent for all maturities from sixty days
to six months asked, with the offerings OF
funds much larger than the holders were able
TO place. although this rate is low one IN
comparison with the figure asked only recently
An excellent impression was made by the
news of the decision of the Pennsylvania Su-
preme Court declaring unconstitutional the two
cent fare Law. il argued that the same
conclusion would probably be arrived at by the
highest tribunals OF other states in which sim
liar legislation has within the last two years
been enacted The announcement of this deci-
sion checked a rather serious decline which was
in progress under the leadership of American
Smelling and Refining common, turning it into
q smart rally. American Smelling and Refining
had from the very outset been the weak feature.
having opened q of point down, at 7O7s, and
fallen to SIS in three transactions 1t responded
only poorly to the Pennsylvania court news, but
held fairly steady within a range of point
or so until the last fifteen minutes of trading
when It suddenly broke from 6s1a to s. Il, It's
closing price, 654, representing q net loss for
the day of 69s points. All sorts of rumors were
current TO account for the weakness of this
issue. but none was ascertained TO have founda-
tion IN fact. Amalgamated Copper, which ord-
narilY moves in sympathy with American Smelt-
ing and Refining, did not deviate from custom
yesterday, being weak during the day. and
closing with full point net loss.
The foreign exchange market exhibited sus-
tanned strength, and advanced another quarter
cent toward the possible gold export level which
has now nearly been reached. From Washing
ton came report, credited here, that the Sec
retary of the Treasury would within the coming
ten days call upon the depositary banks for the
return of $1,000 900 to S1o.000000 of the govern
nent deposits held by them.
Returns Of railroads rejecting in their
falling off in gross earnings the falling off In
business. The Southern Railway the statement
Of which came out yesterday afternoon, reports
q decrease in gross for the second week In lam
uary of S224.S75, and the Central of Georgia a
decrease in gross of S71,400 which on the
basis of total earnings is a larger loss than the
Southerns.