New-York tribune., 1908-01-08
STOCK MARKET OPERATIONS.

Under the influence Of easing conditions III
the money market stock prices in the FIRST part
of yesterdays session continued their advance,
the embarrassment of the four large diamond
houses having no market reflections, but in the
afternoon the spread of ruInorS Of a coming re-
ceivership for the Chicago Great Western Rail
way and the publication of poor earnings OF
several railroads caused extensive selling, the
market declining rather sharply and then sink
ing into duInesS The close was weak and ir-
regular with net losses and net gains about
equal in number, and with prices at or nearly
at the low of the day. Call money rates ranged
between 51s and 8 per cent, most of the day
loans being effected at per cent. Time funds
were in much larger supply. representing III
great part the money which is pouring into
New York from interior points after having
for many weeks been idle and unproduc1ve,
and loans made at per cent Tor sixty
and ninety days and for four and SIX months
distinctly favorable indication was the Of
fering Of time funds to brokerage houses by
money brokers for the first time since the
period antecedent TO the panic.
The necessities of the Chicago Great Western
have been no secret to Wall Street, for Presl-
dent Stickneys recent trip to London was an
nounced at the time of his departure to have
been undertaken with the object of financing
the company's several note issues: and an indi-
cation that the situation might be serious was
given in the weakness of the conpanys securi-
ties on Monday, when practically the entire
railroad list showed decided strength The pre-
ferred A stock yesterday suffered net decline
of points, on small transactions. Although the
rumors OF receivership may prove entirely mac
curate, their circulation. following the receiver
shin OF the Seaboard Air Line only few days
ago naturally had an unsettlng effect on mar
ket sentiment, suggesting the probability OF
troubles here and there in the railroad field
this year. The bad impression was ntenslned
by the announcement Of heavy decreases in
gross earnings for the last week in December by
the Missouri Pacific the Southern Railway, the
Louisville & Nashville and the International Il
Great Northern and decrease in gross In NO
yember of more than 100000 by the New York
Central Missouri Pacific sold down from "a to
s15s and closed at 42Is, net loss Of rs points.
American Sugar Refining was weak on the re-
ported intention of a stockholder to pursue IN
uuiries which might result in disclosures unfa-
yorable 10 the company, but closed at a net
decline of only z points.
The shares of some OF the anthracite coal
roads were conspicuously strong, Delaware q
Hudson gaining points; Lackawanna9 which
Oh Monday had advanced 425 points, making
A further net gain of 341A points, on sales OF
200 shares. and Central of New Jersey gaining
4 points Erie, which is not among the strong
roads declined fractionally, and Reading. after
again going above par, closed at 90, unchanged
from the preceding day. The advance in Lacka-
wanna and Delaware & Hudson attributed
to their heavy earnings and also 70 the posi-
biiitv of legislation at Washington in the direc-
ton of amending the law requiring railroads to
Givest themselves of their coal properties before
Nav l. a severe penalty being prescribed FOR
failure to take such action.