The Washington herald., 1908-01-26
MARKET IN DECLINE.
Week Ends with Light Pres
sure of Speculation.
TWO STOCKS CLOSED STRONG
American Smelling and Refining aud
American sugar Common Thought
To Have Risen Through shorts
HOIdings-C. b. q q. Per Cent
Bonds Advance in Marked Manner.

New York. Jan. 25.-The fact that thl
security market has declined continuous
ly throughout the week up to the open
ing of business this morning worked nat
Uraliy toward some moderation in the
speculative pressure that has ndoubted-
Is been brought recently to bear upon
values. the two hours of stock exchange
business on Saturday being. moreover
tradiuonally time when more or less
proft-taking is conducted. for whatever
side Of the speculative account has been
most in evidence in the days Immediately
preceding
The retirement of contracts for the fall,
however, was conducted in such "a desul-
tory manner as not to add in any way
to the interest of the trading, and while,
therefore, the prices Of the greater mum
ber Of the active stocks closed at net
gains. these advances in only a few nota-
ole instances exceeded "A point
Two Strong stocks.
Two particularly strong stocks were the
American Smelling and Refining and
American Sugar common shares. i'm both
Of which, it is believed Il considerable
short interest has been accumulated. But
whatever upward movement there was,
was really led by the Northern Pacific
shares, these shares being those which
have been oppressed with more difficulty
than any others in the declining move
ment that has characterized the market
since Saturday, "a week ago.
The rise in this quarter was emphasized
by noteworthy advance i'm the Chicago
Burlington and Quincy joint per cent
collateral trust bonds, and led 10 a re-
Nival OF the familiar rumors regarding
the possibility of an extra distribution ON
Northern Pacific stock and a paying of
the bonds described.
Further reference is needless at this
Kline to the extra distribution that II is
assumed will be made sooner or later
upon the Northern Pacific shares. hut
while purchases of the Chicago. BurIIug-
ton and Quincy Z per cent bonds may we'll
ne made even at their present price for
purely investment reasons. any redemp-
ton of the bonds may be called for al a
price Of 100 on any regular interest dav.
FipN40EN thdJ SIX months notice Of such
retirement is given.
As the next interest day Of the bonds
fails on July ]. it is manifest that the
bonds cannot be paid off until January
], next year.
Important Announcement.
The only important news announcement
of the day during business hours was
that of the reduction as specified in the
discount rate Of the German Bank from
6'2 10 o per cent a counterbaIancfng fac
tor in the market to-day. TO the more or
less hesitating advance. was considerable
selling Of Reading stock. which. although
it was not continued up TO the end Of
business, was sJiH sufficient 10 make the
stock a center of weakness.
II was announced before the close that
an official statement regarding the char.
acter Of the suit brought by the govern
ment against the Union Pacific Railroad
Company, FOR its control Of the Southern
Pacific Company, in alleged contraventfop
of the antitrust act, would be made at
Washington later in the day.