Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-01-10
NANCE AND
COMMERCE
Wall Street.


decidedly in volume and the profess
sional operations to lift prices were
conducted with boldness and agrees
siveness. The misgivings which
caused the setback of yesterday had
been apparently overcome, The pro-
nounCed improvement in the money
situation was held to be of sufficient
value to overweight the eounter-cun-
siderations. An effective factor I'M
soothing the apprehension caused by
yesterdays news of the receivership
for the Chicago Great Western was
the dissemination of reports in detail
and particularly Of provision having
been made for meeting the coming
natures of note issues of a number of
railroads now of first class credit. Eff
forts to obtain official continuation
for these reports were of no avail
and they were lift in the form of in
timations Their influence on spccu-
lative sentiment was none the less de-
cisive, although the stocks Of the par
ticular companies thus supposed to
have been relieved did not always
share in the strength of the days
market Some of the other factors in
the days rise were similarly of yet
underlined kind. The coalers for in
stance rose vigorously, buyers pro-
Tossing confidence that action would
be taken by congress to defer the OPP
GRAFTON Of the Hepburn bill requiring
the railroads to diVest themselves OF
ownership Of the coal properties. The
operation Of this requirement had
been much dreaded as threatening, as
an extreme effect possible tola
suspension of business by these COM
panies. Speculation on this ground
centered in Reading and carried that
stock to the highest price it has
touched since August. Wide reaching
assumptions We're deducted, from
reported visit to Washington of },
Pierpont Morgan and from remarks
on the financial prospect attributed
to the same person at a dinner in New
York last night On the side Of the
money market there were many con-
vincing evidences of the effective re-
Mobilization already effected there. 50
active a demand for COMMERCIAL paper
has sprung up amongst money lenders
that uneasiness has subsidized and no
fears are any longer felt of embar-
rassment for any solvent bushes. In
crossing offering of time funds were
reported at declining interest rates
while borrowers were reported to
show growing disposition to hold off
for stin lower rates. The Bank Of
France reduced its official discount
rate to the level prevailing before the
crisis and the Bank of England made
so strong weekly turn that some
surprise was felt in London that a
further reduction was not made in
the official discount rate of that i'm
stitution, Enormous payments OF
credits were reported both of these
governments controlled establish
ments, while the heavy reduction of
government deposits in both explained
the increase of supplies in the money
market by government disbursements,
The English bank gained heavily also
in bullion holdings, although the
French bank reported small de-
crease i'm holdings. Call loans were
not quoted higher than 5I2 per cent
here and yielded from that rate, thus
indicating the Increase of facilities
available for the conduct of speCulat-
i've operations in the market, The
radical cut in the rate Of the country's
iron production reported by the lead
ing trade organs and further returns
of large decreases in railroad earnings
were ignored. The market broadened