The Washington herald., 1908-01-07
MARKET Is BUOYANT
Many Active Stocks Reach
Highest Figures in Weeks.
MONEY CONDITIONS IMPROVE
st. Paul, Reading. Union. and south
ern Pacific Contest with Northern
Pacific for Supremacy-PrOfit TAX
ing in the Last Hour Produces
slight RecessiOns-GRins Remain,

New York, Jan, GA degree OF cheer
fulneSs greater than had before been felt
in Wall street since the money stringeucy
was reflected in a rise in the stock mar
ket to-day that carried the prices of
many Of the active issues. both railroad
and industrial. to higher figures than
they had reached at any other time for
many weeks past.
The movement was general and was
accompanied by a decided Increase of
activity that denoted the extension of
interest in the trading far beyond the
professional element, at whose hands
practically all the business had origi-
mated previous 10 the incoming OF the
present month. Northern PacifiC's su-
premacy as the leader of the advance was
contested by St Paul, Reading, Union
Pacific, Southern Pacific, and Delaware
and Hudson, all Of which reached new
high levels for the present movement,
large gains being also made by a mum
her of inactive issues like Delaware
l.ackawanna and Western. which rose
02l2 points above its last previous quo
tatiOn
Dig OAAns Are Made
American Snuff preferred and United
States Express. which gained about 70
points each. North American. the United
States Rubber issues. and International
Paper preferred. Consolidated Gas. al
though not very active, was prominent
among industrial issues on account OF
the rapidity and extent Of its advance.
and American Smelling and Refining
scored a substantial rise in the early
trading, but lost a considerable part of
II before the close.
The principal causes of the Improvement
I'm sentiment were the return of something
Ike normal conditions in the money mar
ket and the belief that an important
currency measure would be enacted be
fore the end of the present session Of
Congress. The excellent bank statement
published after the close Of business on
Saturday was the best index 10 the first
Of these considerations and the low rates
az which loans were negotiated bore
favorable impressions gained from that
document.
Little Demand for Money.
Renewals Of call loans were arranged
at . per cent For new accommodations
the highest rate charged at any time dur
ing the day was per cent. and some
borrowers succeeded in satisfying their
wants at 3 and 51-2 per cent There was
little demand for time money, for, though
rates fe.l TO per cent OF a little over.
borrowers preferred 20 hold off. believing
that they could obtain more favorable
terms before the end OF the week.
Previous 10 the making of the rate for
call money. the stock market was ir-
regular but after il was found that funds
could be secured on reasonable terms q
general rise sat in and continued until
HE last hour ot the session. when IL was
Interrupted by prOht-taklng, which pro-
duced recessions Of point OF so in many
of the most prominent issues
The days stock OF rUmors included one
10 the effect that the extra dividend TO
be paid on Northern Pacific would be 10
per cent. distributed i'm four quarterly
installments Of . 1-2 per cent each. and
another TO the effect that there had been
deliveries Of Great Northern. which made
II appear as il Union Pacific had recently
sold the bulk of its holdings OF this issue.