The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-01-15

New York. Jan 1.-THE course OF
prices in the market for securities 1ol-
lowed a series OF short Up and down
movements to-day attended with a grad
ual dininutiea in the volume OF dealings
and other Indications that the market had
degenerated into a perfunetory and p.S-
fessionaI affair.
Toward the close Of business the mar
ket hardened considerably under the lead
ership OF a sharp upturn in the New
York Central shares. and those hopeful
regarding its future maintained that there
were numerous evidences that the recent
selling OF stocks had been mostly for
speculative account, and that a rather
belated movement for the recovery Of
stocks sold for the decline vas under
way.
The most important development OF the
day was the expected announcement OF
an advance in the Bank OF Engiands dis
count rate from ~ 10 ; per cent. but the
event proved 10 have been thoroughly dis
counted and passed without causing any
stir whatever either here or on the for
eign exchanges
Large Loss Sustained.
The action Of the directors Of the bank
was admittedly on account OF large loss
that has been sustained owing 70 the
shipment OF nearly slooOO0Oeo in gold
from England 10 France within the last
FIVE months. OF. 70 put the matter with
greater exactness. because Of the tn
ability I'D 10 this tine OF the great Eng
nsh financial institution TO retain in its
possession the gold weekly laid down IN
the London market from South Africa
The result is that the Bank Of England
IS the only concern OF the kind in the
world that has not heavily added 20 its
gold reserves in the last year. ard. mas
much as the primary force az work IN
the mater has been the slackenlRg Of
trade in England. which has caused a
return from the country 70 foreign cap
itals OF the money borrowed for home use
to-day's advance IN the Bank OF Eng
lands rate may mean. a lookout. for bust
ness in England has become somewhat
more promising
At al events, It viii be somewhat
surprising Il after the conclusion Of the
900 900, 600 Russian loan IN Paris. now but
little more than a week of. there win
not be a release OF gold in the French
capital and the establishment OF such
easy money conditions there as wiz facili-
tate the effort OF the Bank OF England
10 build UP its reserves to a normal level
In this city to-day sterling exchange
moved back and forth IN a restless man
nsr. but stil held at a figure which.
with a decline il Paris. >attested the ike
NhoOd Of further engagements Of goods
for export az the end OF the week
Eject on Erie.
II IS altogether probable that one
source Of the stock markets strength in
the late afternoon Was q general impress
sion in the financial district that within
a short time the public seyice commits
sion Of the Second district may. announce
its approval. even if only in a modified
form, Of the much talked-of application
OF the Erie Railroad Company TO make
an issue Of collateral trust bonds.
Another matter that helped TO produce
q more cheerful sentiment was the dec
Iaration OF the usual semi-annual divi-
dends by a number OF prominent railroad
companies and by the publication OF the
Baltimore and Ohio Railroads Official
statement that the company had earned
for the first half OF its current fiscal year
a surplus Of S255 90 after deductions
for the usual semi-annual distributions
upon the company's common and pre-
ferred stocks
Reports Big Deficit.
For the last half OF the last fiscal
year-that is. the period ending on June
30 last-the company. reported a deficit OF
S1,350060. The improvement in the com
pany's earnings. therefore. in the period
from June q, 1903. TO January l. 1905. has
been most marked.
The New York Central stock. which led
the advance IN the market toward the
end Of the day. was again the subject of
q TumOr OF which not little has been
Heard recently that the Hartman interest
had obtained options on a large block Of
New York Central stock now held BY the
Vanderbilt family.
NEW YORK MONEY.