New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-16

On a moderately active volume Of business
stock market values moved in the direction OF
higher prices in the greater part OF the day. the
only period of reaction being IN the last half
hour of trading, when profit taking sales
prices declined fractionally from their best fig
ures Last quotations showed a long list of net
gains. with the chief improvement in American
Locomotive. Central Leather. Erie first pre-
ferred. Great Northern. Missouri. Kansas &
Texas. Reading Union Pacific. United States
Steel and the copper shares. Anaconda made a
new high record at 302la a heavy volume of
trading, buying of the issue being based on tbe
known strong market position Of the stock and
on the strength Of the copper market situation;
while for the same reasons Amalgamated was
taken in large quantities. were also the cop
per shares in the Boston market, including Cal
umet & Hecla, which advanced 30 points 10
81 900 a share the best price ever made by the
issue. Active buying Of Missouri. Kansas &
Texas was accompanied by the report that a
dividend would be declared on the stock in the
near future. but an officer Of the company sub
sequently was quoted to the effect that It would
be two years at least before the common stock
would receive a payment. this being N line with
the roads known policy Of conservatism, as IN
stanced in the case Of the preferred. which only
recently was placed in the dividend column. de-
spite the fact that the earnings for a number
of years were large enough to pay something to
the holders Of the issue. In the morning opera
tons Missouri Pacific again was under bear
pressure, but the decline appeared to bring in
some support from Gould interests. The most
noteworthy news development of the day was
the announcement that the New York New
Haven & Hartford Railroad Company had sold
to a prominent banking house $2S.O0OOOO de-
benture securities Of a hfteen-year maturity at
4 per cent, 10 be placed entirely abroad. This
is the first instance Of long term issue OF
securities being placed in many months, and
the fact that the entire amount Will be alb
sorbed by foreign capital is Of particular interest
IN view Of the steady buying for European &C
count on the local Stock Exchange in the last
few weeks. and the purchase Of recent offerings
Of short term railroad notes by London. With
trade balance In this countrys favor and with
Europe taking securities. 1t is not surprising
that sterling exchange market conditions fore
shadow further shipments Of gold to this side
Of the ocean.
Railroad earnings for the first week in Feb
rUary which have been received in the last few
days show in many instances declines. as COM
pared with the favorable returns for the CORE
spending period year ago. These adverse re-
suits. however do not represent the development
OF weakness in the general trade situation or
foreshadoW unsettlement in the country's busi-
merely indicating the decline I'm traffic due TO
the unfavorabIe weather conditions prevailing
in certain parts of the country. In the Sourh
and Southwest earnings are keeping up well;
indeed. a rule, gains are shown over the large
receipts Of year ago, but I'm the West and
Northwest and in sections tributary snow
storms Of unusual magnitude have seriously in
terfered with the handling of trains with
consequent loss in gross income, and an increase
in operating charges. The earning power OF
certain roads has been temporarily lessened but
It is not likely that the reduction in receipts as
reported in January, and far in the current
month. will materially affect the total results
OF the year. Even with the great difficulties
with which many roads nave been forced to
contend in recent weeks, earnings IN most in
stances have been above those reported in the
same time two years ago. and in the position Of
the country's business there is nothing upon
which one may base prediction that from now
on earnings OF our transportation companies
will tend toward smaller totals. AS fact, there
is no suggestion in the various conditions af-
fecttng the business situation in the United
States Of coming serious reaction.
A large short interest in stocks is not ALWAYS
& safe argument for higher prices; indeed. nine
times out Of ten the expectation Of a prolonged
bull speculation founded upon an extended
short account IS not fulfilled and bearing This
in mind it may be well for enthusiastic traders
OF bullish procivities not TO place too much con-
hdsnce in the theory that as there Is now a his
bear account IN tie market. prices are bound
to move toward higher level in tho course OF
the next few months. The idea that stocks NAV
90 lower is keeping many people out OF the mar
ket and the fact that such issues as Union
Pacific, St. Paul. Reading and the Gould sbares