New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-25
'Unlisted. 4Ex dividend
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Trading in stocks again light in volume
transactions being made up in great part of the
operations OF the board room element. Prices
moved in an irregular manner. though with the
tendency in the direction Of lower quotations.
final figures showing net losses in the greater
number Of issues and the late dealings present
ing some semblance Of activity which was who'll
~ lacking in the earlier speculation. The de-
velopment Of heavier trading on the decline en-
couraged short selling. and at the close the mar
ket appeared TO be full of stocks for which the
buying power was extremely limited. Commits
sion houses were not active factors on either side
Of the account. but some OF the larger houses
with foreign connections were liberal sellers es-
pecialy In Union Pacific. which was one Of the
weakest features Of the day. despite the heavy
buying of the issue by leading trader. who
also large buyer Of Reading Selling for
foreign holders and further adverse reports from
crop sections of the country where winter wheat
is raised. together with talk Of gold exports nat
urally induced attacks by bear traders. while
the somewhat pessimistic tone of advIces put
out by brokerage houses served to keep public
buyers out of the market. The passage Of the
Wagner bin in the Assembly. providing for a
fve-cent fare to Coney Island. Influenced Brook
Ign Rapid Transit 10 the extent of 2ia points and
the unconhrIned report that the New York Cen
trail would make large issue Of equipment notes
caused some selling OF Central stock but else
where in the market movements were not con-
trolled by specific developments affecting indi-
vidual issues Losses at the close ran from to
points IN many of the active shares while there
were no noteworthy gains
Banks at the chief money centres of the coun-
try appear 10 have all the ready funds they
need but despite this fact the Secretary OF the
Treasury has not discontinued his policy Of maxi
ing government deposits with the depositary in
stitutions, and If pethoric conditions should de-
velop the banks doubtless would begin to return
TO the Treasury some OF the money deposited
against securities supplied by the banks Such
a movement would be unusual. but it is not i'm
probable, especially II there should be a material
reaction in the country's trade. Since Secretary
Cortelyou took charge of the Treasury Depart
ment no has increased government funds in ma
tional banks 20 the extent Of S26. 100000 making
the total so held S166 100000 but the fact that
the government does not require an addition 10
the amount OF money held in its vaults suggests
the improbability Of the Secretary calling on the
banks for a return OF the deposits though such
an attitude his part would not interfere with
voluntary return by the depositary institu-
/ tons Money is too cheap in the call depart
ment OF the market to make loans profitable for
the lenders. and the movement by out-of-tow
banks IN transferring their loans to local Clear
ing House banks has brought into discussion the
idea of abollshing the per cent interest paid
at this centre Out-of-town balances. The
movement Of currency so far this week has been
against this point to only a small extent. but
the prospects favor more active shipments from
/ here in the course OF the next few weeks and
after that return movement in considerable
volume. There is little likelihood Of high rates
for loans in the near future. and. according to
the opinion OF the best posted bankers there will
be important change until the time for the
preparations for the July interest and dividend
disbursements.
Activity in the current stock market is con-
! fined to few stocks. The movement represents
almost entirely the operations Of the professional
element. the public exhibiting practically no in
terest in the trading. Efforts to attract an out
side following have been made, but there has
been no response. and the leading speculative in
| terests have about given up hope of a wide
spread demand for securities until the situa-
ton shall be affected by some development Of a
most bullish and stimulating character II Is
not thought, however, that the absence OF activ-
fly viii lead 20 depression IN prices beyond that
which may accompany turns by the traders on
the short side. The market, viewed either from
the position OF the spectators for the decline
or from that OF operators for the advance ,s
waiting for something 10 turn I'D. and in tha
mean time traders viii be forced 10 be satisfied
with scalpers' profits. In the bond market the
demand is small. Investment purchases ara
light. both in stocks and mortgage issues bu+
this does not reflect any intrinsic weakness IN
conditions Affecting the actual value OF securi-
ties Money is stn active in the channels of
trade. and it is not likely that there will be heavy
dealings in bonds until our industries react 10
an extent that viii. make money throughout the
country cheap as IL is in New York.
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