New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-12
STOCK MARKET OPERATIONS.

On a somewhat reduced volume Of business, as
compared with the daily average in last weeks
market. prices moved toward a higher level
throughout the first four hours of trading. max
imum gains running from 10 points. while
Notwithstanding selling pressure in the final
dealings, the majority Of active issues showed
net improvement of more than l point. Com
mission houses reported some investment buy
ing and purchases for bargain hunters who
Will hold their stocks only TO sell at better fig
ures but there was no general public demand.
though Wall Street firms endeavored 70 create
an inquiry from this source by sending out
cheerful market advices. Reading fuctuated
over a wide range, selling high 1862 and
as low as 121sz closing az 1884. net gain Of
Il Union Pacific also was erratic in its move
ments and ended unchanged from Saturday. but
elsewhere in the active shares final prices
showed better results, especially in Canadian
Pacific American Smelling, Anaconda, Della
ware & Hudson Missouri Pacific, Southern Pa
cifc and United States Steel. While there was
no effort made 10 oppose the reaction in values
in the last hour. sentiment in banking circles
was more confident over the future: many prom
inent operators who recently were outspoken
bears were less inclined TO preach the bear doc
trine while some traders openly expressed the
opinion that on all future reactions or at the
current level stocks were worth buying for the
long account.
The decline that has taken place in the stock
market has carried prices for many OF the first
class issues to level that ought to encourage
buying by people who have funds seeking in
vestment Intrinsic values have not been in
iured by the depreciation on the Stock Ex-
change, and as far as can be learned from the
business centres of the country there is nothing
in the state Of trade that suggests the develop
rnent In the near future OF conditions that viii
reduce the worth of securities from the invest
rnent point of view. Symptoms of the probabil-
ity Of a healthful reaction from the feverish ac-
tivity that has prevailed for so long time in
our Industries cannot be considered bear ar
gument on American stocks and bonds There
are many attractive railroad and industrial is
sues that are selling at level that returns to
the buyers more than ; per cent, including in
the industrial list American Shelters, General
Electric United States Steel preferred. Ameri-
can Locomotive preferred. American Car and
Foundry preferred and Amalgamated Copper,
and among the railroads Baltimore & Ohio,
Northern Pacific, Southern Pacific Atchison
preferred. Pennsylvania. New York Central and
Louisville & Nashville. Union Pacific. at its
current price, returns more than per cent, but
there is no certainty that the company will be
able to maintain the present dividend Of 10 per
IL
is not conservative investment. ST. Paul yields
a little less than per cent and is a good pur-
chase for investment account, while the same
thing may be said of Great Northern. Cam
adam Pacific is a sound investment security,
and can now be bought TO return trjhe over
per cent Delaware & Hudson a per cent
stock yields about 80. The margin between
the dividend paid on this stock and the earn
ings available for dividends is not large, and
there has been much criticism Of the directors
action in recently advancing the rate TO per
cent, especially as the company at no remote
period, If it intends TO keep abreast of the
times. undoubtedly will be compelled to issue
some form of obligation in order to raise funds
for improvement purposes.
Bond houses are more optimistic over the fut-
ure OF the bond market than they have been in
many months. and they believe that in the
course OF the next twelve months there Will de-
velop an active market for railroad mortgage
issues Prices Of bonds are relatively cheap and
II queter tendency Develops in the mercantile
community. which will have the effect of easing
conditions in money. there doubtless will be
buying movement of some extent in the bond
department OF the securities market Money
market conditions are not accurately measured
by the statement OF the associated banks In
studying the position OF the New York banks
and Of the banks throughout the country the
fact should not be lost sight OF that we have
large credits abroad which can be drawn upon