New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-10

Closing prices Of active bonds dealt IN, with
net changes. follow:
STOCK MARKET OPERATIONS.

Trading in stocks yesterday again was repre-
sentative of little beyond the operations OF the
professional element In a few issues orders
were executed for come of the larger houses.
notably in Amalgamated Copper. Canadian Pa
cifc. Union Pacific and United States Steel, but
in the greater number of securities buying and
selling were confined TO the board room element
Values moved in an irregular manner. with the
final tendency in the direction of lower prices
last quotations for the majority Of shares show
ing net losses as compared with the closing
figures Of the preceding day. Declines in the
last hour from the best prices fer the active
issues ran from ! to . points. Selling was
based on the unwillingness of the public TO buy
stocks on the strength that developed in the
forenoon and on the indications that a number
OF railroad companies soon would be in the
market for funds IN connection with their
tension and improvement plans. The fact that
the Erie was compelled TO pay high rate for
its recent note issue and the understanding
that the Delaware & Hudson company OF the
highest credit can do no better than 612 per
cent on SIS proposed offering Of S10000OC0 fur
nishes food for bear consideration and indicates
that corporations wanting money for more than
short time maIur4Ele5 VIII De OlaDle TO DCrrOW
at the attractive rates quoted IN the loan
market. Money rates were not affected yester-
day by the financing of. the Great Northern
new stock payment of $24OOOO0O call money
ruling at pa per cent, while time loans were
freely made from Az to 81 per cent. according
10 the periods. Canadian Pacific ana American
Shelters were conspicuously strong features in
the early dealings. and United States Steel also
attained a moderate degree OF strength. Tho
Erie shares. especially the first preferred, were
heavy under professional pressure.
Observers who are now predicting the devel-
op;nent OF a period OF Industrial depression so
far have not been able TO convince the majority
OF business in the country that anything
moro than hcalthful reaction from the fever
fish activity OF the last twelve months is proba-
bic. Assuming, however. for the sake Of argu-
ment that e time OF famins is approaching it
may be we'll to examine the condition OF the
various railroad and industrial concerns in the
United States in order to find out how their
physical and financial resources stand to meet
the exgencies Of a non-productive season in
the business world. A careful examination OF
the reports OF corporations for the last year and
n study Of present earnings and expenditures
reveal IN q most striking manner the fact that
in no preceding time IN the history OF the coun-
try have orr great and little business concerns
been in better position bridge period of
hard times than they are at present. Railroad
and industrial companies are stronger physically
and financially than ever before reported and
their reserve strength insures the absence Of re-
ceiverships and dividend suspensions such as
marked the dark days in 1898 and the two
years following. The wealth Of the nation IS
due 70 the mines, the farms ana the manufacto-
ries; TO the expansion OF the railroads ana TO the
building up OF an enormous foreign trade. And
the great wealth created by these factors will
not pass away. This wealth has placed our cor
porations on sound financial basis. and as a
consequence they view with equanimity a
temporary falling of in the productive energies
OF the land. The farmers aro rich and will be
able 10 pass through a poor crop season without
mortgaging their lands, while thu same principle
applies 10 the country's general Industries
Greater caution IN all undertakings Is now re-
ported, and the very f6ct that business men rec
ognize the necessity OF prudence ana are prepar-
ing 20 meet adversely. IL Il should develop, win
5e an Important influence IN wardlng off trouble
Or going through It at least without material
Damage. Tho next two years doubtless VIII he
a period OF business conservatism and common
sense rather than period Of depression.
Stock market movements do not reflect I'M
easiness on the part of investors and specuIa-
sors over the future OF business. but Il fs con-
ceivabie that decline in confidence NAV de-
"eiop Z the laxative hnanciers and professors
continue 10 pat forth their dismal views OF yyhgt
they believe win happen IN the near future
Their belief S. based or an ove-stussy OF the i'm
prooGSie- Investors who hold good stocks and