New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-20
Closing prices of active bonds dealt IN. with
net changes follow:
STOCK MARKET OPERATIONS.

During the greater part Of the day yesterday
the stock market was under decided pressure.
and prices declined all along the line. but in the
last half hour recovery set in. which brought
many issues at the close to nearly their final
levels Of Monday. The trading was in heavy
volume, total sales being in excess Of l,lOOOoO
shares The early selling was on the announce
rnent Of the intention of the Pennsylvania Rail
road Company to make large new issue Of
securities of some character the news Of the
sale Of S1O.OOOOOO notes for account Of the
Tidewater Railway and the general expectation
Of additional financing in the future by
other roads IN various parts Of the country
Heavy selling Of Union Pacific was followed by
the circulation Of a rumor that the Equitable
Life Assurance Society was in financial diff
cuities report which. although everybody
knew It to be impossible to be true, neverthe
less caused sharp break in prices. Formal
denial OF this report by President Paul Morton
was followed by market rally, but the news OF
the Pennsylvania issue OF S60,0000OO short
term notes checked the improvement and led to
a temporary renewal Of the selling movement.
In the last half hour. already noted, another
rally started based appreciation of the sig
nifcance of the PennsylYanias announcement
that it's needs for the year had been financed
and this Improvement continued to the end Of
the session. Time money was Il per cent higher
for most dates, and call money, although not
going above Mondays high level. hardened in
the afternoon and closed at the highest Of the
day. 81 per cent.
So far IN the current week the local banks
have lost on their operations with the Sub
Treasury more than $2,OO00O0 but this fact
fails TO cause uneasiness in financial circles de-
spite the low position OF the bank reserves. The
condition of the money market is much stronger
than it few months ago. owing 10 liqui-
dation in securities and the increase in this
country's foreign credits, the latter being re-
fected in the in sterling exchange, which
warrants the belief that in the event of our
needs becoming urgent it will not be a difficult
matter to bring in round amounts of gold. Local
bankers are making no efforts at present to
attract gold to this side of the ocean, chiefly on
account of monetary conditions abroad buz
later IN the season they may find It necessary to
increase bank reserves through the medium Of
the foreign exchange market, especially as in Il
few weeks the usual spring demand for cur
rency from the interior will develop-a demand
which, according to present indications, Will be
up to the average of recent years If not heav-
Ter. This interior has not sent much money to
the East In the last two months. account Of
the active employment Of funds in the channels
of trade. and just long the country's in
dustries continue prosperous New York will be
called upon to do a large amount Of financing
for the West and South
Fortunately there is a disposition in Europe
to advance money to American railroads that
need additional supplies of cash. that the bur
den of satisfying the Voracious appetite of orr
great transportation companies for additional
funds does not fall upon local money institu-
tions, but some apprehension is felt over the
future when American notes bought abroad fall
due. 1t is assumed in many quarters that these
obligations will be offset by big trade balance
in favor of the United States, and it Is to be
hoped that such will prove to be the case. Matu-
rites, however. may become due at a time when
conditions will not be favorable in foreign trade
or favorable for the funding of these notes into
long time securities.