New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-19

STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Stock market values were weak in the greater
part of the two hours of trading under the in
fuence Of professional pressure and liquidation
for the account Of some interests who appar-
emily were unable longer TO maintain posi-
ton on the bull side of the market, their opera
tons being especially pronounced in the cheap
stocks, such as Chesapeake & Ohio and Inter
metropolitan. The stocks named made
new low records for the year, and Street opin-
ions appeared TO favor the theory that both
issues would sell at still lower levels in the
course of the current week. There is some
mystery about the future of Chesapeake &
Ohio, according to the SPECTATORS ideas, and
from what can be learned the road practically
is in the market, without, however, any chance
of an immediate sale. AS TO marlborough
Metropolitan, the least said the better for the
happiness of the holders of the issue. 1t may
be well TO add. however, that in the last year
the preferred did not earn its per cent divi-
dend by S1,347.4S9. Even a favorable bank
statement failed TO help prices in the general
list, the course of quotations in the last half
hour being distinctly discouraging the advo-
cafes OF HlglSr VALUES 1IISIS was d BOOu SiGSu
increase in cash holdings and small decline in
loans while as a result Of all changes the re-
serve above legal requirements increased
S2,9S6.450 to S11, Az, 675. which compares with
S101292 75 at this time year ago and $S,2l9,-
975 In 1905. Atchison was a weak feature, its
decline being helped by further adverse reports
from the crop section of the country while al
legged crop conditions were in great part respon-
sibe for the general weakness and dulness that
prevailed in all parts OF the list.
Reports received by the commercial agencies
covering all parts of the United States show
that while there has been a somewhat back
ward spring trade owing TO adverse weather
conditions the general position of the country's
industries is sound and promising of favorable
results in all lines in the rest of the year
Bank clearings for the last week show slight
falling off in the aggregate from the record
of the corresponding time a year ago. but the
decline was due to the quieter operations in
the stock market rather than TO any reduction
in the volume of business in the United States,
New York alone of the big cities presenting a
decline from last year Bank Clearings and rail-
road earnings are pretty safe barometers OF
trade and it therefore is encouraging to note
that the tendency of both is favorable TO fair
skies in the business horizon. For the second
week in May railroads throughout the country
show large gains over the corresponding period
in 1906, while the Canadian and Mexican COM
panies also show improvement, Canadian Pa
cifc's increase amounting TO $4,000. making
a gain from the first Of the fiscal year of So
3O4 900 These returns are especially significant.
as they compare with time last year when
receipts were extremely heavy The Gould roads
are making favorable earnings, but at present
there is little chance of good railroad reports
helping securities as far as speculation is con-
cerned, though they will serve TO strengthen
confidence among investors. Missouri Pacific
for the second week shows gain of SSS.0O0,
Texas & Pacific a gain OF S66,2G0, Denver e.
Rio Grande a gain of $4,000 and st. Louis
Southwestern a gain of $31,S12. The Gould
shares have been neglected for long time and
there is no attempt on the part OF the Gould
interests to start movement in the various
issues, but with the development of general
bull activity the entire group ought TO give
good account of itself.
Atchison common, which pays 6 per cent and
sells below 80. is considered something Of a
market mystery. but il is no more so than other
securities which paying good dividends but
which selling at cheap figures the Stock
Exchange There is no buying power, while
the professional element is uniformly bearish.
Such a situation does not make for higher
prices, and there appears TO be no prospect of
a change in the character of the trading for
some time to come. probably not until it is
possible to make approximate estimates of the
years harvests There is talk of gold exports
but foreign houses do not look for shipments Of
the metal in volume. In the event of an active
demand from London or Paris money rates soon
would advance at this point to a level that
would check the outward movement of gold IF
Europe needs the metal we could easily snare
some of il, but there is no indication that the
foreign capitals anxious TO secure largo
sums in this country. The advance last week
in sterling was due to a scarcity of bills to
meet covering purposes rather than to an urgent
demand for remittance. In yesterdays market
sterling advanced - points, but even with this
rise gold could not be exported unless the Bank
i of France offered some inducement