New-York tribune., 1907-06-01
unlisted TEX dividend
Closing prices Of active bonds dealt n with
STOCK MARKET OPERATIONS.

market the movement of values reflected further !
covering Of shorts and support from some ot
the more important houses. while irp the after
noon reactionary tendency was reported in
most parts of the list, the selling representing |
the adverse effect upon sentiment OF a preilm-
mary report Of conditions in the cotton states |
indicating one of the most unfavorable situa- |
tions in years. The Giles report. which in the |
past has tailed well with official government
figures places the condition Of cotton at 634 |
which compares with $50 a year ago and I9l in |
1905 and it is not unlikely that the government
report which will be issued June will he jusr
about as unfavorable the Giles estimate. on I
the Cotton Exchange prices advanced from 20 t"
80 points and the excitement in the market
and the expectation of a poor govern
ment report on grain were factors in inducing
attacks upon stocks despite the fact that in the
early part of the day the greater number Of
securities presented great strength on buying
attracted by the favorable reception Of the
Presidents Indianapolis speech in financial
quarters Morning gains from | to points
in the active list but the downward movement
that followed wiped out most of the improve
ment ard in some cases net losses were shown
at the close The Hartman shares, New York
Central, Pennsylvania, Canadian Pacific and
Amalgamated were under pressure in the last
hour. and ended the day below the final figures
mission house buying OF stocks, while the bond
market was dead Cali money was trife
frmer and gold to the amount of 100000 was
taken for export.
Notwithstanding the Paris demand for gold.
monetary conditions in the British capital are
stronger than they at this time year
ago and the Withdrawals of the precious metal
| for French account do not threaten to cause dis
turbance IN London. while the same thing may
be said of the gold movement from this coun-
try Gold doubtless will go out until the Paris
check London advances The course Of the
Paris exchange market will have more to do
with the shipments of the metal than the posi-
tion of money and foreign exchange at this cen
tre and. according to cable advices. there is no
immediate prospect of material advance in
the Paris check on London. The weekly return
Of the Bank of England made a strong showing
with percentages of reserve to liability OF 46.S2
compared with 43.S7 at this time in 1906 our
own bank return, which viii be published to-
day, ought not to present particularly unfavor-
able comparisons with a week ago despite the
gold shipments owing to the probability Of a
contraction of the loan item TO extent that
will serve to offset the decrease in cash as an
influence the reserve above legal require
ments. The general money market outlook is
| not encouraging for lenders, who would like to
promising Of a total absence OF disturbance
even later in the season, when the preparations
must be made to meet the heavy requirements
Of the agricultural community. The Secretary
of the Treas sury under the Aldrich law has wide
powers to deal with the relations between the
banks and the federal Treasury. and he is per-
mitted by this law to place government funds
in the channels Of trade whenever he believes
that by so doing monetary stringency and dis
tress among merchants will be avoided. and it
therefore is safe to count upon federal help for
| the market whenever such action becomes nee
essary.
There has been much missta tement Of fact
| in the last few months regarding the Presidents
| policy toward the railroads and so much
| easiness among some investors because of their
| foolish belief in the theory that government reg
| ulation means a sacrifice of vested rights that
1 the reassuring words spoken by the Chief Ex-
ecutive Of the nation in his Memorial Day speech
| ought gradually to increase the buying power
| in the bond market and in stocks too. Higher
| prices are warranted for railway mortgage is
| sues Investors who buy at the prevailing range
| of quotations will secure bargains, and bond
houses believe that in the near future there will
| be a active public demand and that syndi-
| Gates that have been formed TO handle the
| financing operations of the railroads will not be
| tied up with ther underWrltings for any great
| length of time In the month of May new financ-
| ing amounted in bonds. stocks and notes 10
I S202, 100000 The greater part of the money in
| voIved will be advanced by banking syndicates
/ which receiving a good price for the accom-,
! modation and expect 10 place the securities
with the public. These new issues are attrac
| tive. especially the Rock Island As and the Del
aware g. Hudson as
PRODUCE EXCHANGE STOCKS.