New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-22
STOCK MARKET OPERATIONS.

Following a brief period Of weakness in the
early dealings, prices for the greater number
Of issues advanced under the influence of Gov
ering OF shorts which was especially pronounced
in Union Pacific. Reading the Hill shares and
American Smelling. AS result Of this move
ment initial declines were recovered in most
parts Of the list, while at the close net gains
amounting in many cases to more than ! point,
were recorded. the chief exceptions being Della
ware & Hudson and the Erie shares, the latter
being adversely affected by the announcement
that the Erie company had decided 10 institute
at once a policy Of retrenchment. If the COM
pany cannot secure funds at the present time
for the extensive improvements recently begun
it certainly is adopting a wise policy in post
poning the work until conditions arc more ia
vorabIe in the money market, and the action Of
the directors is in no way bear argument on
the company's securities Erie viii work out
all right in time even 10 Tie satisfaction of the
long suffering commuters. who are now hurting
daily diatribes ar the roads management. Com
mission houses were not active factors in the
dealings and houses which I'm the last few
days have been buying for small investors odd
lots Of the various investment issues reported
q falling of IN the demand indications pointing
to the exhaustion OF the supply Of money avail
able for this sort Of buying That there has
been an active movement in odd lots is reflected
in the announcement made yesterday by the
Union Pacific that the books of the company.
which under ordinary circumstances would not
he opened until ArriI l. had been opened in re-
spouse TO the large number Of applications by
interests who had bought small amounts Of the
stock to have their stock transferred at once.
Sterling exchange Was mp Il points while call
money was relatively easy.
No change was made yesterday by the Bank
of England in its minimum rate Of discount
despite the fact that the weekly return made a
poor showing for this period Of the year but the
Bank Of France advanced its quotation from 3
to 81 per cent. the first change since May.
1900 when basis of 3 per cent was estab-
lished. against 81. per cent which covered the
time OF our December panic Of 1899 and the
most critical point of the Boer war. The ad-
vance doubtless is intended as a protective
measure on the part Of the bank in expectation
of demand for gold for American account in
Paris, while it also may represent the sale of
finance bills drawn here upon Paris and the
placing Of snort time railroad obligations at
that centre. 1t is obvious that foreign bankers
afraid of the situation in this country, and
it is quite certain that their analysis OF local
conditions is worse than warranted by facts,
foreign opinion Of the general position of affairs
in the United States doubtless being based on
the earthquake which took place on the New
may not be able to dnerentiate between de- |
velopments Of speculative character on our
exchange and founded entirely upon speculative
conditions and developments on the exchange
that reflect actual conditions affecting finance
and business throughout the country and it
therefore may be well at this time for our
bankers who enjoy the confidence of foreign |
financial interests to send some reassuring mes |
sage 10 their European friends regarding the |
strength of our industries and the improvement |
that IS under way in the money market. The |
very fact that this country has not drawn gold |
from Europe when it could do so at profit |
ought to convince all observers that the none
;ary situation is in no danger OF collapse. ex-
peciay in view of the ease with which the re- |
cent stock market panic results have been cared
for our money market has carried tremendous |
burdens in the last twelve months and has not |
gone to pieces under the weight while it has !
indirectly afforded assistance to the foreign mar
kets by leaving undisturbed It's European |
credits.
The unexpected quite often happens in Wall /
Street, but sentiment in the financial conmu- !
nifty favors the theory that for the present at |
least, the stock market will move within narrow |
limits with the possibility of a fair sized adj |
vance in April. No great Improvement. how !
ever. is looked for. owing to the unwillingness
% the public 20 take active interest in specu-
iasion Notwithstanding the relatively low I
prices for the greater number Of securities The /
majority OF people not in a buying mood
particularly as their money is actively enpIoved
II the channels Of trade. where it Is netting |
good return