New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-13
'Unlisted
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

:
light in volume throughout the five hours of
business on a movement OF values that generally
tended IN the direction Of lower quotations. De-
ciines however were not extensive. and the
pressure from tho room element failed TO attract
an active commission house response. sales for |
the latter amounting 10 unimportant totals. The
professional element was bearish chiefly be-
cause of the absence Of public support and the
lack of interest in speculation by the more sub
stantiaI interests. but some capital was made
out of the decline I'm tho price Of copper in the
London market and the strength Of July wheat,
the weakness in copper attracting moderately
heavy sales OF Amalgamated and Anaconda,
while the advance in wheat was used as bear
argument the Western railroad shares. Post
ed prices for copper were marked down on the
Metal Exchange. but there no change in the
quotations of the leading sellers OF the metal
and no suggestion on their part Of materially
Tower prices in the near future. According 10
some local copper interests the decline I'm the
metal in London represented manipulation rather
than adverse trade conditions but bears on the
copper stocks asserted that the movement of
the price, though not accompanied by actual
transactions on the Metal Exchange at this cen
ire, reflected tendencies that would develop sales
at lower figures. The copper market is inactive
al the moment consumers I'm most cases hav-
ing their requirements covered until June The
general market showed a slightly nrner tend
ency in the last hour and final prices were
above the lowest. though at net losses in the
majority OF shares as compared with the clos
ing figures Of the preceding day. with the chief
declines in Union Pacific Reading. the copper
stocks. Atchison, American Smelling Northern
Pacific and ST. Paul. Union Pacihc's decline
WAS accompanied by report that the company
would Issue notes. but this was subsequently
denied. the idea doubtless arising from the an
nouncement regarding the Oregon Short Line
note held by the Pennsylvania company end
turned TO the latter by the Union Pacific
for the purchase of Pennsylvania's holdings Of
Baltimore & Ohio.
Local banks in the current week have gained
a relatively small amount Of cash as a result OF
their net operations with the Sub-Treasury and
the interior. and unless there has been large
decrease in the loan item tc-day's statement OF
the Clearing House institutions viii not show
material Improvement in the reserve above legal
requirements. Loans doubtless have been af-
fected by special operations, such as those incl
dent TO the Great Northern new stock payments
and by the ease in money rates. which has in
creased the borrowing demand from various
sources, and It is not unlikely that instead of a
contraction there will be an expansion in this
account large enough TO offset as an influence on
reserve any increase that may be reported in
ever, throughout the week has not foreshadowed
striking decrease in reserve. but the decline In
rates for loans has been effective in attracting
an inquiry for money from out OF town points,
while ii has encouraged some borrowers who
We're compelled a few weeks ago to postpone
their demands, owing to monetary stringency,
TO figure on all the accommodation they may de-
sire The banks are in a strong position, but
the chances are that corporations needing funds
vr-f1F ia
relatively low quotations for short time loans
as reported in the time department of the mar
ket. The Erie compelled TO pay high rate
and other roads doubtless will have TO do the
same, even though their credit may be higher
than that of the Erie. unless they should decide
TO stay out OF the market until the bankers
would be willing TO take lower rate for their
money. IL is asserted by interests connected
with corporations that the bankers are not war
ranted by present-cOnditions or by the prospects
Of monetary conditions In the next two years in
charging exorbitant rates for notes OF from one
TO two years maturity. and IL IS not unlikely
that II the bankers refuse TO extend accom-
mooatlon at better terms railroads Will cOnfine
! their borrowing 10 absolute current necessities.
Many railroad men are talking for effect upon
| Washington OF the 'funfayOFable" conditions
prevailing throughout the country and the
gloomy outlook for railroad traffic in the near
future, but their words are NOT hacked In, cur-
rent returns of railroad earnings or by the opin-
| ION OF the interests connected VITA the In
dustries upon which the transportation COM
/
! Earnings are heavy and heads OF Industrial
companies are bullish over the outlook Incl
! dentaliys many large interests that see encour-
! aging signs In che situation are buying secur-
tiles on ~ reactions with the intention OF hold
ing either Tor permanent investment or to sell
az higher prices. The attitude OF the Standard
OIL party is reflected in the optimistic views of
| ID. IL. Rogers on the business outlook and q IS
interesting 70 note that st. Paul stock continues
/ 70 move toward no. 20 Broadway. The presi-
1 oesi o. .the 81. Paul company is Out with a
rather dolefGl talk. bUt that does not make the
| eaiue OF ST. Paul stock less. ST. Paul Will push
! through 10 the Pacific Coast without any 5n-