New-York tribune., 1907-12-03
sCnl,sth.
Closing price. of active bonds dealt in. with
'EE interest
STOCK MARKET OPERATIONS.

In the first few hours of trading stock market
values moved IN the direction Of lower leNe[
.eIIinp rress1,re being encouraged by the absence
~ an active outside demand for securities anu
t,v heavy sales for foreign account, IN me course
Of which declines of per cent ana more "eIo
common, throughout the list Of active ISSUES
The movement which not accompanied os
adverse news Developments IN the nadHctai "
business world. soon became exhausted ana was
followed by covering of shorts and ouylns oS
so-1e of the more important wall street inter
ests particularly IN Brooklyn Raplo Iransll77
St Paul Reading. the United States 0.eei
ses,,es An,aIsanated COPPER and Union Paclnc
IL, which advances from the low fsures ran Il oi
IL, to points. the latter gain oe1ng EePof0eu
nv Reading Such stocks as Ontario & western
colorado & Southern and Missouri. Kansas q
rexss we're In demand from people VINO Coii'u
not afford To carry high priced securities o"ltlS
To the current restriction In margins ana liie
buvtng was not without effect upon the se'eli
list as 1t apparently reflected return OF ccn-
edeoca among the smaller traders VINO ior
many weeks have not been factors IN tne M. M
,.e4 Several large short accounts ev1oenuS
were hard pressed in Brooklyn haPlo ah.t"
ss well as fri other parts Of the nst Al t'ie
close the general market, as RUE vas
st the best figures of the Gay anu "a
Substantial Improvement over Saturdays maj
quotations Traders found their snort Seilihs
absorbed In a manner that suggested d stionS
huying influence behind the market ana ,ne
General appearance of speculation Indicated that
e. ,s-aIce might easily be carried further The
,,ra,,ir-, m currency somewhat sti1er tildii
noted at the close of the preceding week. ~hie
cali funds ruled IN the neighbornooo oi L" pe
cent with renewal. at IL per cent.
ranl statement figures last week We're lhaue
.r, -,si,g averages and as a consequence tno
actual position of the Clearing House il'suIu
tions is stronger than indicated by the reIui d.
q reflection of which doubtless VIII be SHOWN !"
this weeks compilation. Since Frloay the oaiih'
have gained on their operations with the SUD
Treas,Irv inward Of St.0o0.0Go. while cash re-
sources viii be increased through recelpts Oh
yoId from abroad and gain in circulatloh AS
fast as notes can be issued asalhs' .ile
r,ree sIrry certificates of indebtedness ana ne"
panan,a Canal bonds. Fortunately. the danger
of troublesome imitation has been removed, Loi
the present at least, through the aclion Oh the
Secretary of the Treasury in WithdraWlhs Iie
,rsar for further subscriptions to the treasury
| ,a- cent certificates, but the points made by
Co,oressroan Fowler, Of the House Banking
and Currency Committee regarding the scheHe
IF a bond secured circulation are Wen MADE ana
| come at a time when they ought to receive par
.ic,,lar attention from our lawmakers, VINO VIII
he caJ1ad ,pou to devise improvements IN our
currency system that will work for the pest IN
terests of the countrys industries "flen the heeo
| or additional money is urgent, and at the same
time make Impossible currency that VIII drive
/ ont of the country gold. upon which bank de
| ,osits SO suggested by Mr.. Fowler, ought TO De
| based Commercial breakdowns ere certain 10
follow money imitation. and that plans TO pre-
| vent sllch a development VIII De seiiouSiy Noi
| sidered at the current session OF congress no
! ore az ,be moment doubts, though II is likely
| ., Will require time before the varying views OF
| representative from so many different sections
| NJ the Tinted States can be brought to oasls
| upon which harmonious and Intelligent action
| may be taken. In the mean time the coun.rs
| will move along under the confident expectation
| that a solution of the problem Will be reacneo
| before the recurrence Of conditions similar 10
| those which helped bring on the recent nnahctai
| manic A credit currency would prevent ih'la
1 ton Imitation in money and business speii9
| collapse
| Railroad earnings now coming 10 hand In some
Instances show declines in gross recelpts from
| .rfs time 2 year ago, but losses when reported
are not heavy ard if continued at the current
| rate would not cause any apprehension among
/ holders Of railroad securities. The margin OF
| earnings above dividend requirements in the
| greater rumber OF roads in the present year
| has been large, and general lowering or pay
| rnents TO stockholders is not probable unless
| there should be long period of commerciai
! distress of which there is no indication
| conpanies that have been paying extravagant
] 6;zidends in the hope of making better mar
| ket for rev securities may have to reduce their
! rates and If such a company the Atchison
| sor instance. continues TO report big gains III
! e,-,ensas AT a time when the tendency in gross
| Sc toward smaller totals some change Will be
! made in its disbursements the common
| stock which now at the rate OF b per cens