New-York tribune., 1907-06-08
Closing prices Of active bonds dealt in' with
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS
Transactions in Yesterdays stock market were
light in volume movement OF values ','"1
penerallv tended in the direction or hle'e'
Lowell Commission houses were not mpo''di''
factors in the dealings, the greater part Oh t"7
business being supplied by the professional eIe-
,,,e,t which worked for better quotations on
the theory that the market was in an oNerSo'u
condition and that the general position of affairs
oefactinp values was in favor of a rally. In the
leading issues advances of one point or more
were recorded the strength being particularly
pronounced in the Hartman shares, Great
Northern, Reading, Amalgamated copper
Brooklyn Rapid Transit. American Smelling
Missouri. Kansas & Texas. New York CehItal
and Delaware & Hudson. The upward move
ment in the last named stock was helped by the
belief that the company at no remote perou
would pass to the control of the New York Cen
+ral The New York Central interests, as ex-
nectad denied that the Delaware & Hudson ulti-
matelv would become a Vanderbilt asset, but
in we'll informed Wall Street circles the idea was
accepted as something more than possibility
The Delaware & Hudson company Is in splendid
financial and physical condition and it's stock
is classed with the oldtime gilt edged investment
issues Holders undoubtedly would be willing 70
see control of the road go TO the New York Cen
trail but they would, Of course insist upon an
interests and it is currently believed that event
uallv an offer will be made by the New York
Central either for direct purchase Of the Della
ware & Hudson stock at price in the neighoor-
hood of 5000 a share else an exchange for
New York Central stock a basis which will
give the Delaware & Hudson holders an income
equal to that which they now receive which Is
9 per cent. Heavy gold exports had no effect on
values.
han -ir,rrt
gold exports and an excess OF government re-
ceipts over expenditures. have lost a large
amount Of money their operations with the
Sub-Treasury, which has been offset to only
small extent by receipts OF currency from the
interior 1t is therefore probable that the week
Iy bank statement will show material decline
in cash holdings and unless there has been a
large reduction in loans the reserve above legal
requirements will make poor exhibit The re-
serve. however as shown by last weeks clear
ing house statement, is in a strong position for
this period of the year. and the course of money
rates does not suggest the possibility of strin-
gency in the near future. There is demand
for call money, and the prospects favor easy
rates throughout the summer except for Il brief
period at the end of this month, when prepara-
tions will be made to meet the extensive July
interest and dividend disbursements. The mer-
camille demand for funds IS moderately active.
able extent this branch of the money market
while IL also has affected retail trade in most
lines of business According TO the reports re-
ceived by the commercial agencies, general busi-
ness conditions throughout the country are
strong. with no indication Of a material reduc-
ton in volume, this being particularly pro-
nounced in the iron and steel industry in which
orders for 1908 delivery are being placed at a
rapid rate, especially for steel rails The rail-
dc not To- Gov
in the movement Of traffic, and they are going
ahead with orders for new rails and new eouip-
ment, to say nothing of new construction on
the well founded theory that there will be no
collapse in the business activities Of the nation.
Hlouerate reaction in trade will not mean
commercial insolvency. At the moment Wau
street processes TO believe there is trouble ahead
out wan ereets ideas are befogged and clouded
with extraordinary pessimism
Prices for the greater number op soo,,u,.,.-
are seihng at level which ought to encourag 90
the investment of idle funds In the bord 80
ket railway mortgage issues are ouoted ~, .
paSls that returns an attractive income for pao
PIE VINO are looking for absolutely safe tnvas+
ments, and the same thing NAV no soid 90 a.,
''sii ei"ue STOCKS. such as Chicago & North
west 81 Paul' Canadian Pacific Great Nor+b
ern' Pennsylvania. Pacific Coast and DaI,-o
d Hudson The last named stock for ra.
not connected with its Intrinsic ,.aI,,
attacked by spectators whose ranuto+to,,
fair dealing IS not Of the best b,,+ :. :,
ilt"iy the holders OF the issue will be friyb,a,,,7
INTO selling as they appreciate the great v,ortl
OF TIE Delaware e Hudson property and Tho
improbab.ltty OF the development of anv condi-
ton that viii tend TO decrease the true value Of
the road as an investment proposition. Cana
dian Pacific is another stock which Is reca,ving
attention from the bear element on the Stock
Exchange, and though operations against the
issue may nave some temporary success, it is
not likely its price will be depressed for an,,
length oe time, especially as the STOCK Is closei,,
held and represents property os enormous
possibilities in the way of earnings Canadian