New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-02

A cautious bidding up Of few stocks in the
opening dealings failed to attract an active de-
mand for securities in yesterdays market. the
buying power noted IN Thursdays operations be
ing wholly absent, while the disposition in com
mission houses appeared to favor the selling
side notwithstanding the announcement OF
gold tnport engagement and easy rates for
money The larger interests offered no sup
port. but on the decline which developed before
the end of the second hour OF business some Of
the more important houses were quiet buyers.
notably in Amalgamated Copper The position
OF the copper metal market is so strong that
there is every reason for the purchase Of good
copper shares at current quotations, and It is
a noteworthy fact that on all forced Iquldaton
these shares are taken by the strongest houses
in the Street particularly houses which nave
Standard Oil backing. The trading element sold
in the greater part of the day, but its operations
were not alone responsible for the extreme
weakness that developed in most of the active
securities genuine liquidation again being noted
throughout the list, with especially heavy sales
in American Smelling, St. Paul, Reading, Union
Pacific and Pennsylvania. In the last hour
nrices showed a somewhat stronger tone. due to
covering of shorts and in the chief active issues
recoveries amounted to much as l per cent.
though the improvement was not sufficient to
wipe out the entire loss Of the early trading,
when maximum declines ran from 2 to 4 per
cent Net declines Of l per cent and more
were common. the principal sufferers being
American Smelling, Canadian Pacific. st. Paul.
Louisville & Nashville. New York Central.
Northern Pacific Pennsylvania, Reading and
Union Pacific. The gold engaged for import
will be brought in at a small profit. and efforts
TO secure further amounts of the metal in order
to strengthen bank reserves at this centre VIII
be made in the coming week.
According to the known movement OF money
in the week the local banks have lost Sl,SO4,SOO
in cash holdings. and while the Street is looking
for an unfavorable statement Of averages to-day
the course Of the money market does not indi-
cate an extensive falling off in the reserve above
legal requirements. The heavy liquidation in the
stock market doubtless has brought about
large reduction in loans representing specula-
tive accounts on the Stock Exchange, and IL Is
not improbable that this reduction has offset IN
great measure the loans made in connection
with corporation financing and the preparations
for the February interest and dividend disburse-
ments Arrangements for these payments and
for the repayment to the Treasury of govern
ment funds that have figured as special deposits
with the banks have not been accompanied by
disturbance in the money market, and though
| bankers expect a gradual hardening in loan
quotations spring approaches they do not
anticipate any disturbance in the market Con-
ditions have been much improved through the
| liquidation that has taken place the Stock
| Exchange. Railroad note Issues far put out
| have been handled without difficulty, thanks in
part TO Europe, which has been generous buyer
of this form of investment, and the fact that
| bankers and railroad men see the necessity
Of restricting for the present loans in connection
with railroad expansion to the basis Of actual
necessities suggests the probability OF the de-
velopment Of a more confident feeling in fnan-
cial circles and cheerful sentiment over
| the future OF the stock market 1t is not adj
mitted that liquidation has yet run it's full
course in securities but it is believed that the
movement is not far from it's end, and that
| barring adverse factors in the busintss world
| investment buying will become an impor-
tant feature of the daily transactions on the
| Stock Exchange.
| Reports received by the commercial agencies
from all parts of the country contain no tone of
| encouragement. Unfavorable weather in vari-
| Gus sections has interfered with the distribut-
dustries remains strong as at any time in re-
cent months, especially in the iron and steel de-
partment. The United States Steel Corporation
that reported its books at this time a wear
| ago. and officers Of the concern predict that the
| current quarter will make another banner show
ing in the matter OF net earnings and untitled
| orders. 1t is a noteworthy fact that in the de-
United States Steel preferred suffered a maxi
ing nearly as high as the best price recorded