New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-26
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Transactions in yesterdays stock market were
light in volume. accompanied ny a movement Of
values that showed great irregularity. with the
final tendency in the direction Of higher prices.
In the early dealings the room element endeav-
ored 10 bring about lower quotations and It's
efforts met with some success though there
was no liquidation Of importance and no indica
ton that the larger interests were willing 70
encourage materially cheaper values The alb
sence of outside selling doubtless ef-
fective influence in attracting covering opera
tions in the late trading. particularly in the
Hartman shares, in which traders were espe-
cially active in the forenoon transactions, when
they followed the lead OF the arbitrage houses
which active sellers Of Union Pacific.
Union Pacific has many friends despite all the
bear talk that has been circulated the issue
in recent weeks. and the fact that the stock is
held by strong financial interests who evil
IDENTIFY are quite willing at times 10 twist the
shorts does not make it guaranteed profit on
the short side OF the market Great Northern
Amalgamated. Brooklyn Rapid Transit Read
ing, United States Steel. Southern Pacific and
St. Paul were among the shares that closed at
net gains, while the only important net losses
We're reported in Chicago Great Western and
Erie first preferred. Great Western was sold
recent valuation placed upon the property by
the Senate committee Of the Minnesota Legis-
lature represents the actual value OF the com
panys entire assets, earning power dividend
possibilities etc. The Minnesota politicians
reached many conclusions that had no basis in
fact and holders of Greet Western stock need
not be alarmed by the populistic figuring OF
these well meaning but mistaken lawmakers,
Erie was weak because there was some stock
TO sell and no market for it. except at cheap
prices Money was easy and sterling exchange
declined 10 points.
In reducing its minimum rate of discount the
Bank Of England gives notice that monetary
conditions at the British capital as well as at
other foreign financial centres. have improved
70 an extent that removes all apprehension re-
gardinG the immediate future of the money
market abroad. and il is not unlikely that the
Bank Of France, at IS next meeting. will also
set forth it's ideas OF a better monetary situa-
ton by lowering its rates. The Bank Of Ger
many and the Bank Of the Netherlands reduced
their discount rates earlier in the week and
il therefore may be seen that the outlook Is
promising for long period of relatively easy
quotations for loans. Lower rates abroad sug-
gest the mprobability of the necessity Of gold
shipments from New York despite the recent
strength in the foreign exchange market. And
cheaper money in Europe warrants the predic-
ton that the foreign securities markets will
improve. and that there will he better demand
for American issues. In the last few weeks for
eign houses have been sellers of stocks in the
local market on balance to large extent. but
this movement has not been accompanied by
pessimistic views in London regarding the in
trinsic value Of our securities, nor has it re-
Aected important investment selling. Most Of
the stock sold for foreign account has repre-
scented speculative holdings Local banks have
not gained much money from the Sub-Treasury
in the current week, while they have shipped
more currency to the interior than they have
received and as a consequence. the chances
favor another poor showing in Tomorrow
Clearing House statement. There IS no sugges-
ton. however. in the course of money rates at
this point OF change in bank holdings large
enough TO bring about material advance in
loan quotations.
At the moment there is little buying power
apparent in the stock market. but the larger
Wall Street interests are not uneasy over the
absence OF the public from daily transactions
Spectators who are in a hurry TO sell their
stocks at higher prices naturally are consid-
erably upset. as result OF the refusal OF the
outsiders 10 come into the market, but II is
quite evident that for time. at least they will
he compelled 90 worry along without any assist
ance from this source. The public is devoting
its time 10 its regular business pursuits and as
a consequence 1t has no desire 10 speculate in
stocks, but II is conceivable that in the event
OF some striking development II will be willing
| 10 throw some OF its accumulated surplus into
the Street If President Roosevelt in his James
town speech refers 10 the strength OF Industrial
/ conditions I'm the country and 10 the intention
Of the administration TO work for the best in
! terests OF the railroads and the shippers alike
there ought 10 be more activity in the stool;
market even II the Presidents words do not
stimulate an active outside demand. and il is
/ interesting TO record the fact that in Wall
Street circles there are well defined reports that
stocks should be bought in expectation OF a
sharp rally following the opening OF the James,
town Exposition. The country at large knows
that our industries prosperous ana that
President Roosevelt's policies are based on a
theory that involves the greatest good to the
greatest number OF people. but, OF course a
reiteration Of his views would be welcomed in
4 al parts Of the United States.