New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-05
~JTnI!sted
Closing prices of active bonds dealt IN with
STOCK MARKET OPERATIONS.

Trading in Yesterdays stock market showed
a material falling off IN the volume Of business
as compared with recent daily totals, while the
course Of values reflected cessation, for the
time at least of the vigorous selling that char
acterized last weeks operations. In the early
dealings prices were under the closing figures
of the preceding week. Subsequently the general |
list exhibited considerable strength under the
influence of covering of shorts but before the
end of the day quotations again on the
down grade on selling by the floor element.
There was no forced liquidation and no agrees
sive selling by the substantial interests who IN
the last few weeks have been pronounced bears
on the market and who have lived UP to their
convictions by putting out large lines of stocks
in all parts Of the list Final losses, as a rule.
were confined to fractions, the chief exceptions !
being Canadian Pacific, Erie, Louisville & Nash
VILE and Pennsylvania, in which declines
reached l per cent or more The United States
Steel issues were among the few shares which
were we'll bought, and the preferred and 500
preferred were the only prominent issues which
showed a net gain. Steel common closed I'M
changed The recent decline in 800" shares
intrenched the stock more firmly in the hands !
Of Canadian Pacific interests and their friends, |
who believe these securities, especially the pre-
ferred among the safest the list. The ma
toritv Of both classes of 800" stock IS owned
by the Canadian Pacific. and, there is only ST.
900 600 OF the preferred, dividends are assured in
the poorest years of earnings. The chief press
ure in the late trading against Erie and
Reading but. despite the selling in these
issues and in other parts Of the market senti-
nent appeared to be much more cheerful over
the outlook than 1t at the same time a
week ago.
Gold engagements in London for shipment
to New York upset the idea that the Bank of
England in the near future will reduce it's
minimum rate of discount: indeed. If the
American demand becomes active an advance
may be made. despite the fact that the Eng
lish institution is in a stronger position than
II was last fall, when the rate was raised to
per cent in order to check exports Of the
metal to this country. Gold TO the amount
OF S5OO,OOO was secured in London yesterday
for New York account. There active
competition on the part of the Bank OF Eng
land which was considered favorable factor,
but cable dispatches reported a less active
demand for American railroad notes a result
of the gold operations and limited at the posi-
biIity of liquidation OF American held stocks If
the gold movement should reach large proper
tons In the last fortnight Europe has taken
advantage of the decline in prices the local
Stock Exchange TO buy attractive American
issues. and these purchases have been an i'm
portant factor in weakening the foreign ex-
of this credit balance and that created by the
sale of short time notes has a balance in its
favor on trade account and gold coming to New I
York represents the payment by Europe OF its
debts 10 rather than loans by Europe TO
America. The United States practically has
been in control of the foreign exchange market
for the last twelve months. and the idea that
is held in some quarters that we are in debt 10
Europe is not based the actual facts of the
situation It is interesting 10 note that not
withstandng government excess receipts over
expenditures in the last month the amount OF
money in circulation increased in January more
than S9O0OO00, and that as compared with a
year ago there has been gain in the amount
in circulation of 1922 272 161. these figures |
being taken from the Treasury report received
yesterday.
The current price of securities is appealing to
the people of means, evidenced in the orders
Of commission houses for stocks which are paid
for and taken out of the market And it is a |
noteworthy fact that many small investors are
buying sound issues including first class indus
trial shares, such United States Steel pre-
ferred Amalgamated Copper and the railway
equipment stocks. United States Steel preferred
is in excellent demand from buyers who deal in
small share lots this class of investment being
preferred at the moment to the railroad securi-
ties owing to the better dividend yield and to
the extravagant talk about the damage that
agitation against the railroads will work to the
intrinsic value of the stocks and bonds of the
transportation companies. There is so much ir-
responsible talk about the intention Of state and
federal administrations regarding legislation
against the railroads and prosecution of CORPORA
tons that do not live within the law that many
people refuse to buy railroad securities foollshIy
believing that the purpose OF the government is
TO bring about situation which will make the
maintenance OF dividends impossible There is
nothing in the campaign of our lawmakers and
administrators that seeks TO iniure vested
! rights. and the people who crying out that