New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-08
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.

While there was buying in yesterdays stock
market for the account of substantial houses
and further covering Of short contracts by the
room element. transactions were not heavy IN
the general list firmer prices falling 70 attract
an active public following. Sentiment in specula-
tive circles however was cheerful. and the few
news develoments of the day were construed as
favorable TO the advocates of higher quotations,
particularly the excellent terms on which the
Canadian Pacific disposed Of a block of it's pre-
ferred stock in the London market, the increase
in the Bank OF England's holdings, and tho an
nouncement that the New York Central and
other railroad companies would proceed more
slowly In the matter OF expanding money on I'm
rover,ents until the stock and bond markets
become more attractive for the placing OF new
securities Issues The Hartman issues, Cana
dian Pacific, New York Central. the Gould
shares Pennsylvania, Atchson, Reading, Erie
and the copper stocks were among the con-
sptcuoIs features Of strength, Amalgamated and
Anaconda both being in good demand from So
called Standard OIL brokers. Based on their
dividend yield and the strong position OF the
copper market these issues appear attractive at
current figures. and the fact that they were
actively absorbed on the recent decline by i'm
portant market interests naturally suggests the
proba bllity Of higher prices. In the last hour
the entire list exhibited great strength, and at
the close prices were at or the best quota
lions Of the day with net gains of l per cent
and more in the leading securities The volume
Of business in q few stocks showed a material
expansion as compared with the dealings in
Wednesdays market. Among the low priced
issues Missouri, Kansas Texas, Central
Leather, Erie, Steel common and Republic Iron
and Steel were higher Steel preferred was
again taken In small and large lots for invest
ment account.
So far in the current week the local banks
have lost in their operations with the Sub
Treasury more than 81 100000 and the prospects
Of a favorable bank statement tomorrow are
not particularly encouraging Money rates how
ever are ruling at a relatively easy level. while
sterling exchange is at point which warrants
the expectation Of further imports Of gold in the
near future, Notwithstanding the fact that the
Bank Of England's minimum rate OF discount
remains at per cent In its weekly return yes
terday the British institution made most IA
vorable exhibit despite shipments OF gold to the
United States and South America. the proportion
Of reserve to liability standing at 1866 com
pared with 1881 a week ago, 4G14 in the CORE
spending time last year and 5516 in 1905 Lon
don may not look with composure on the Ameri-
can demand for the precious metal. but owing
to our increasing trade balance abroad the re-
cent sales of short time American railroad notes
to foreign investors and the buying in the local
market Of American securities by foreign houses
English bankers not in position to obstruct
a movement OF the metal TO this side Of the
ocean If gold is actually needed here. It is not
the purpose Of our bankers to do anything that
would tend TO upset the European money mar
kets, but the mere fact that can get the gold
If we want It ought TO prove extremely encour-
aging TO Wall Street and to business circles in
general. The idea recently held in some quar-
tiers that the United States owed Europe a large
amount of money gradually is giving way to
the knowledge that this country has a substan-
tial credit balance abroad, due in great part TO
the constantly increasing excess of merchandise
exports over imports-an excess which there is
every reason 10 believe will continue to grow for
many months to come.
Recent heavy liquidation in securities and the
present inactivity the Stock Exchange arc
favorable influences IN the money market and
while hardening of rates may be expected as
| spring approaches. there is no reason TO look
forward TO recurrence Of the high quotations
for funds that prevailed IN the closing months OF
! the last year. The government continues to
| withdraw money from the banks heavily In ex-
! cess of government payments. and it is expect
| ed that IL the nations income increases at the
| present rate I'm the balance OF the fiscal year
there will be a surplus account at the end Of
June of upward of $7o.oOO.O0O This surplus
revenue. however, doubtless will be used to help
needed. either in the form Of additional deposits
with the national banks or In payment Of gov
eminent bonds OF 1907. which ral due In july.
Doubtless the method OF the redemption Of thess
issues Will be left to Secretary Shaw's success
cor but local bankers helIeya that a mart of tho