New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-03
STOCK MARKET OPERATIONS.

cell ,,,arl,at values declined at the opening
,,,aar the influence of selling based the
lower range Of American securities abroad and
on the desire of many operators TO convert into
cash paper profits which had accumulated IN the
course of the recovery from the low figures or
March % There also some selling by the
professional element. on the theory that the
Presidents refusal TO speak before the Illinois
Manufacturers Association would result in fur
Their liquidation. but the general movement of
prices throughout the day did not disclose evil
dence Of sales Of this character. Efforts OF the
professional element to break the market
brought forth support from the Same sources
from which assistance was given in the recent
panicly price movements, and as q consequence
declines generally were confined within narrow
limits, the most extensive fluctuations in the di-
rection OF a lower level being reported in Can
adam Pacific. which declined points under
heavy foreign and local sales. The interests
who made the turn on the shorts in Canadian
Pacific while the London market was closed let
the stock look out for itself yesterday. but Il
need not be assumed from this that the issue
will be allowed 70 move at the will Of the bears.
Foreign houses sold the entire international list.
taking advantage of a range of prices which on
an average was about points above the level
recorded when the British market closed for the
selling prices in most parts OF the list exhibited
a stronger tone. though there was no aggressive
buying, except in Atchison. Brooklyn Rapid
Transit. the Hill shares and the Kansas City
Southern issues.
In the afternoon the movement OF prices
showed great irregularity. while at the close the
general market was unsettled under the lead OF
Canadian Pacific. Last quotations. however
when below those OF the preceding day. did not
present extensive net losses, except in the stock
just named. Union Pacific lost / point. Chesa-
peake & Ohio lost IA and Baltimore & Ohio IL
while elsewhere IN the active list declines re-
ported were confined TO fractions. The most i'm
portant development outside OF the Stock E1,-
change was a sharp advance in sterling ex-
change, following the announcement OF an en-
gagement Of $2,2JOOOO gold for import sight
drafts closing at level which suggests the i'm
probability OF further engagements OF the metal
to this side Of the ocean at present. The neces-
sity for imports OF gold has been obviated by
the. decline in money rates. The banks have
gained large amount of money from the Treas
ury, owing TO the deposit OF customs receipts.
and az the moment there is no reason to suppose
that reserves will fail to a level warranting high
quotations for loans for long time to come
probably not until the fall demand for currency
for crop movement purposes develops The gov
eminent, Of course, can check against its de-
posts with the banks customs account the
same as any other depositor. but the conditions
that brought about these deposits do not sug-
gest any such action by the government, at
present at least. Call and time loans were
easier. and an indication Of expected further
ease in the market was presented in an advance
in the prices OF short time railroad notes.
Gross earnings OF the railroads in all parts of
the country are making encouraging gains over
the corresponding period last year. but net re-
turns in many instances are not as favorable.
though Il. should be borne IN mind that net
results now coming TO hand represent conditions
which TO a great extent have been unusual. In
creased expenditures for tho maintenance Of
equipment and for fuel and overtime payments
due 10 the congestion OF trafic which interfered
with the development of new business have
been important factors making for reduced net
earnings. while the demands Of labor for higher
wages. which in most cases have besn granted.
also have played part IN increasing the ex-
pense account 20 an extent that has Offset the
improvement in gross income. while larger divi-
] dends by many companies have added 10 ex-
I pendltures already swollen by payments cue TO
! temporary adverse developments. Dividends in
the last twelve months on number OF stocks
l have been declared on a most generous basis,
! bet this generosity in some Instances has ex-
ceeaed the bounds OF conservatism ana has been