New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-01
ENLISTED. Tex dividend.
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS

Transactions in Yesterdays stock market re-
| fected enlarged speculative interest in the
trading compared with the dealings of recent
! days while prices indicated IN their movements
| a bulIish attitude the part Of the more
| substantial houses ana pool operations in many
! issues, notably Union Pacific. There no
active response TO the advancing tendency from
| the outsiders but. the other hand, there was
no evidence of liquidation on the appearance Of
| a reactionary movement in the early afternoon.
Little long stock came out except on the ad-
vance for the account of operators VINO desired
| TO take profits, selling OF this being quite
| conspicuous in the Union Pacific shares and
/ Reading. in which the range of values at the
! top figures of the morning showed marked i'm
| provement from the low points Of a week ago
! There were further rumors about a Union Pacific
deal of some sort. but nothing official was given
! out concerning the property, while reports af-
! fecting various other properties. including
! Atchison note rumor, failed 10 receive any con-
! frmation. Sentiment was favorably affected by
| the better advices from the winter wheat belt
J by the ease in money and by the signs of in
creased activity among speculative pools. which
are made up of important Wall Street interests
! The realizing in Union Pacific was heavy enough
to offset the morning advance in its price, the
final quotations showing small fractional net
loss but elsewhere in the active list last figures
were at net gains. The quarterly report Of the
United States Steel Corporal ton which was pub
lished after the close of business. made. as eX-
pected, a most fattering exhibit. net earnings
amounting to nearly S400o0000 No change
was made in the dividend rate on the common
stock.
In the month Of April the government receipts
exceeded expenditures to the extent of $500
600, making for the ten months Of the fiscal year
an excess Of income Of SIG.lOpOoo. Current in
dicatiors point toward further gain in the
surplus In the present month bat this pr2babn-
ity does not disturb confidence in the financial
community the stability OF the money mar
ket inasmuch through the recent government
deposits with national banks and through the
redemption Of government bonds of 1907 cash
and reserve holdings of the Clearing House in
situations have been strengthened materially
and are in position to supply both the interior
and federal demands for funds without irnpos-
ing upon themselves any special burden. The
banks are now losing their operations with
the Sub-Treasury but as the Secretary Of the
Treasury has it within his power to increase
government deposits with the banks by turning
to the depositary institutions customs re-
ceipts no uneasiness need be felt as a result Of
the governments large excess revenue. nor is
there occasion for the belief that money rates
VIII harden to any extent as n consequence OF
the unfavorabe position of domestic exchange
on this centre. The fact that the receipts of the
federal treasury large does not have the
money market significance that marked such
movements before the passage Of the Aldrich
Currency law and long as these receipts rep
resent the enormous buying power of the coun-
try and are subject return to the channels of
trade. if the money market suffers from their
absence. they are pretty good argument favor
ing optimism the part Of the owners of Amer 4
lean investment securities.
Though the leading Wall Street interests do
not look for the development Of a period of ex-
IRENE activity the Stock Exchange they are
more bullish than recently noted. and apparently
believe that prices will enjoy gradual improve
ment. barring. Of course. some unforeseen unfa-
yorable occurrence in the situation affecting the
actual worth of securities. The market in the
last few days has advanced easily. and it is a
noteworthy fact that in the last two weeks
actions following upward movements have been
unimportant, and that recoveries each time have ,
carried quotations little above the preceding
high point Moreover, declines have encouraged
dulness, while advances have been accompanied
by some indication of public interest AS yet
there are no signs Of activity In the bond houses
but brokers are hopeful of a better business
later in the year. and they believe that condi-
tions viii develop which will make possible fur
Their issues of mortgage securities by corpora
tions that need funds in connection with their
plans for expansion. And bond brokers as well
$ all Wall Street interests now believe there
will be a reaction against the restrictive railroad
legislation that does an injustice TO the trans
portation companies. and that many OF these
laws. especially the two-cent fare laws, will be
killed By next years state lawmakers. The
Street is beginning TO see the reasonab ieness of
the policies OF President Roosevelt in regard to
the regulation of corporations by the federal I
government but the railroads beginning TO
show fighting blood in the matter Of state
legislation which interferes with the legitimate