New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-28
unlisted. Tex dividend.
Closing prices of active bonds dealt in with
STOCK MARKET OPERATIONS.

Stock market values were weak in the greater
part Of the five hours of trading under the in
fiuence Of selling pressure from the professional
element. and some further liquidation that had
ell the characteristics Of the forced variety.
On the decline many stop loss orders were
caught notably in Reading and United states
Steel. but the general weakness did not prlhs
out stock from important quarters. and in circles
where market movements are closely watched 1t
was thought the market had practically beeh
sold 10 a standstu as reflected in the slightly
Nrrner tone at the close Maximum declines OF
from l TO points were common. with even
heavier declines in some issues The downward
movement was helped by unfavorable reports
from the crop section OF the country by inc
early strength IN the wheat market. by foreign
selling Of securities and by the announcement
of an engagement of $4,000 gold for export
though the latter factor was not accompanied
bv the development Of uneasiness in financial
circles Gold exports have a certain terror for
some people, whenever announced, no matter
what the conditions may be under which the
shipments are made but there certainly is Moth
ing in the current outward movement thar
should cause alarm. Paris wants the metal ana
international money market conditions are Ia
yorable 10 exports from here. We have the
metal in abundance and can afford TO send some
of II abroad, and in shipping II we help Paris
while IN doing 80 we strengthen the HAahc4a'
markets of Europe. The fact that the United
States is able to help out the foreigners Is
pretty good bull argument this country. The
larger interests offered little support TO the mar
ke+ lint on the decline investment buying
reported particularly for the account Of small
investors The more important financial In
terests are tied up with various operations that
prevent them from taking advantage Of the cur
rent low level Of values. and the fact that the
Union Pacific bond syndicate apparently has
bitten off more than it can easily chew at pres
ent accounts for some of the bear pressure on
the Hartman shares. The Hartman stocks
and the Hill stocks. Reading, United States
Steel, American Smelling. the copper shares.
Brooklyn Rapid Transit, Canadian Pacific, ST.
Paul and Consolidated Gas were all under pres
sure Yesterday particularly Consolidated Gas,
which lost net G9s. dividend of. Many Of the
best informed bankers believe that further
liquidation will take place before the market
can enjoy any marked Improvement, but they
also believe the time is ripe for temporary
sharp speculative rally.
Railroad earnings coming TO hand from all
parts of the country show in gross receipts large
gains over the corresponding time a year ago
while net results show improvement over the
returns reported earlier in the year. In the
Southwest notably on the Gould roads. striking
gains are being made Missouri Pacific, Texas
&, Pacific and ST. Louis Southwestern, all shar-
ing in the favorable traffic conditions in that
part of the country, and the expansion in bust
ness on these lines and on the Rock Island and
the Missouri. Kansas & Texas doubtless later
on In the year will receive greater recognition in
the stock market where at present good news
is without effect on values Another indication
Of the heavy railroad business under way in the
Southwest is furnished by the return Of the
Atchison system for the month OF April show
ing an increase in gross Of 81 ,6S2,477, and an
Increase In net of STAB GO Canadian Pacific
for the third week in May presents increase
over the same week last year of 1884 900, MAX
ing from July l total gain in gross OF SIS, G3S.-
600, the exhibit being especially significant
1t compares with period when earnings
heavier than before in the history Of the
property. Big railroad earnings and big bank
cearngs indicate a business situation through
out the country OF intrinsic strength and solid
expansion. and they do not hear out the pes
smsm that is RAMPANT in Wall Street regard
ihg the future of Industries. In the iron and
steel trade there Is 4 marked increase in in
terest over prices for next years business and
from current indications there will be no i'm
portant shading in quotations. Orders for the
first quarter of 1908 being placed in moder-
ate volume and sellers urging buyers TO
make their contracts the present level Of
prices believing no lower quotations can be had
by waiting.
Bank conditions at this centre are far stronger
than they were al this time year ago and the
local institutions are in a position TO supply
foreign demand for gold The increase IN cash
holdings of the Clearing House banks has
brought that item TO So93. s490 600, and this large
/ ~, i-GelF n