New-York tribune., 1907-04-09
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
made up in great part Of the operations Of the
professional element, dealings being unaccom-
panied by commission house trading Of impor-
tance, except that supplied by the wholly specu-
lative firms which were fairly active In Union
Pacific, Amalgamajed Copper and other prom
inent issues. A lower range Of quotations in the
London market and the absence Of a public de-
mand were responsible for a general selling
movement in the early dealings, prices in the
leading shares declining on an average OF per
cent. but the losses. rule, were recovered IN
great part before the close. on covering opera
uons. Probably if the mornings decline had
brought out any heavy liquidation, the pro-
fessional element would have pressed its ad-
vantage further on the lines established al the
opening, and the fact that there was no indca-
tion of soft spots in the market and no response
from the public to the weakness that developed
on Saturday, naturally suggested caution in
operations that involved short sales, while it
also suggested the imprOba bility of the deyeI-
opTnent Of uneasiness on the part OF the public
as a result Of the mixed and in many cases
pessimistic ideas in Wall Street over the future
OF business and politics There was distribution
Of stock bought lower down this movement
being particularly marked in Amalgamated
Atchison, Northern Pacific. Peoples Gas Read
ing, Southern Pacific and Union Pacific while
Canadian Pacific
Paul and Kansas City Southern there was some
good buying. purchases OF American Smelling
being based or the expectation that the directors
will advance the stock 10 a 10 per cent dividend
basis Total dealings were slightly more than
100000 shares, compared with more than 1000
OO shares on the same day a week ago There
is reason to believe that the shorts in Canadian
Pacific not in a safe position The supply
OF stock is small, and in the last two weeks a
large amount of it has been taken out of the
market by investors.
Sterling exchange made further progress tow
ard higher level yesterday the upward move
ment being due TO an active demand for remit
tance and the absence Of a large supply of bills
There is no probability Of gold imports in the
Immediate future while in foreign exchange cir
cles it is thought that the rates for sterling
may advance 10 the level at which Europe would
be able to withdraw the precious metal from
New York, owing to the ease in the money mar
ket at this centre and the heavy sales that re-
Gently have been made OF American securities
for foreign account. Foreign operators have
been taking advantage Of the recent advance
on the Stock Exchange TO liquidate speculative
holdings bought lower down. and IL the ten
dency continues in the direction of higher Quota
tions. further selling of this character may be
expected. Exchange quite often runs against
THIS centre at this period Of the year and the
fact that large gold imports We're made at this
time in 1906 should not be taken as a precedent
TO be followed every spring. the movement q
year ago being due to the special deposits Of
gold with the banks by the Secretary Of the
Treasury covering gold in transit incident 20
the demand for money from San Francisco and
the low position OF the reserves in New York
Saturdays bank statement showed large re-
serve above legal requirements, as compared
with a deficit in the corresponding time last
year. and unless there should develop some
extraordinary demand for funds. the money
market for many weeks ought to present an
easy level OF loan quotations. The demands
from legitimate business circles for accommoda-
tiOn doubtless viii continue 1eavy, unless con-
fidence in business circles should be shaken by
the pessimistic talk. wholly without legitimate
foundation, by certain fnanciers whose ideas re-
garding the business situation have become
somewhat muddled as a result Of the recent
disastrous days IN Wall Street.
People who are anxious over the future of
business and alarmed because Of the theory
popular in some Wall Street quarters that famine
soon may develop in the Industrial world would
do we'll 20 read the remarks OF Judge Gary the
chairman OF the United States Steel Corpora
tiOn's hoard Of directors. upon the present and
prospective conditions in the iron and steel trade
and in other lines OF business Probably there
Is no man IN the country better qualified 70
speak on business condition than the head Of
the great steel corporation. and he finds the
| situation sound, with no danger Of the with