New-York tribune., 1907-02-07
'Unlisted. tex dividend.
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.


Stock market operations were not accompanied
by an active commission house demand for
securities and notwithstanding an advancing
nrice tendency in the first few hours of busl-
ness the close was dull and unsettled, with more
net losses than gains in the leading ISSUES
Weakness in the last hour started with Deai
drive against Missouri Pacific the operation
being successful in dislodging a weak pu!i ao-
count IN this Issue and developing various re-
ports about the property, none OF WHICH re-
ceived official confirmation. The relauNeF 10"
price of Missouri Pacific as a per cent stooA
naturally suggests the idea that the dividend
may be reduced yet there Is no disposition on
the part of the directors Of the road to encour-
GOA sucb notion while the known financial
,,Aads oF the property in its policy OF physical
EXPANSION make plausible the rumor that the
company will put out an issue OF snort time
notes. A report that S50.0O0,OOO obligations OF
this character would be issued was clrculateu
Yesterday. but promptly met with denial from
interests identified with the company ana SO
the Street was compelled to be satisfied with the
theory that the loss Of more than two points IN
Missouri Pacific stock was due entirely to specu-
lative transactions. which were helped py ule
agitation in Missouri for a two-cent passenger
tariff on the railroads in that state. Net losses
,rban made were as a rule, small, though max
,,uro declines in many Of the active shares were
in the neighborhood OF l per cent, the chlel SUI
fererg being Amalgamated American Smelling
Northwest, Great Northern, Reading ana ChIo"
Pacific St. Paul. Pennsylvania and Dlstlllefs
closed at net gains, the last named stock oelhg
strong throughout the day on pool puylhS'
United States Steel preferred, which opened eH
dividend was one of the strong features and
among the stocks that "'s poushI IoI "0'u''
investment account.
he 6navCial community
conraged over the report from Washington that
efforts will be made in the few remaining weeks
of the present session Of Congress to pass some
legislation that will serve to help the money
market at times when assistance is most needed
There is little probability Of actual currency
reform measures. such as suggested by the
bankers Of the country, becoming laws this year,
but If the suggestion that the government be
permitted to deposit with the banks customs
receipts and retire circulation in greater amounts
than now allowed by law be carried out some
relief VIII be given the money market, while
such action will strengthen confidence in the
belief that our law makers are gradually awak-
ening TO the fact that the best interests of the
4 business community demand revision OF the
country's currency laws. IF the banks know
that they will be permitted to retire circulation
in amounts much in excess Of the present limit
! of S3OO0OOO a month they will be more inclined
to take out circulation in times Of active move
ments in the money market, and it is therefore
to be hoped that the proposition extending this
| limit to S12O00O00 or $15,OO0,OO0 a month will
! be favorably acted upon before Congress ad-
! iourns in March The recent withdrawal Of
! S6OO0OOO government money from depositary
| banks was accomplished without the accom-
| paniment Of disturbance in the money market,
! and the payment OF the balance-$6, 900 O00-
/ doubtless will not be a factor IN the local loan
! market. particularly as the banks are now in a
position TO draw gold from Europe. Money rates
abroad are relatively easy, and it does not ap-
pear probable that serious obstacles will be
| placed in the way Of a moderate movement Of
the precious metal to this side of the ocean.
especially the gold engaged represents money
| actually owing this country.
| For the present, at least. many Of the recent
| active traders on the short side Of the market
are operating for higher prices, and the fact
that forced liquidation appears to be at an end
suggests the probability of better quotations
barring some development OF an adverse nature
| There is no activity on the part OF the public
as far as speculative purchases are concerned.
but there is growing investment demand and
the appearance in the market Of this class Of
buying is proving influential argument in
favor Of change in position by the Wall Street
operators who for the last month have basn
| connected with the down side of speculation
There is less disposition in speculative circles 70
worry over affairs In Washington The advance
| Of the last two days has created a more cheer
ful sentiment in the Street regarding the atti-
tude Of the administration toward corporstiops
and If the larger interests should work consist
entity for higher prices the ordinary speculator
will forget all about his recent mournful pre-
dictions Of disaster as a result of President
Rooseveit's ideas on curbing trusts and corpora
! tions. The small boy who is spanked orisA but