New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-19
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

After a brief period of strength in the early
dealings the stock market developed declining
tendency which ran through the remainder Of
the day on a relatively small volume of business.
Profit taking sales and bear pressure were re-
sponsible for the weakness, but the volume of
selling was not heavy enough at any time TO
bring about extensive declines, except in few
shares notably Anaconda, New York Central,
Union Pacific, Pennsylvania and Reading. The
copper shares were sold by holders who were
anxious 10 take profits. and in some we'll in
formed quarters 1t was said that efforts were
being made to drive out so-called undesirable
Boston following, the fact that Trinity Copper
was attacked the curb apparently bearing
out this theory though Boston bulls on the stock
Just named announced that they were still in
the market, and that they had intention Of
parting with their shares at current prices in
deed, higher quotations predicted from
Lawson quarters for Trinity, while local circles
which are bullish Amalgamated and Ana
conds because of the strong position Of the cop
per metal market, bought both stocks on the de-
cline. In the London market copper stocks We're
strong features. In the copper trade a copper
famine is predicted in the metal this year
owing TO the enormous demand for consumption
the world over and the practical inability OF
producers to supply requirements; hence 1t IS
that so many new copper mining companies are
being exploited. many Of which only pros
poets, and in some cases poor ones at that. There
are, however new mining companies which are
backed by producing ability and which
eventually will add materially to the mineral
output of this country.
Prices and sentiment were affected TO some
extent by the rumors that the success of the
New Haven company in placing large block
Of debenture securities abroad would be followed
by efforts of other companies that need additional
funds to place notes or new securities with for
eiSn capitalists and It said that both the
Pennsylvania and Reading companies soon
would be in the market for more money the
report regarding Pennsylvania intimating that
Sj0.0000O0 notes would be issued 1t has been
known for several weeks that the Pennsylvania,
in order to continue it's vast plans for increas-
ing its facilities, will be compelled to secure
extra supplies Of money in the current year. and
the question Of new financing naturally attracts
particular attention at this time owing to tho
sale of the New Ravens debentures in Europe
The Pennsylvania will raise more money prob
ably In the course of the next few months. but
no decision has yet been reached by the drec-
tors as to the nature Of the security they will
offer. The stock sold down ! Y points and
Reading lost the same amount, though In the
case of Reading specific denial made that
the company intended to enter the loan market
due to the wreck and the Hartman shares were
sold by traders who advanced the theory that
the Interstate Commerce Commission investiga-
ton OF the Hartman companies, which will be
resumed February %, viii result in dis
closures adversely affecting Union and Southern
Pacific stock There was a notable absence of
buying power in the general market, and in
view Of the almost uninterrupted advance Of
the preceding ten days of business the down
ward movement in the chief active shares yes
terday was not surprising. The public was not
in the market The public has not been in the
market for many months.
While New York bankers did not bid for the
gold that was available il the London open
market yesterday, the present position OF our ex-
change market suggests the engagement of the
precious metal abroad for import whenever the
necessities Of the situation demand such action.
Our credits abroad are increasing through mer-
chandise shipments and sales of American Sc
curities to European capitalists. and 1t IS owing
TO this fact that much confidence is expressed
IN financial circles over the future OF the local
money market. Government figures Of the coun-
trys foreign commerce IN the first month Of the
current year show an excess Of exports Of rner-
chandise over imports TO the value of S62 6S3-
2S0' this large balance being recorded despite the
! heaviest imports for any january on record. and
with the exception OF last December the heaviest
for any month in the history Of the country
Exports amounted in value to $3.50 260 $50. an
increase of upward of S1s.OOOOOv over the cor
responding months last year, and exceeded only
by the records of December, 1906 and December,
1903, while for the first seven months of the
fiscal year total exports were in value 81 129-
G62,35G. being an excess over imports of S319-
932,749. The statement Of foreign commerce of
this country is well worth the attention of every
person who IS Interested in the prosperity of the
United States, for ii shows that we are q most
important factor in the markets of the world.
that our great productive power is increasing
our wealth TO an extent that enables US to be
| heavy consumers OF foreign goods and that our