New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-25
ENLISTED. TEX dividend. lex rights
Closing prices Of active bonds dealt in, with
net changes. follow:
STOCK MARKET OPERATIONS.

Trading In stocks was light In volume
throughout the day dealings representing in
great part the operations of the professional
element. Commission houses had few orders on
either side Of the account, while the more sub
stantiaI Wall Street interests not factors
in the speculation. though the latter, through
their recognized mouthpieces. put forth the
opinion that the general market was entitled to
a considerable rally. Prices in the greater part
Of the day moved in the direction Of a higher
level under the influence of covering by the
shorts. the movement being especially pro-
nounced in the Hartman issues and Reading.
IN which strong evidence was presented Of an
unweldy bear account As a matter OF fact
these stocks and the general list were practically
sold to a standstill in the early part OF the week.
and the recovery yesterday due more To A
speculative reaction than to any other known
factor. In Amalgamated Copper. American
Smelling Pennsylvania. Reading, Southern Pa
cifc. Union Pacific and United States Steel the
early strength was well maintained uatil the
close, but elsewhere in the list the final move
ments showed irregularty. with las, prices under
the best OF the day, and in some cases net losses
were recorded, notably in shares which are
classed with the inactive issues, such as Southern
Railway preferred. Weakness in Consolidated
Gas amounting to net loss Of more than
points was due to the action Of the Attorney
in The Supreme Court directing the company
to show cause why its charter should not be an
nuIIed and incidentally this move the part OF
the Attorney General factor in advancing
Manhattan Transit stock on the curb. Manhat-
tan Transit controls the Long Acre Electric
Light and Power Company which is in a strong
position to get some of the lighting contracts in
this city.
The position of Paris exchange on London
suggests that the French capital is still in the
market for gold, while the activity on the part
of the Bank of England In securing gold in the
open market bears out the theory that the
governors of that institution believe it wise to
increase the banks holdings whenever possible.
Exchange at Paris on London is quoted at the
lowest level Of the year, and according to cable
dispatches received yesterday it appears that
conditions at Paris governed to a great ex-
tent by the uncertainties which have developed
as a result Of the situation in Russia. Paris is
the banker for ST. Petersburg. Amy disturbance
81 the latter point necessarily affects monetary
conditions in France and. indirectly. the money
markets of the world. II the Russian Douma
would cooperate with the Cars administration
there would be less uneasiness in Paris. but the
Douma refuses to make common cause with the
government in placing the finances Of Russia
on basis satisfactory the bankers at Paris
and it is therefore feared that this estrange-
ment between the Douma and the government
may prevent the placing Of further Russian
loans. which needed for the re-estabish-
ment OF the countrys industrial and financial
prosperity and possibly endanger the payment
Of the interest the Russian bonds which
are so widely held in France. In view Of these
conditions it is not surprising that Paris is
taking every precaution TO strengthen its gold
supply and is casting longing eyes toward the
big gold holdings in the United States Our
position In the international money market is
extremely strong. II has been strong for the
Last two years. and there is no reason to suppose
that there will be an unfavorable change in
the near future
Inc United States is not in debt TO Europe
Europe is not able TO draw gold from this conn
try unless willing to let the metal go
and In this respect the situation offers a vast
contrast to that prevailing in 1893 and the few
succeeding years. when gold was exported from
the United States on demand from Europe Last
year We imported net upward Of 100000 900 gold
nom Europe. AT the time OF this movement fl
was said in circles the operation was
nothing more than foreign loan to the United
States and that the metal soon would be re-
turned. The gold came here bees Use this coun-
try was in position to draw IT, 1t represented
credit balance abroad, and If the necessities
OF the situation We're urgent at the present time
we would be able to bring in more OF the metal
Fortunately there is no need of gold imports II
London Paris should actually require as
sistance from this gold exports could be
made without upsetting financial conditions In
this country, and il some OF the metal should go
abroad the movement will not be a good bear
argument on securities. Indeed. shipments ought
TO strengthen confidence over financial condi-