New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-09
STOCK MARKET OPERATIONS.

1rntu N. last hour Of trading the general
market was strong under the influence OF COW
ari,., onerations and support from some or the
more important houses. dealings being MOD
erately heavy. without, however any lho'ca-
ton of active public buying. Declines IN tho
afternoon which IN many OF the leaolhg ISSUES
amounted to a maximum OF per cent OF more
were not based adverse Developments INC
movement representing renewed pressure from
the trading element which changed its posi'ioh
when It saw that no active efforts were being
made 70 carry prices TO a higher level mo
buying power became exhausted soon AFTER the
poop bour but the subsequent decline was not
eocompsnied by the sort OF liquidation that
married the course OF business last week. An
advance IN call money rates to per cent que 10
the shifting OF loans incident to the payments
on the New York City bond issues ana 10 tho
fact that borrowers had TO supply themselves
with funds to carry over Sunday helpeo the
downward movement, which resulted IN the
elimination Of early gains and tho placing OK
quotations for the chief stocks under the clos
ing figures of the preceding day. with North
west Great Northern and Northern Pacihc
showing net losses Of more than l per cent
American Car and Foundry. New York Central
and 500" common were among the Few actlVe
shares that showed net advances Proht taxing
sales were moderately heavy IN the copper
stocks. American Smelling, Atchison. st. Paul,
Pennsylvania, Reading, Union Pacific ana
United States Steel common. Notwithstanding
the reactionary movement at the close, senti-
ment in speculative circles was cheerful ana
higher prices were predicted.
Wall Street IS changing It's views regarding
the effect that the administrators attitude on
corporations VIII have the future Of our In
dustrial activities A week or more ago. when
stocks were declining, Washington received the
credit for the slump. but now the word has
gone forth that tho substantial market inter
ests were mistaken IN their ideas regarding the
character Of the federal and state movements
against corporations and have reached the con
clusion that after all the dsciplinng process
being employed in the moral upbuildng of trans
portatlon companies and other concerns which
depend upon the public for their profits will
serve to strengthen the foundations OF American
railroad and Industrial enterprises. This change
of heart comes at a time when liquidation in
stocks apparently has run its course. when COM
mission houses are anxious to bring the public
back TO the market. and when the big men who
took stocks on the recent decline are working to
sell their holdings at attractive quotations So
far the public shows inclination TO specu-
late but It is conceivable that IN the event OF
material rally outsiders viii be willing again
TO carry securities on borrowed money. While
the speculative department of the market, there
u.s. however. increasing demand from in
vestors and this feature OF the current opera
lions is, of course. encouraging TO the advocates
Of higher prices, as buying Of this sort generally
is followed by an active demand from the people
who expect TO double their money. but who nine
times out OF ten overstay the market and lose
their funds. 1t is we'll for investors to bear the
fact in mind that the recent decline in quota
IN HaU rfu
verseIy the intrinsic value Of American stocks
and bonds and at present figures, with consid-
erations based upon the known position OF hus-
ness in the country there is reason why in
vestors should not buy first class securities. If
the public does not respond to the current ad-
vaacing tendency traders again may sell the
| market but such q movement need not disturb
| people who can afford to buy stocks outright.
| According 10 the known movement of money
in the present week. the local banks have lost
| S4 e70O00 and unless there has been a substan-
over the counter operations not included in the
| estimate of the operations OF the banks with
| the 'sub-Tressury and the interior, to-days
will not make favorable exhibit The money
while higher rates may be experienced In the
spring. the outlook does not favor disturbance,
especially New York is now In a position TO
draw gold from Europe. A considerable amount
of South African gold will arrive in the London
market Monday and the chances are that this
country will be able to secure some OF IL, if not
| all The Bank Of England is losing heavily to
/ South America and IL the demand sox local aa-
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