New-York tribune., 1907-04-17
enlisted
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
In the greater part OF the five hours OF busi-
ness in yesterdays stock market prices were
strong under the influence of buying by the
professional element. Commission houses We're
not active factors in the dealings. but IN few
issues some OF the substantial firms were
buyers for the account OF important interests.
notably in Union Pacific the copper shares.
Canadian Pacific. American Smelling and United
States Steel. The stocks named. with Reading,
Atchison and Southern Pacific. furnished more
than two-thirds Of the total transactions in all
securities and in these stocks advances ran from
more than l point to 49s points, the latter gain
being recorded by American Smelling. Strength
IN the copper stocks was helped by an advance
in the price of the metal abroad and a recovery
in the Rio Tinto issues: also by trade reports
from domestic sources showing great scarcity
Of the metal and an active demand from con-
sumers at current prices quoted by the sell
ing agencies. The Metal Exchanges posted fig
ures are under the level at which actual busi-
ness is transacted, and it is an interesting fact
that consumer who recently tried to buy a
large amount OF metal on the exchange at the
price basis OF that organization could not Sc
cure an ounce OF The metal. Crop reports were
better. the whole. though shortly before the
close Of business there was a Chicago rumor
that winter wheat prospects might be cut I'm two
as compared with the estimated Yield based on
the government figures Of April /. Chicagos
criminals evidently not all behind prison
bars. Vendors Of false reports on the con-
dition in the crop territory are not punish
able under the present criminal code but the
jail ought 10 be made their permanent home
The strength in the general market in tho last
hour was due in part 10 the rlmor that ar
rangements would he made by which the one
man power in Union Pacific and Southern Pa
cifc soon would be thing OF the past. The
market, however. remained entirely profess
sionaI until the close. Total operations amount
ed TO less than 100000 shares. compared with
more than 1.OOOO0O on Monday and S23. 400 this
dsy year ago. There was also a noteworthy
decrease in tho dealings in tho bond depart
ment. in which the demand in the last week has
shown a marked falling off on investment pur-
chases from the active dealings following the
immediate return OF money rates TO an easier
level.
Current conditions :n the stock market do not
suggest the development IN the immediate future
Of active demand for securities for public
speculative account. but. the other hand,
there IS 10 reason TO suppose that the absence
Of outside activity in the market will tend to
discourage investment holders or TO create tho
idea that the unwillingness of commission house
clients TO take a position on the long side of
in The position OF affairs affecting the intrinsic
value of securities At this period Of the year
there is a natural disinclination on the part Of
the public To operate I'm securities owing To tho
uncertainty over the outcome Of the harvests.
and there is no indication that public sentiment
in this respect viii be any different this year
than I'm preceding corresponding seasons While
It is too early 10 make predictions regarding
tho years yield Of food products and cotton it
far has enjoyed favorable progress. while the
spring planting though somewhat late in GER
tain sections. the whole opens with en-
couragng promise. IN the public mind there
doubtless exists a feeling that there are stilI
large speculative accounts in the stock market
that weathered the storm Of March. but which
have been weakened that their liquidation
IS a matter OF time only. and In addition the
fact that many operators who have been trading
on the bear side financially strong and
give frequent evidence Of vigorous life serves
10 create timidity among the outside element
in making ventures in stocks for an advance at
this period, particularly there are many
signs that every effort will be made TO carry
prices 10 n lower quotation level.
II the adVices received from business centres
furnish any indication OF the course oe trade
and industry the current year will be marked by
great falling off IN demand and production
The slowing down process I'm railroad extension
and Improvement work. which does not affect
work already under way 10 any extent, is adj
vanced by some observers as a sure sign OF
trade depression. but by some observers as a
sure sign OF trade depression. but by the more
intelligent people in the business world this
movement is looked upon nothing more than
a healthful reaction Fsverish activity in our
industries IS not a healthful sign. And the
voracious appetite by the railroads in the last
twelve months for money. which has thrown on
the market many millions of indigestibe Sc
curites II continued would result in a far
worse panic than that which took place in
March. The new railroad financing has been at
TOO rapid pace. and the postponement OF fur
ther new enterprises wll not as Some people
contend. drive the industrial world into bank