New-York tribune., 1907-06-25
enlisted.
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Stock tickers the verge of going out
of business yesterday. Only quick movement
against the shorts in the last half hour of bust
ness saved the market from making a lower
record for dealings than reported in many years,
the total amounting to 669 shares against
10000 on June L., 1908. which was the smallest
days business since August 23 1900. when So.
64 shares were dealt in. on January 26, 1897,
transactions fell TO 1886. and July 23 1894.
to 60.390. but these days trading active
I'm comparison 10 yesterdays market. since
the dates mentioned hundreds of millions of
new securities have been added to the list. No
one appeared to want to buy stocks. while on
the other hand there were no stocks offering,
the entire days operations representing unm-
portant transactions Of inconsequential traders.
who sold short minute and covered the next.
Prices showed no decided tendency until near
the close. final figures presenting small gains in
the majority of leading issues Amagamated
Copper. Reading and Union Pacific supplied the
best part of the dealings but even in these
usually active shares there was no semblanCe of
life and no especial price movement Conditions
in the foreign markets were better. general de-
velOpmentS in this country were favorable.
though some people considered further gold ex-
port engagements a harmful influence, and moth
ing was observed in tendencies which have
bearing upon the future that warranted uneasi-
ness over the country's financial and business
outlook Gold the amount of $3.650,Op0 was
taken for shipment to Europe and money rates
exhibited a frmer tone.
Representative banking houses are making at
tractive offerings of miscellaneous securities for
the reinvestment of July interest and dividends.
| Probably there never before has been time in
! the history Of the country when stocks and
! bonds have sold as low at present with in
| trinsic value as great. and in the best informed
/ and most conservative financial quarters II is
believed purchases made at prevailing quota
tions will show at remote period handsome
profits on the original investment. The time TO
/ buy stocks Is when DriceS r down and Seuti-
nent in speculative circles is depressed. When
the Wall Street atmosphere is so black that ap-
parently light lies beyond wise men ac-
/ Cumulate securities If they have the money. and
al the moment the relative inactivity on the part
Of buyers who are not identified with the regu-
lar Street speculative element is due to the fact
that the public in general has its money tied
up in It's expanding business. And then the large
financial interests carrying heavy loads of
undsturbed issues and are not in position to
help the speculative course Of values in the d-
rection Of higher prices; but this position of af
fairs will not indefinitely, and in the
mean time people who have available funds
/ ought to take advantage Of the attractive Op-
pOrtunites for the safe placement of their
funds in the securities that may be bought
the Stock Exchange and over brokers' counters.
Short term notes supply good channel for the
investment of funds that do not care 10 go into
long time obligations. ST. Louis & San Fran
cisco az per cent gold notes Of December, 1908,
| furnish an instance Of this sort Of investment,
! purchasers Of the security at the current price
receiving I per cent on their money. Good first
! mortgage bonds may be had TO yield from 4l5
to more than 81 per cent, and first class indus
! trial preferred stocks from to more than
per cent
There offering in bond houses Mis-
! souri,. Kansas & Texas AZ per cept sinking fund
! bonds at a price which returns $50 per cent.
! This is a sample Of what investors can secure
! in the way Of solid railway mortgage issues.
! and il hardly appears proba BILE that oppor-
/ tunities of this character viii be possible for
any extended length Of time despite the current
| dulness in all investment markets. A canvass
mado by The Tribune Of the leading industries
/ in New York indicates weak spots, and no
| fear on the part Of merchants the future
of business though they see signs of health
| ful slowing down process in various lines OF
| trade. They believe there will be no general de-
preston and they do not entertain the appre-
! hension that is noted in certain Wall Street
| circles a result Of government policies toward
| corporations. Reform movements against
tain practices in corporation life have il is true
/ encouraged attacks by narrow minded and ig-
norant state legislators on railroads. but 1T
| is not conceivable that legislation which
! amounts to con1scation will be allowed to re-
main on the statute books. and it is likely that
the keynote struck by Governor Hughes in
vetoing the 2-cent fare bill will encourage gov
ernors of other states TO investigate more closely
the merits and dement's of new corporation laws
| and serve 10 impress upon the people that in
reducing the earning power of corporations to a.
point where dividends are imperilled the public
| will suffer than the corporations The lat
| ter must be regulated to the end thai they will
| be compelled to give good service at reasonable
charges, but socialstic efforts TO destroy them
| ought not to be tolerated in country which
owes its prosperity in great part to its corpora
| tions.
AMERICAN SECURITIES ABROAD.