New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-01-30
STOCK MARKET OPERATIONS.

on large volume Of business stock market
values moved in irregular and somewhat
feverish manner throughout the day, early
weakness being followed by monday strength,
which in turn succeeded by decided declines
in the last hour. The final movement being es-
pecially pronounced in Erie, Pennsylvania and
Reading Erie lost pa Pennsylvania closed
point of, and Reading showed decline of 27s,
while in other parts of the active list substantial
losses were shown in last quotations from the
best prices Of the day. The late decline was due
to professional pressure. rather than to forced
liquidation. the latter not being factor in the
dealings at any time. and the absence OF this
sort of trading was effective in creating more
cheerful sentiment in commission houses and in
attracting coverings OF short contracts in the
midday operations The failure OF the advance
which accompanied the covering movement TO
bring in active outside support was in great part
responsible for the demonstration against values
in the closing transactions. Notwithstanding
the weakness in the final operations. many old
time market observers offered the opinion that
prices would make a better showing In the bal
ance Of the week. barring adverse developments.
and this opinion strengthened after the
close of business by the report OF the United
States Steel Corporation for the last quarter Of
1906 which presented record breaking net earn
ings, with untitled orders larger than at any
time In the history Of the concern The direc-
tors Of the corporation made change in the
dividend rate on the common stock
On their operations with the Sub-Treasury so
far in the current week. the local banks have
lost more than s1OO0OOO. while since the be-
ginning OF the year government receipts have
exceeded expenditures by more than $5,500.OOO.
Soon the Treasury will withdraw from deposit
tary banks S12OO0O00. and unless Secretary
Shaw changes his mind S26OOOOOO more govern
rnent funds placed with the banks throughout
the country last fall gradually will be returned
TO the Treasury. though the necessity Of such
a movement, far as the finances OF the gov
eminent are concerned, is not apparent from the
known position Of government holdings. In the
present month more than S163000OOO short time
notes have been put out by railroads and the
requirements Of the transportation companies
are such as 10 suggest the probability Of a fur
Their emission OF these obligations. inasmuch
there is little chance OF the railroads being able
TO place successfully new stock and bond issues
in the present condition Of investment senti-
ment and the Iiquidating movement which is
under way on the Stock Exchange. In view OF
the factors enumerated and the improbability OF
gold imports. It readily may be seen that the
money market is laboring under a great strain.
notwithstanding the fact that there is more
money in the country than ever before in the
history OF the nation. to say nothing OF the
constantly increasing gold production This
strain. however. undoubtedly will be Iessened by
the decreased speculation in the various mar
kets. by the passing OF speculative accounts into
Investment holdings and by the tendency on the
part OF the mercantile world TO proceed with
greater caution in all new engagements for the
future Business men do not believe that pros
perity IS on the wane. but they realize that the
time has come for a slowing down IN the nerve
racking pace that has been the feature of the
commercial community for many months
II securities prices decline much further the
yield first class investments will prove attrac-
tive TO capital. II investors are able TO obtain
high grade issues returning from to per cent
there will be resumption OF investment buying
and the fact that many safe securities ere ap-
preaching that level IS beginning to cause con-
siderable figuring and expectancy on the part
OF people who have been holding their funds I'm
reserve for long time in the hope Of being
able 10 acquire stocks at bargain figures There
are at current prices good bargains on the Stock
Exchange list. and people who are shaking with
fear because they believe that the recent and
present downward trend Of quotations means the
extinction of investment value in our securities
may as well cheer up. as the future holds ont
no promise OF financial chaos Wall Street for
reasons OF its own. is endeavoring 10 create the
impression that IL is worrying itself 10 death
over federal and state activity against cornora-
lions that want TO do business Irrespective of
the law. but in the mean time the country an
pears 10 be getting along nicely, paying little
attention 70 the present dismal song of the
ticker. Perhaps the worst is yet to come" for