New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-12

Closing prices Of active bonds dealt In. with
STOCK MARKET OPERATIONS.
changes. follow:

Following q brief period Of strength in tho !
early dealings. prices for stocks developed |
dictionary tendency which ran throughout the !
rest of the day, with net losses in the }
greater number Of issues Al the close. Dealings /.
were chiefly for the account of the professional +,
element and represented energetic efforts to t
bring about a material decline but the absence !
Of important liquidation prevented serious re-
duction in values. the chief weakness being re-
ported ia the copper shares. Union Pacific /
Reading. American Smelling and Brooklyn
RAPID Transit in which the bear pressure was !
heavy. A further reduction i'm the posted quota |
tions for copper the Metal Exchange was
utilized ny operators for the decline To depress
the copper shares but the fact that copper trade
interests were bullish over the copper situation
and announced that tho decline in the exchange
quotations did not represent the actual selling |
price Of the metal served in a measure 10 break !
the force Of the bear argument that tho copper
trade was on the down grade. As a matter of
fact. the copper industry is in exceedingly
strong position, and even with lower figures for
the metal earnings viii show handsome results.
especially in comparison with last years re-
ports. which were made up on an average price
of about - cents a pound for copper as against a
selling pVice AZ present of pc to 2G for lake
copper and 23A cents for electrolytic. The big !
producers and sales agents assert that the Metal
Exchange figures do not represent actual bust
ness and that no copper can be had at the prices
quoted there. on the other hand, the exchange
declares that its quotations reflect tendencies |
Perhaps a lower tendency win develop later
but there IS certainly no evidence OF any weak |
ness I'm the regular market at present The J
general selling of stocks yesterday was not %
an impressive character.
Strength in the foreign exchange marker IS
helped ny the difference in money rates between
New York and London, the higher quotations in
the British market making purchases OF bills |
IN the local market profitable the bills 50 .
bought facilitate the transfer Of funds from this
centre to the other side Of the ocean. Money
moves to the point where it may be most profit
ably employed, and the fact that money rates IN
New York are easier than at any other point in
this country IS responsible for the beginning of
shipments TO New Orleans and a movement in
domestic exchange in favor Of interior cities.
The course of the domestic exchange market
Will be watched with considerable interest in
the next few weeks. particularly as the season
when money usually comes 20 the East in vol
ume is near at hand. and if. contrary 10 custom,
currency moves from this centre TO out of town
points in volume rates for loans will not long
rule az current easy figures. There appears
little reason, however, for any uneasiness over
the position OF the money market in the near
future, IT al any TIME this year, while II IS IN
teresting TO record the fact that conditions
abroad show marked improvement. with every
indication OF relatively easy times throughout
the coming summer. The Bank OF England re-
duced its minimum rate OF discount yesterday
from the per cent level which had prevailed
for so many weeks and the prospects of large
addition to the banks supply Of gold through
receipts Of the metal from South Africa fore
shadow a further reduction in the official quota
ton. which established on a Az per cent
basis at the weekly meeting of the governors
yesterday. This rate compares with 312 per cent
at this time year ago The local banks have
ceased gaining large amounts from the Sub
Treasury, but the necessity of deposits Of GUS
toms receipts no longer. exists, as the reserve
above legal requirements stands at than
Sl9,OOO,OOO. according 10 last weeks Clearing
House figures. This exhibit may have been I'M
favorably affected by this weeks movements OF
loans. but the position of the loan market does
not indicate any material falling off in the re-
serves of the associated institutions
Reports received by The Tribune from inter
ests connected with varied industries through
out the United States present much encourage
ment for the people who hold American invest
ment securities ana argument for pessimism
over the future of the country's business Most
men in trade centres believe that there will be
a reaction from the feverish activity of the last
two years. but apparently the only persons who
expect hard times are the current preachers OF
| disaster So many Wall Street interests and
railroad men have been affected by declines in
/ stocks that they unwilling TO believe the
country In general is not about to enter a period
OF business eruption and. with pockets en-
quilted in speculative losses and ideas distorted
as result OF their misconception OF the policies
OF the administration, they are extending
gratuitous warnings 20 the world of coming
industrial cyclone 1t looks more like cyclone
OF profits for businessmen than a storm OF de-
] preston Securities are in strong hands but