New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-06
ENLISTED. Tex dividend.
Closing prices Of active bonds dealt in, with
net CHANGES follow.
STOCK MARKET OPERATIONS.
changes, follow:

SIUCh MARKET UPEhA11UNS,
While the volume Of business was not heavy IN
yesterdays stock market. the movement Of
prices IN the greater part of the five hours OF |
trading IN the direction of higher quota
lions, the only important exceptions being Great
Northern and Northern Pacific. though the latter
recovered before the close. ending the day at a
net gain of l per cent. Great Northern was
weak under sales for the account Of an operator
who recently died while efforts TO depress
Northern Pacific We're based in part on the reso-
luton of Idaho Senator TO investigate the
Northern Pacific reorganization There also was
some pressure in Pennsylvania, but traders eff
forts to induce liquidation IN this issue, as we'll
as in other parts Of the list, were unsuccessful
and in the afternoon dealings the majority OF
floor operators were active on the long side of
the market. There was good buying in many
parts Of the list, notably in the copper and steel
shares. Union Pacific. St Paul. Canadian Pacific,
Atchison Southern Pacific and American Srnelt-
ing. In these stocks net gains ran from / Is 10
29s, the latter being reported in Canadian Pacific.
The 800" shares on light dealings exhibited
great strength the preferred advancing more
than points. There IS little Of this stock out
side Of investors hands, and the lightest demand
exerts material influence on its price. Foreign
houses were active buyers in The local market, |
and abroad the general markets We're strong !
cable dispatches indicating q moro optimistic
sentiment In foreign investment circles over the
future position Of our securities. Weakness in
the sterling exchange market was a factor which
contributed to the strength in stock quotations.
So far in the current week the local banks
have lost their operations with the Sub
Treasury upward Of 100000 while since the
beginning Of the present calendar year govern
ment surplus revenue has been more than S.
100000. compared with an excess OF receipts in
he lima last Of
week depository banks paid to the treasury
100000 on account Of special government de-
posts, and the 18th Of this month another
100000 will be withdrawn for government
account; but there IS good reason for the be-
lief that the $3O00000O Of deposits made with
the banks last fall, and which are due at tho
Treasury any time that the Secretary may
choose to call for them, will not be disturbed at
present inasmuch their payment would un-
doubtedly exert an adverse influence on the
money market The Treasury does not need tho
money, while the banks do and II is not likely
that Secretary Shaw. who has always shown
eagerness to help the local monetary situation.
will DO anything in his last few days in office
that viii embarrass the banks at this centre
Secretary Shaw's methods have received the APP
prevail Of the President, and it is therefore most
improbable that the Secretary will try TO
change in any material respect the policy that
mas uOit 81 H4uCl 10 avert trouble In the COun-
try's chief financial centre Mr.. Cortelyou may
have different ideas about the routine admins
tration of the department from those practised
by Mr.. Shaw, but IL is not conceivable that ne
VIII attempt TO upset the administrations atti-
tude toward the money market He could not
do so even If he wanted TO- as the President is
heartily in accord with the idea that government
money belongs to the people and should not lie
idle in Treasury vaults when there is a CRYING
for in he Of
small likelihood of currency reform legislation
at this session of Congress, which Will come TO
an end in four weeks. and in the mean time
temporary money market relief measures must
be looked for from the Secretary whenever the
necessities of the situation demand government
assistance.
Commission house business at present is con-
fined to the liquidation OF accounts that cannot
respond to additional margins to the buving bv
a few courageous customers who believe that
fair sized margins at the current level will carry
them through any possible further decline and
TO actual investment purchases. Investment
buying in the first class industrial shares chiefly
United States Steel preferred, Amalgamated Cop
per and Anaconda. are increasing IN volume but
there is still great hesitancy among people with
investment funds on their hands to take the rail-
road shares. Wall Street accuses the adnninis-
tration at Washington with the crime of killing
the market for railroad stocks but as a matter
OF fact, Wall Street itself is the guilty party its
false conception Of the purpose Of the govern
ment in its efforts to improve the moral charao-
ter OF corporations and its unwarranted argu-
ments that federal and state administrations
are proceeding against corporations on lines that
VIII in1ure vested rights having unsettled conf
dence in investment quarters OYER the ability OF
our railroads TO maintain dividends. Wall
Street does not believe that It is to blame for
present conditions, but II is nevertheless and
the sooner the public wakes UP to this fact the
better II will be for the peace OF mind Of people
who are holders Of American railroad stock and
mortgage issues. The American railroads are Oil
right except that there is too much snow in the