New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-01
'Unlis,.a TEX dividend.
Closing prices of active bonds dealt In. VIII
STOCK MARKET OPERATIONS.


Extreme selling pressure which was noted IN
the last hour Of trading IN Wednesdays market
was not IN evidence IN yesterdays dealings and
IS e consequence Of its absence traders changed
their position, with the result of higher prices
throughout the list. The professional element
also was Influenced TO work for q rally by the
appearance in the market OF orders by firms
which act for substantial financial interests,
buying for their account being especially marked
IN the Hartman shares. the Steel issues, At
Gibson. Canadian Pacific. Reading St. Paul and
Great Northern. Just as the decline Of the pre-
ceding day was not brought about by develop
uents affecting adversely the value Of securities.
SO yesterdays advance was not accompanied by
news warrsnting active upward movement
There news Of Importance bearing on
either side Of the market, the Improvement in
prices being due TO a topheavy bear account
and the disposition Of careful buyers TO take
first class investment issues. A large amount
Of Steel preferred has been bought for investors
in the last few days. 500 preferred has been
purchased on its decline by interests who rec
ognize the great intrinsic value OF the issue with
its Canadian Paciuc backing, Canadian Pacific
itself has been heavily bought by people who
consider # TO be worth more than Great North
srn or Union Pacific, while the last named stock
has not been IN great demand from investors.
owing 70 the uncertainty over the ability Of the
company 20 maintain the security on the present
10 per cent dividend level. The general market
exhibited its greatest strength in the last hour Of
business, and at the close prices rule we're
at the best figures Of the day, with net advances
Of per cent and more common in the active list
In commission house circles q somewhat more
cheerful tone is noted IN the character Of COM
rnent regarding the future Of the stock market.
but az yet there is no marked increase in the
volume OF buying for public account except IN
the case Of purchases which represent opera
tons by people who are taking advantage Of the
current low quotations 70 add 10 their invest
,nent holdings The fact that quotations have
declined 10 a level which yields in many FIRST
class issues as much per cent. and in some
cases more naturally has attracted Investment
capital TO Wall Street and in the event Of
further decline in prices buying Of this sort
ought 10 become exceedingly heavy while there
ought also to be an active demand on the part
Of operators VINO speculate on the basis OF TAX
ing stocks when they are cheap and selling
them when they are dear. There is no certainty
that the market has turned in the direction OF
permanent higher quotations, despite yesterdays
pronounced advance. but II is believed In the
best informed quarters that the greater part
OF the liquidation is over and that the short
interest is large enough 10 encourage E more
hopefui feeling among the advocates OF higher
figures Conditions affecting the actual worth
of securities are sound. There is no indication
Of adverse developments in business circles and
there is no prospect of serious trouble IN fnan-
cIal quarters a result OF the extended decline
that has taken place on the Stock Exchange.
This decline as matter OF fact. has helped the
technical position of the market and. while there
have been many individual and pool losses in
the last few weeks tho damage has not
tended 10 the commercial community nor lie
there any chance Of disaster in the business
world because Of the liquidation that has been
going on in Wall Street.
Sterling exchange rates were again lower,
while the money market held near the figures Of
the preceding day, which for time funds were
higher than recorded in the first part Of the
week. The outlook favors higher rates for
money in the near future, and IN some quarters
Il "a thought that the foreign exchange market
indicates q movement OF gold from Europe to
This country II is not likely that London
willingly will permit shipments OF the precious
metal TO this side Of tho but II is conceiv
able that under certain conditions the Secretary
Of the Treasury win offer 10 facilitate imports
! Nv depositing government gold with importing
hanks pending the arrival OF equivalent
amount Of the metal from abroad. The Bank Of
r-neIand made no change IN It's minimum rate OF
discount yesterday and in the event OF an active
tro,,,rv for gold from the United States the
c,o,a+ion may be advanced. though the English
institution is in much better condition at pres
ent than II was last fall. when In order to pre-
vent shipments of gold to New York, the rate
was advanced to per cent According to the
known movement Of money in the week tbs
in their statement of averages tomorrow. as