New-York tribune., 1907-04-18
STOCK MARKET OPERATIONS.


STOCK MARKET OPERATIONS.
Stock market values moved in irregular
manner throughout the day final prices showing
more net losses than gains. Early changes were
in the direction OF higher quotation level, but
the absence Of public support and the apparent
unwillingness of the larger speculative interests
10 take an active part in the dealings were
effective in inducing pressure from the trading
element, which resulted in moderate declines in
most Of the active issues In Baltimore & Ohio,
Canadian Pacific, 81 Paul. Reading, Southern
Pacific and Union Pacific losses from the best
figures Of the day amounted TO more than l
point. but IN most securities the downward
movement was confined to fractions. In Cana
dian Pacific the decline ran above points. the
selling being helped by reports from Montreal
Of soft coal strike in the company's territory.
while the Hartman shares were assisted toward
a lower level by revival Of the old rumor that
the company would put out some short time
notes IN London and that there would he an
immediate resumption OF activity on the part Of
the Interstate Commerce Commission against
The Hartman roads. Commission houses repre-
senting Washington interests fairly active
buyers in the morning, but as a rulo the out Of
town orders were light. the greater part OF the
days business being supplied by the professional
clement. In the last hour transactions were
llStiltT iIdu Al any oIner time II the while
the movement OF values showed unlmportant
fluctuations Trading in bonds was a trne in
excess of the operations Of Tuesdays market,
but not heavy enough to denote any important
Inquiry for railroad mortgage issues. The money
and sterling exchange markets preaented few
features Of interest
Wall Street interests who have at various
,tlmes exhibited no small amount Of groundess
fear over the policies of President Roosevelt as
affecting the railroads viii find TO comforting
message in the words of Mr.. Bryan on the
transportation subject. Indeed, if Mr. Bryan
were President, with a Congress Of his own
choosing at his back, there would be some rea-
son for uneasiness In the financial community.
and the fact that he doubtless Will be the Demo
cratic candidate for the Presidency ought to
serve 20 discourage the current loose talk in
which certain railroad men and members Of the
high finance" party indueIng regarding
what they pleased 10 call the dangerous
tendencies Of the Washington administration
in its relation to the business interests Of the
country. There no investors and no hus-
ness men in the United States who can find in
the policies Of the President which 50 far have
been enacted as laws Of the land anything de-
structive OF vested rights, and investors in gen
eral ought 10 sing a song Of thanksgiving that
the opportunity for making laws regulating cor
whose radicalism would have resulted in meas
ures that might have exerted almost as adverse
an influence upon the industrial situation as that
which would have followed the success Of the
free silver party in the first Mckinley campaign
for sound money. no railroad man honestly will
admit that the rate bill has upset or injured in
the slightest degree the transportation business
in this country. despite the danger signals that
were set by the opponents of the measure and
additional legislation on the railroad question
the lines that viii be proposed by President
Roosevelt should not worry investors and bust
ness men in general. even if few people do
make gloomy predictions. The danger that
threatens investment values is the possibility OF
the election OF Mr.. Bryan or man OF his class
rather than the enactment Of laws by Re
publican Congress relating 10 the regulation OF
corporations. Regulation OF corporations by the
government is vastly different from government
ownership.
Government Tefundng operations are pro-
crossing in n most satisfactory manner. AS
result OF this movement and the recent large
deposits OF customs receipts in national banks
the money market is IN extremely sound po-
stion and much stronger than ordinarily has
been recorded at this period OF the year The
ease in loan quotations at this centre is re-
hected in the transfer Of trust company and
out-of-town bank loans 20 the Clearing House
institutions, the trust companies and country
banks finding it more profitable 70 deposit their
funds with local banks that pay interest on de-
posits than TO lend them in the call department
OF the market AS consequence Clearing House
loans were increased 10 enormous extent
last week, while &c IS not unlikely that there
will he further expansion IN Saturdays state
ment. The demand from the interior is fairly
active. particularly for the South and South
west. but with the approach OF the summer sea-
son the movement Of currency doubtless viii be
largely in favor OF this point especially II there
should be a quieting down ia trade centres. So
far there has been indication OF a material
falling OFF in the volume Of general business,
and it is an interesting fact that most OF the
large manufacturing concerns have contracts
on their books that win keep their plants busy