New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-24
STOCK MARKET OPERATIONS.

Stock market dealings showed a material con
traction as compared with the total operations
Of the preceding day, while values failed Ia
maintain the advancing tendency that marked
the course of business Monday. Prices
opened strong, but subsequently sold down from
to points in the active shares though in the
late trading strength again was recorded. As
result Of the irregularitX final quotations pre-
sented as a rule. unimportant fractional
changes from the closing figures Of the day be-
fore, net gains and losses being about equally
distributed The general irregularity may be
gathered from the course Of St. Paul and Union
Pacific The first named opened at 1861 ad-
vanced to 1874, declined to 1865 and closed
at 1861. unchanged from the preceding day
Union Pacific opened at 14l1s advanced to 143ls
subsequently declined to 140s and closed AZ
143Ik. net gain Of Is. Union Pacific was
among the few stocks that showed more than
a fractional change in the final level In the
early advance new lines Of shorts were put out,
while on the strength in the last hour trading
further operations OF this character were re
ported the selling being based on the absence
OF public buying, the unfavorable weekly
government weather report and the bearish SEN
tirnent created by the reduction by the Western
Electric Company in its staff of employees. the
last named factor suggesting the idea Of a cut
ting down by industrial companies throughout
the country in their working forces. Further
strength in sterling exchange. which led 10 talk
Of gold exports also was a factor which dis
couraged bull operations.
Strength in the foreign exchange market re-
fleets in part the demand for exchange i'm con-
nection with the payment OF maturing finance
bills in Europe the ease in money here making
It more profitable to liquidate these obligations
~
Will tend to bring about lower rates for money
abroad. an indication of which presented
Yesterday in the action of the Imperial Bank of
Germany I'm reducing its rate to 5i2 per cent and
the Bank of the Netherlands in reducing its rate
10 per cent II is not unlikely that both the
Bank of England and the Bank OF France will
lower their rates in the near future. and action
of this sort. of course, will have most favor
able effect upon sentiment abroad and doubtless
will induce an enlarged buying demand for Sc
curities in which American issues ought to
share particularly for London account. The
income tax bill in France is upsetting To GER
tain degree the larger investment interests In
Paris and increasing the desire at that centre
TO invest abroad. and with lower bank rate
this ought to be reflected in the London market
for securities as well in the exchange market
between Paris and the British capital. Accord
ing to dispatches from London bankers there is
as yet no disposition to take our securities in
volume but it is contended that with easier rates
for money the attractive level at which first
class American stocks and bonds are selling will
induce the placement of foreign funds in the
local market The return on our securities at
present prices is well above that received by
buyers Of gilt edged English investments which
have no greater intrinsic value than our own,
and il the foreigners have idle funds they
quite likely TO take advantage of this market.
notwithstanding the political and crop uncertain
ties about which so much bear capital is being
made
Bond houses which have the opportunity TO
Judge the trend OF sentiment in financial and bust
ness circles throughout the country report that
they are unable 10 observe any impairment Of con-
hdence in the outlook for the maintenance of in
dustria prosperity. Though there is no activ-
ty in the bond market dealers are not appre-
hensive of the future. believing that just soon
as money eases TO a greater extent at interior
points there will he a better demand for mort
gage issues. The time will come when there
will be an active inquiry for American railroad
bonds. and the period also viii arrive when the
railroads instead OF putting out short time notes
at exorbitant charges will he able to place their
bonds with as much ease as they did before the
market became overcrOwded With securities of
this character. Recent bond and stock issues
are sin in process OF digestion and the chances
are conditions viii not be ripe for the issuance
OF new securities of this kind in any volume for
some time 70 come. II need not be inferred
however, that the railroads and Industrial con-
Germs in this country have reached a position
where It will be impossible to count upon fur
Their expansion of bonded Indebtedness and in
creased capital stock for purposes in connection
With the expansion of the properties in propor
tiOn to the material growth Of the United States