New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-13
Closing nrices Of active 'bonds dealt IN. va
STOCK MARKET OPERATIONS.
chanees. FOLLOW:

Wall Street was favOrably impressed with the
announcement that Mr.. Morgan had been in
conference with President Roosevelt regarding
the relations between the railroads and the pub
lie. and from the outset Of business on the
Stock Exchange until midday prices tended in
the direction Of higher quotations, with substan-
tial advances in all the leading issues. The
volume Of trading however. was light. as COM
pared with the heavy operations of week ago,
while II also was smaller than recorded on Mon
day. dealing in great part being made up of the
transactions of the professional element. whose
operations in the afternoon brought about re-
actions which wiped out much Of the early gain.
Some Of the largest banking houses in the Street
were quiet buyers. but the response from the
general public was not active enough TO burden
commission houses with orders. though the lat
ter reported cautious purchases. for interests
who either bought outright else supplied an
amount Of margin that would carry their
counts through anything but a serious panic
Large margins are required in ali legitimate
houses and traders who imagine that they Will
be able to establish position in the market
on a small percentage Of the buying price OF
securities will find accommodation only in the
bucket shops. Reading again was feature. ana
moved over fairly wide range. advancing 10
1868. against closing Monday at 124A, declin-
ing in the afternoon TO l24. and closing at a net
gain Of q. II is said that Reading is booked for
40 but such a movement will be based on
speculative conditions rather than consid-
eratons affecting the actual merits of the issue.
At the close the chief gains were reported by
the copper shares, United States Steel preferred.
Brooklyn Rapid Transit Distillers' Securities.
Great Northern. Mexican Central, Reading and
Union Pacific.
II months ago the railroads of this country
had considered more intelligently the attitude OF
the federal administration toward the transpor-
tation industry of this country, and if at that
time they had adoped measures of cooperation
with the government. they undoubtedly would
have been spared the necessity of now appeal
ing to Washington for protection against the
unreasonable hostility that has developed in
many states against them. The railroads have
permitted themselves to drift into a contest with
public opinion, but fortunately at this late
date railroad managers recognize their mis-
take and making sensible efforts TO bring
about better understanding between them
selves and the public. The executive officers Of
four of the largest railroad systems in the coun-
try have asked for hearing before the Presi-
dent in order that they may acknowledge their
transgrcss!ons and ask for government assist
ance to bring about an understanding with the
public which viii work for the mutual advan-
tage of the railroads and the shippers; and it
is not unlikely that this conference will be pro-
ductive Of much good and serve to establish
basis for action which will bring to end
war which if continued may lead TO serious
consequences. for the railroads. for holders Of
railroad securities and for the country's indus
trial activities Legislation recommended by
President Roosevelt and legislation enacted on
the lines set forth in his messages to Congress
are now accepted by most railroads WISE
conservative and calculated TO help rather than
hinder the railroad business, but this acceptance
the part of the railroads has not come soon
enough 10 stave off the agitation against the
roads which IS becoming so popular among
some state politicians. who are exceeding the
bounds Of sense in their efforts 20 pass laws
affecting the country's railroad traffic.
Sterling exchange is at q low level and II IL
were not for the position of the London market
local bankers undoubtedly would be taking gold
for shipment 10 this side of the ocean. London
bankers are anxious to prevent exports to the
United States, and for several weeks New York
has made attempt to get the metal. but It
is conceivable that in the event of rates Cor
exchange continuing at current low figures for
any length of time shipments practically will
be forced. Announcement was made yesterday
that Sl000000 gold from Holland. intended for
London. had been secured for American account
but this amount win not become available here
for week or more. 50 far in the present week
The banks have lost on their operations with
the SuD-Treasury more than S3.O00,OO0, while
the demand for funds from the interior has been