New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-01
Closing prices of active bonds dealt IN. with
net changes follow:
STOCK MARKET OPERATIONS.

Absence Of selling pressure In the early deal
ings in yesterdays stock market induced cover
ing Of shorts throughout the list while the sub
sequent appearance in the market of large buy
ing orders from some of the more important
houses strengthened the tendency among traders
20 operate for higher prices. AS a result of
these movements the greater number of securi-
ties enjoyed Improvement many issues in the
active list advancing from to 3 per cent, with
the gains well maintained up to the last minute
of business. The Hartman shares the Hill
issues Amalgamated Copper, Reading United
States Steel. st. Paul. Canadian Pacific and
Missouri, Kansas & Texas were among the ac-
tive features that supplied a large part of the
days transactions and attracted speculative at
tention, but the trading in general was much
better distributed than recently recorded, though
there nothing in the character Of the opera
tions or in the course of prices that warranted
the theory that the market had turned in the
direction of a sustained advance. Sentiment TO
be sure was trile more cheerful because Of the
adjournment of the Interstate Commerce in
vestigation Of the Hartman properties. but it
was not conceded for moment that the public
was in a condition Of mind to resume intimate
relations with Wall Street. Public confidence in
securities has been shaken because of the dis
closures Of the methods employed by certain
persons high in the railroad and banking world
and until the public becomes convinced that
such practices as reported are the exception
rather than the rule stock markets will not re-
ceive the support of the element upon which
Wall Street depends for genuine bull specula-
ton
1t would be sad commentary upon American
corporations, their managers and financial back
ers if the developments Of the last few days and
of the last year We're typical Of business in gen.
eral in this country. Fortunately the greater
number Of business enterprises in the United
States are conducted upon sound lines. The
Altonian microbe will not find fruitful soil where
high ideals of business morality flourish and the
germ that burrows into the pocketbooks of the
many for the enrichment of a few syndicate
managers viii be destroyed by the sharp pointed
probe of government surgeons. Investors need
not take alarm over the present position Of the
stock market, liquidation and declines have
not upset the earning power Of solid investment
properties. and the probability that there will be
further liquidation of speculative accounts and
lower quotations should not create the impress
sion that the stock market is discounting a pc
Rod OF business depression. In tie final dealings
yesterday the persistent strength Of the stocks
which were the weakest features in the trading
OF the preceding day created some enthusiasm
among the spectators who have been holding
their accounts by the narrowest sort of mar
influences were over for the present at least
and that with the adjournment of Congress the
track would be clear for old fashioned bull
movement. Notwithstanding the possibility Of
higher rates for money. Call loans were as
nigh per cent. the advance being due in
great part TO the preparations for the March
dividend and interest disbursements which viii
aggregate S6O.OO0.OOO.
In the month OF February the government had
q surplus revenue account of $S196496. repre-
senting IN great part payments by the local
banks 20 the Treasury in excess of federal ex-
penditures While government payments are dis
trfbuted over the entire country. receipts come
chiefly from New York and nearby cities, and
as q consequence the banks Of the East are
called upon 70 shoulder the burden of settling
importers accounts with the government, as
wen as supplying the rest OF the country with
funds for use IN the channels OF trade The
Aldrich financial measure Will not give the coun-
try perfect currency system, but II It becomes
O law e VIII serve 90 remedy some Of the pres
ent evils and 90 give 10 the Secretary Of the
Treasury authority for action in emergencies
action similar TO that taken by the present Sec
rotary without the consent OF the law It need
not be assumed. however. that the A.drich bill
wifi increase to any great extent the volume of
money IN circulation or that its passage at this
session OF Congress will be followed Immediate
ly by easy rates for loans There is no necessity
for an increase at the present time IN the
amount OF money IN the country: indeed, It is
not unlikely that in the current month banks
win retire enough currency 20 offset the prob
able excess OF government payments over re-
ceipts, excess OF expenditures being expected
owing 20 payments items in appropriation
bills which become syailable At ones.