New-York tribune., 1907-05-09
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Trading in yesterdays stock market was light
in volume, transactions being confined in great
part to the operations OF the board room ee-
ment. Prices were weak in the early dealings
but recovered much of the loss before the close
last hour business representing covering Of
shorts. based on the absence Of liquidation and
on the Improvement that took place in New
YORK Central after a morning decline, in the
course Of which its price reached a point near
the low level recorded in the March panic, when
the stock sold at ILL.,. It's lowest quotation
yesterday was 1929 while its close was at 114
a net loss OF only e. The stock apparently had
been oversold, and this. together with the April
report OF earnings, showing an increase of more
than S1.000OOO. attracted covering operations
which extended throughout the list The earn
ings Of all the New York Central lines showed
improvement, and interests identified with the
company appeared TO believe that the bad re-
suits obtained in the first quarter Of the year
would not be duplicated in the balance OF 1907
Delaware & Hudson made up its loss of the
preceding day, good buying appearing when It
became known that Tuesdays downward move
ment represented nothing more than an attack
the stock by spectators OF doubtful char
acter. The Delaware & Hudson company is
sound financially and is improving physically
is expected to increase materially. Reading and
Union Pacific were again the leaders in point OF
activity. but even IN these issues dealings were
light in comparison with recent heavy opera
tons, total sales in the two stocks amounting
to about 10000 shares out OF a total in all
OF less than $4,000 shares. Crop reports
varied, but in the main were more favorable
Money was easy and sterling exchange suffered
a further decline
The refunding limit Of the government As was
placed by Secretary Corteyou at S5OOOOOOO
and TO date S44 1896, 100 of this amount has been
refunded. while the total purchased and re-
deemed amounts to S24. $50 400 the balance out
standing being $4797S45O a small portion Of
which will go to make up the 5000, 300 that re-
mains to be exchanged for 2 per cent bonds
leaving 42,375. $50 to be redeemed IN cash The
response to the refunding proposal indicates
that holders of the As prefer an exchange for a
2 per cent bond to the cash. but as the limit
under the refunding offer has about been
reached there will be a large of government
money turned over TO owners Of the amount TO
be redeemed, and the chances are that q large
part of this Will be paid from funds in the
treasury vaults rather than from government
deposits in national banks, unless money should
accumulate at this centre to an extent that
would induce bankers to suggest the withdrawal
Of federal deposits from the depostary institu-
tions- At the moment there appears little prob
ability of any great accumulation of idle funds
in New York, business needs throughout the
country continue active while current bank
holdings are not large with indications pointing
toward a further decrease in the reserves Of the
Clearing House banks in Saturdays statement
to say nothing OF the possibility OF gold exports
from this country. So far in the present week
the local banks have lost on their operations
with the Sub-Treasury more than $1,000 600
due in great part TO transfers OF currency TO
San Francisco. and while this movement does
not suggest the development of stringency in
the money market It does not encourage the
theory that money will become drug on the
market in the of the next few weeks
Bankers are not anxious for easy money. Firm
quotations for loans will Indicate that indus
trial prosperity continues, and activity in the
money market therefore ought not to be cause
for pessimism In Wall Street
Foreign exchange conditions reflect no eager
ness on the part of foreign bankers to draw gold
from the United States and If shipments OF the
metal should be made later on they will not
from all indications, be IN large volume The
European money markets are not in urgent need
of a replenshment of their gold holdings
through imports Of the precious metal and the
position of the international trade balance ia
~S"4AA7N fAi"HSiA'cAb W BOiO from mere. Hence
II follows that IL the foreigners actually need
the metal, shipments OF gold would represant
accommodation supplied by this country instead
Of the settlement of American obligations
abroad. The position OF financial affairs here "a
satisfactory, and the same thing may be said
of industrial conditions. the only unfavorab Bile
factor being the depreciation in the percentage
condition OF winter wheat: and the latter is not
nearly as great as some spectators In the grain
and stock markets would have the public he
ieve. The crops are important factors in the
earnings of the Western railroads. and all roads
in the country would be affected by general
failure Of the harvests but there is no reason 10
suppose that there could be any such develop
ment in the wide and extensive agricultural
section of the United StatA-