New-York tribune., 1907-01-04
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.
'hanges, follow

ties moved in an irregular manner with the
tendency in many issues in the direction OF
| lower quotations. The downward movement
was most pronounced in the Hartman stocks
the Hill shares St Paul, Delaware Hudson
the last named small transactions, and Read
ing though the stock Just named recovered q
good part of its early loss before the close
Traders were bearish and the fact that rallies
failed to bring in buying orders was considered
by the room element sign OF a declining mar
ket while the character OF selling in the high
gra de stocks not such 10 inspire con-
fdence in the theory held In some quarters or
an immediate resumption OF activity on the part
Of the more substantial market interests. AS
a market influence the relaxation in call money
rates was offset by the fear OF developments
affecting adversely the Hartman properties as
a result of their investigation by the Interstate
Commerce Commission. and the selling in Union
and Southern Pacific by prominent houses nat
urally induced the belief that a number of largo
accounts being liquidated. Amalgamated
Copper. American Smelling and Brooklyn Rapid
Transit were firm features particularly Anal
gamated. which bought the strength in
the copper metal market and on the expecta-
ton that at the next dividend meeting Of the
directors the rate will be increased AT the
close the stocks in which net declines were re-
corded above the lowest figures of the day.
slight improvements being due TO covering or
shorts
Money ma rket conditions reflected in the
price for loans in the call department of the
day. due to liquidation that has been under way
in the stock market and to the return TO the
banks of money paid out Wednesday on interest
and dividend account Rates were not easy.
but they were well under the prevailing figures
of recent weeks, and the fact that renewals
were made at Z and s per cent, as against 10 to
% per cent in the last few days. naturally
couraged the idea that for the present at least
there will be ample supply of funds for stock
market purposes. Great activity in stocks,
however. appears out of the question at the
moment. The larger interests are not selling
any of their holdings, but they are watching
the situation with some uneasiness owing to the
few discordant notes that have been heard in the
New Years carols of prosperity, to the Union
Pacific investigation by the Interstate Commerce
Commission, TO the unrest in certain labor quar-
and to the fear that failure on the part Of
the st. Paul management TO rectify its recent
serious blunder in discriminating against the
small stockholders of the company VIII create
an unfavorable, impression abroad
curities and on our method of corporate man
agement. The rights Of the small stockholder
should be as carefully guarded those of the
holders of large blocks Of shares, and fortu-
natey there have been few instances in the his
tory Of our railroads and Industrial companies
when the small interests have not enjoyed the
same privileges as those accorded the heavy in
vestors. If the directors of the ST. Paul COM
pany refuse to do what fairness ought to prompt
them to do there will be litigation in the courts
which will not be bull factor American
securities.
The Bank of England made no change in its
meeting yesterday, and while there was an in
crease in the reserve the expansion of liabilities
caused drop in the percentage Of 10
liabilities OF 36s per cent from week ago Ac-
cording TO cable dispatches there is little
chance of a reduction in the bank rate in the
course of the next two weeks, but it is believed
that if bank holdings at this centre begin to
increase and money rates drop the governors of
the British bank VIII lower the minimum quo
tation before the end OF the month, notwth-
standing the fact that active demand for
gold is likely to develop for South American
account, and possibly for Berlin, where reserves
low. In the last year the New York banks
lost to the interior S53,513,900 net and to the
Sub-Treasury S10T. 800 a total of S161, ISL
300 hut this amount was offset by gold i'm
ports and receipts of new gold. The greater part
of the gold imported was brought in through the
efforts of the Secretary OF the Treasury in de-
posting gold with the importing banks pend
ing the receipt of an equivalent amount of the
metal from abroad, and had 1t not been for the
acton OF the secretary douptiess there "ouio
have been serious panic in the financial mar
kets The wisdom of Secretary Shaw in putting
precedent aside in throwing government money
into the banks is something worth thinking
about with feeling of unusual satisfaction.
The Pennsylvania Railroads report of earn
ings for the month of November. received yes
terday, makes extremely favorable showing,
while that of the Reading is distinctly bad,
Since the beginning OF the fiscal year the net
income OF the entire Reading system shows a
falling off Of SS6S,2S4 compared with the
same time In the preceding year. Talk Of in
creased Reading dividends in the current year
is heard but 1t is not justified by the position OF
thu