New-York tribune., 1908-02-14
Closing prices OF active bonds dealt In, with
STOCK MARKET OPERATIONS.

4 pron,ise of Improvement in the stock
ket at the opening yesterday was not long sus-
tanned as after an advance In the morning hours
decline set in under which most or the gain OF
the dav was lost the market closing weak. The
early stimulus supplied by buying OF Union
and Southern Pacific, presumably on advance
information that the usual dividends were TO be
declared, the general list rising with these
issues with the greatest strength shown by
Delaware & Hudson. A sharp break In Missouri
Pacific brought the upward movement to a halt
and caused weakness throughout the list. which
was intensified 10y the recession in American
Smelling and Refining common on selling ac-
companied by revival Of the rumors or d1V1-
dend reduction Union Pacific and Southern
Pacific were heavily sold upon the announce
ment of the maintenance of their dividend rates,
by operators deSrous OF securing their profits,
and closed only fractonally above their lowest
figures of the session. The decline in Missouri
Pacific, which sold down to 50, its lowest for ten
years due in part to reports of an unfavor-
able rate order by the railroad commission in
Kansas, in part TO renewed rumors concerning
the physical condition of the property and in
part the generally friendless state Of the
Gould stocks. which made it easy for the bears
TO force down the price, as they also broke the
price Of Western Union.
Rates for call and time money showed no
change from Tuesday and there reason
ably good demand for mercantile paper at the
rates which have recently been ruling. The
foreign exchange market was weak, demand
sterling declining Il cent large offerings Of
commodity bills and selling of bills offered
against the New York City bond sale of to-day,
as a fairly large part of the bonds expected
TO be taken by foreign interests, whose bids. it
is understood, have been put in at such figures
insure their receiving a considerable al
lotment. Trading In the bonds when is
sued went in the Broad street curb market
at 104s4 and 1O47s, and the common disposition
! in the street to predict that the average
price at which the issue would be awarded would
be not far from 104, substantially better than
| the results obtained IN September.
The weekly statement Of the Bank Of Eng
| land showed increase of S.. $50 900 in gold
| holdings and a decrease of l per cent In the
! proportion of reserve to liabilities which is
! 534 per cent. larger percentage than usual at
| this date and 3.15 per cent greater than at this
| time last year Loans increased 81 .935, 900 and
total reserve increased s3S1O,0OO. The banks
discount rate remains at per cent. The Bank
of France reported a gain in gold for the week
of s5000.000. which probably represented in large
measure the repayment of another instament of
the SIS 600, 900 loan the Bank OF England last
fall.
shown in yesterdays statement of the Depart
ment Of Commerce and Labor, were S12S, 10,076
in value d record total and comparing with
s110.267,724 for January, 1907. and figures which
represent continuance of the strong position of
the United States in the foreign exchange mar
/ Lot