New-York tribune., 1908-02-15
sex dividend.
Closing prices Of active bonds dealt 1n' Win
STOCK MARKET OPERATIONS.

The controlling factor in the stock market yes
terday was the New York City bond offerlns
In anticipation Of the success OF the loan the
bulls soon after the opening began to bid up
stocks and in the afternoon, when it had be-
come fully evident that the bonds would be
heavily oversubscrbed at satisfactory figures,
the stock market advance became more pro-
no,nced the close being strong. with many
handsome net gains scored, among them 21a
points each for ST Paul and Union Pacific. "a
for Reading, 22s for New York Central, points
for United States Steel preferred National Lead
and Great Northern and 2 Is for Delaware &
Hudson In the bond department general ad-
yances occurred and a strong tone prevailed, re-
fiecting the promise of an excellent investment
inquiry for high grade bonds as an Inference
from the high average of the bids for the city's
new issue.
The opening in stocks was irregular, although
generally at slightly higher prices than at
Thursdays close. and for the first hour there
was more or less bear pressure, but the conf
dent buying the bull account before long
turned the tide and the shorts began to cover.
their buying thereafter contributing materially
TO the general advance. Little attention was
paid to adverse news, such as that Of the re-
ceivership for the Chicago, Cincinnati & Louis
vile Railway, once a part OF the Cincinnati,
Hamilton & Dayton system. and the reduction
of the annual return on the Texas d Pacif1cs
second income bonds Missouri Pacific, after
again touching fits low level of S5. rose nearly
four points from that figure and closed with a
net gain of IS points, at S6$4, and American
Smelling and Refining, which on the previous
day had been the weakest stock on the list
closed at the highest of the day and 21z points
above Thursday. In London the market was
depressed the weakness including the American
stocks: the trading at that centre, of course,
having ended before advices could be received
of the success of the local bond sale
The rate for call loans, as for many days past,
did not go higher than per cent, and rates for
time funds practically unchanged. The
foreign exchange market was heavy. with the
demand rate 10 points down, a result of ad
dtionai sales of bills against expected allot-
ments of city bonds to bidders at European
centres. The reported movements of money
during the week indicate q gain in cash by the
Associated Banks of about $5,0o0,000 which
should normally indicate good bank statement
to-day, with perhaps a substantial increase in
the surplus reserve, since the drain by the trust
companies last week. with the object of prepar-
ing for their initial statement of condition to
the State Superintendent OF Banks, is not
factor in the calculations this week The
curence of the municipal bond sale, however,
has introduced complication. as. although the
total cash deposit RECRUITMENT for bidders is
only few millions, the fact that allotments
must be paid for soon made has caused
the negotiation of heavy loans by large bid
ders, the aggregate amount Of which loans
not be approximately estimated.