New-York tribune., 1908-02-21
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

After momentary hesitation, the stock market
yesterday morning resumed the advance "illol "i
had begun late Wednesday. the upN"lu
movement continuing until the last hour, when
on heavy profit taking and renewed selling Ioi
The short account a recession occurred in Willch
a considerable part of their previous gains "ei+
1os- bz- many Of the issues. The publication OF
the Presidents communication 10 the interstate
Commerce Commission. directing an inquiry
into the merits of the railroads proposed re-
duction Of employees wages. might have beeh
expected to produce panickY state OF hlllio
among stock market operators, but It's lhlueh'e
was practically nil. 1t was, OF course dlScuSSeu
with interest but had apparently no depressing
effect on prices. Much more significance was
attached TO the opinion handed down by Judge
Ball. IN Chicago, upholding the Hartman con
tantfons in the Illinois Central litigation; but
the announcement Of this decision was not FOL
lowed bv the promised sharp rally, with Union
pacific in the lead. That stock. indeed, al
Though the dealings in it We're by far the largest
in any issue, did not at any time in the course
Of the day. sell more than II points above the
closing figure of the preceding day. and closed
at a net decline of ls point while southern
Pacific ended the day unchanged from Wednes-
dav and Illinois Central itself. single sale
of 100 shares lost point.
Perhaps the main factor Of the strength Of the
market was the cessation of liquidation in the
Gould stocks which had on the day before been
so conspcuousy weak. The general advance
which was in progress during the greater part
of the session represented chiefly covering OF
shorts with which combined limited
amount of buying for the long account. Baitl-
more & Ohio was one of the strongest stocks on
the list despite the poor showing made by its
. statement q earnings for January and the an
. nouncenlent of its $6.00O.000 note issue. West
orn Union rallied to A. and closed at that figure,
a net gain Of 2l2 points. and Missouri Pac1fc,
Texas & Pacific and the St Louis Southwestern
Issues all made fractional net gains. Amalga-
mated Copper and American Smelling and Re
id INN nrNa n rhE
conner metal market. closing point more
gain each Delaware & Hudson made a maxi
. mum advance of six points retaining nearly four
points at the end Of the day.
The money market showed practically no
change for the day. the maximum rate for call
loans being . per cent. against pa on the day
4 before but a firmer tone evident in the
time money market. although rates were un-
changed from the day before The preliminary
estimate based upon the known movements of
money during the week indicates 4 gain Of Casn
hy the associated banks Of nearly SG,000,0G0, re-
Sultng in large part from shipments from the
interior 10 this centre. and this gain gives some
basis for the expectation of a substantial in
crease in the reserve in the bank statement,
which will be issued at the close of business to-
day. since ta-morTow will be legal holiday.
Heavy increases in the gold holdings of the
Bank Of England and the Bank of France We're
shown in the weekly statements of those in
stitutions.