New-York tribune., 1908-02-12
Closing prices of active bonds dealt IN. with
STOCK MARKET OPERATIONS.

Or . x-olun,e of business less than two thirds
that of the preceding day the stock market yes
terdav advanced from 1 to Ia points, ana then
receded, showing al the close net gains OF slflai
size for the ajority of the issues dealt IN Inc
trading was almost wholly professional, ana the
carly advance was due to covering of short con-
tracts in preparation for the approaching holi-
dav and did not have the effect of stimulating
outside buving. On the late decline. when foi-
lowed an Intervening season Of dulneSs- fresh
short lines were put out London came IN as Il
purchaser balance. but not on heaVy scaie'
There was no news, and even rumors which nave
Of late been SO industriously circulated. we're
scarce yesterday An effort to ascribe the morn
ings rise in. prices TO the probability of speedy
passage of the Aldrich bill was not taken Sc
riously Call money ruled at the usual easy rate
= per cent being the highest figure touched: but
rates for time funds hardened a little, the sup
ply being rather less abundant than of late ana
the rates for the earlier naturfties being ad-
vanced Ia per cent above the leve! at Whlch Ihey
have recently been standing
The coal stocks were under especial pressure,
owing to the cutting of prices of coal. due to the
big accommodations which have resulted from the
general slowing down of business and the COM
narrative rrldness Of the season. and most OF the
stocks OF this group ended the day win net de-
clines Union Pacific rumors OF the cutting OF
the dividend on which persistent. closed
nearly a point above its lowest, making frac-
4ionaI gain The United States Steel stocks
moved within a narrow range, both common ana
rreferre6 advancing fractionally the day
Canadian Pacific, which an extra dividend
was declared on Monday, advanced 11s points, on
small transactions.
Sales in the bond department were little
larger than on the previous day, and, as rule
prices showed an upward tendency. Much In
terest IS being taken in the offering of $4,000
600 az per cent New York City bonds, the bids
for which are TO be opened Friday, as the
volume of subscriptions and the figures bid VIII
give an important indication of the present de-
mand for high grade bonds. There were deal
ings in the forthcoming issue on the curb
yesterday at prices ranging between 81 049s and
81 04a, but these quotations, of course. give no
Trustworthy indication of the average price at
which the issue to be offered this week will be
taken Although no syndicate, strictly speak
ing has been formed. there is no doubt that
the entire issue will be taken. as the Controller
would hardly have risked Offering great an
issue without having the assurance Of powerful
institutions and houses that the operation would
from that point of view at least be a success.
The last issue of AIS in September went at
an average of little above 81 OF, and have
since been sold high as 81 0Ss, the latter
figure. however, representing a special demand
occasioned by the panic, The decline in the
price of consOis in the last few days perha ps
indicates d lessenins of the English demand for
investment securities of the first class and may
presage a similar slaCkening of inquiry from
American investors but that better prices will
be obtained for the issue of city bonds than
in September is the present outlook.