New-York tribune., 1908-02-18
Closing prices of active bonds dealt in, with
net changes, follow:
STOCK MARKET OPERATIONS.

On a restricted volume of trading, the stock
market yesterday moved with much irregularity,
closing with small ret price changes, gains and
losses being about equal in number In the
morning hours the price tendency was almost
continuously downward. under the combined In
fusnce of short selling and Of liquidation, which
proba bly, represented the closing out of further
blocks Of securities taken over last fall for the
purpose of saving their holders from financial
disa sters and the partial recovery in the latter
part of the day was the result of covering Of
short contracts and not OF buying for the long
account Such news as developed was of sort
TO encourage the operators for the decline in
stocks who had 10 their credit in the course
of the session the establishment in twenty
stocks OF new low records for 1903. Copper
metal prices We're marked down on the local
Metal Exchange and disturbing reports of the
condition of the industry were circulated, while
in London Rio Tintos fell to even q lower point
than in November The poor outlook in the
copper market had the effect of depressing
Amalganated, and q sympathetic influence on
the rest of the list. The decidedly unfavorable
showing made by the Erie III it's statement of
earnings for the three months ended December
81 had bad influence on sentiment and corre-
spOndiagly gave confidence To the bear party IN
their operations. The Hartman issues were
under pressure. Union Pacific being sold on TIE
usual variety of considerations TO which was
added Yesterday a rui1or that a bond issue of
$40 900 900 or 500 600. 900 was imminent while
the actively bearish influence affecting Southern
Pacific was the fact OF the fling by the govern
lnent Of series of rebating suits lis success in
the prosecution OF which might mean the loss Of
many millions Of dollars TO the Southern Pacific
Company.
The bond department. like the stock market
was inclined 10 recession, although the business
done was much larger than for many days, the
activity being principally in the new AZ per
cents. when issued" of the City of New York
Interborougil- Metropolitan 41aS the weak
feature in the bond market. suffering a maxi
mum decline Of 2As points from their opening
level of SOS. and closing az o. Z. Their break
in price is said 10 have been urgent selling
by & heavy holder. In call money the usual
nominal rates continued TO prevail, but the time
money market exhibited hardening tendency,
rates for most maturities being advanced : per
cent. The supply of time funds reported
less abundant. with fair demand. The foreign
exchange market advanced sharply, demand
sterling rising 30 points, this advance being
probably due TO covering of heavy short sales
made in anticipation of big sllotments of the
new city bonds 70 foreign interests, and in part
also TO the showing made by the foreign trade
statement for January.
That statement was directly IN line with those
for the preceding months since the panic period
Of last fall with its showing Of exports Of mer-
chandise amounting to S206, ,2l1,sS5, a total less
than s1,o00,0o under that for December. the
largest record, and Of imports of SS5, ,693 104.
a shrinkage Of $3.50, OCT from December, about
s24 01o .000 from November and s2s 000, 900 from
October when the Country's econonizing began.
In comparison with January Il year ago the
cutting down of the country's bill for imported
merchandise is still more striking, for shrink
aee of about Sal. 600 is seen. The excess Of
exports over imports for the month figures out
as sl20.5lS13f. or not much short of twice that
for January Of 1907 and of 1906 and is d pretty
fair indication of the strength OF the position of
tho United States in the International exchange