New-York tribune., 1908-02-28
Closing prices Of active bonds dealt IN, VII
net changes follow.
STOCK MARKET OPERATIONS,

on volume of transactions slightly larger
than on Wednesday the stock market yesterday
ruled fairly firm during the greater part or the
session. declining in the last hour. but closing
with fractional net gains for most Of the issues
dealt in The only definite news was the over
night announcement Of the TeceiVership for the
International and Great Northern, which natur
ally caused selling of the other Gould stocks, al
though not to any considerable extent Missouri
Pacific showed unexpected strength and gained
= point on the day, while Denver & Rio Grande
also advanced and the losses in Denver & Rio
Grarde preferred and Texas & Pacific were only
fractional. Aulalgamated Copper which was
the most active stock on the list was strong all
day, being bought on reports Of the early open
ing OF the mines OF the subsidiary companies and
On runors, subsequently denied on authority,
that the company might take over the ". a
Clark copper properties in Montana, and closed
with z net gain Of l z points. American Snle-t-
ing and Refining also was Well bought, and IN
London the feature Of the market was the
strength and activity of Rio Tinto and other
stocks of the copper group. The bulk of the
buying, however a. for q long time past, repre-
sented covering Of short contracts rather than
operations for the long account. The bond de-
par-ment was much more active than on the
preceding day. the feature being the trading in
Interberough- Metropolitan Az per cent bonds,
which heavy dealings advanced from 56 TO
81 d, closing at 8. In the last hour the stock
market became weak on the yielding OF Union
Pacific under bear selling, which was acconpan-
the property which were said TO be impending at
Washington. Call money continued drug in
the market, loans being made at l a and per
cent, and there was no change IN the rates for
time funds. in which the transactions We're un-
important in amount. Tie sterling market, after
small fluctuations, closed practically at Wednes-
days levels.
The announcement that the Treasury Of the
United States holds billion dollars of gold,
for the first time in It's existence was among
the causes for the general frmness Of the. stock
market yesterday. The achievement of this rec
ord total, which probably would not have been
POSSIBLE for good while TO come except for tho
business dUlncss owing to which the banks Of
the country also heavily increasing their
cash holdings, IS in line with the showing of the
great European Institutions The Bank Of Eng
| land, for example, which IN its weekly state
ment issued yesterday reports a gain for the
week Of nearly S2,91GO0O in gold, holds now
$4,000 o0G. more Of the metal than the CORE
spending date last year and its reserve and gold
combined present the largest aggregate ever re
ported in this month, while the holdings of the
Bank of France exceed those Of a year ago bv
s25,775. 600. An increase of S26255.000 in the
loans of the Bank OF England has had the effect
Of reducing the proportion of reserve to liabfli-
ties 10 1910 per cent, against SO. 80 a week ago
but q lowering of the percentage usually occurs
in the last week in February. The present pro
portion compares with average Of 1853 for
the last eight years.