New-York tribune., 1908-02-20
STOCK MARKET OPERATIONS.

An advancing tendency yesterday morning in
stock market prices on covering by shorts did
not continue beyond the first hour. the resump-
ton of the decline in the Gould issues causing
general weakness. which continued until We'll
along in the afternoon. when sharp rally oc-
Cured in which even the Gould stocks rose a
point or two from their lowest of the day, ana
standard issues, like the Hill stocks. Union Pa
cif1c and Southern Pacific. made upward
progress sufficient to enable them TO close AT
net advances of from / 10 21s points The
Missouri. Kansas & Texas shares were consp1c-
uously weak during the general decline, pos
sibly on selling influenced by the similarity OF
the roads name with that of the Missouri Pa
cific for no unfavorable news or run1Or concern
ing tho Missouri Kansas & Texas developed
the preferred dropping five points, 10 10. but
later recovering nearly three points Of its loss
The selling of Missouri Pacific was again heavy
and represented both liquidation and opera
tions for the decline: and under this combined
pressure the stock sank to 2S12, another new
low record level since 1925, recovering to 3O1s at
the close net loss of 319 points Western
Union suffered the same net loss, closing at
z215 after having touched new low level at Al
Run1ors of impending reCeivership for Mis-
souri, Pacific were current. but were ernPhan-
callv denied by Mr.. Could and were indeed not
much credited in any quarter. for the snlmus
Of the several 81 ories from the West of the al
legged wretched physical condition of the prop
erty is pretty well understood in Wall Street.
where the expectation is of nothing more serious
than SUSPENSION Of the DIVIDEND One eApldlld-
ton Of the weakness Of Missouri Pacific and
Western Union which found much CredenCe was
that a big loan for well known financier was
being closed out. the collateral including large
blocks Of the stock of both companies. Della
ware & Hudson not adversely affected by
the publication of CirCumstantal story of al
legged grand jury investigation of certain charges
having to do with the former management of
the company. which have been brought forward
several times previously; for these periodical
attacks thought 10 be not altogether disso-
ciated from the aims of operators who have
figured with some conspiCuousness in onslaUghts
upon various properties.
The business IN the bond department was on
q large scale, although tie total sales were we'll
under Tuesdays. The feature was the heavy
trading in Interborough Metropolitan 412s, which,
opening at 637s, broke TO so and recovered to
50 2s a the close. There were considerable deal
ingS in the new city bonds. which moved within
a narrow price range and closed at the opening
figure. The call money rate. for the first time in
many days, advanced beyond ? per cent as its
xmum. touching IA Time money rates on
the contrary. were a, trife easier, with 34 to I
per cent quoted for sixty days money "A to
IL for ninety days and four months and Az TO
az for five and six months. The foreign ex-
change market firm during most of the day.
unchanged from Tuesday. but yielded in the
afternoon. closing about 10 points down, with
demand sterling at 1857 to 1868.