New-York tribune., 1907-11-05
Closing prices Of active bonds dealt in, witt
net changes, follow:
STOCK MARKET OPERATIONS.

Further disturbance in the financial comlnu-
nifty was avoided yesterday as the result OF
measures adopted by the leading bankers of the
city at a series of conferences held Sunday.
When it became definitely known that the trust
company situation would be protected prices on
the Stock Exchange recovered opening losses
and moved in the direction OF better figures
IN the rest Of the day. though the volume of
business was small and not accompanied by eff
forts TO boost" the market It was generally
understood support would be afforded. but that
10 assistance would be given to Spectators
who might make preparations to begin
bull campaign on the strength of the belief that
the trust company outlook which appeared ex-
tremely grave at the close of business on Satur-
day, had been changed completely as a result OF
the united resources Of the most substantial
capital interests in the country The fact that
the leading bankers Of the city were in confer
ence until the early hours Of yesterday morning
naturally caused uneasiness in the Street before
the opening of the Exchange. This with a
break in prices OF American securities in Lon
don and an advance in the Bank of Englands
discount rate. encouraged declines in the initial
dealings in all departments Of the market, losses
running from I to points in the active shares
Sentiment and prices improved rapidly when it
was learned that the crisis among the institu-
tOns under pressure in all probability had been
passed successfully, and at the close of the day
long list of net gains was shown. with the
heaviest advances IN Amalgamated Copper,
American Smelling. American Sugar Refining,
st. Paul New York Central. Pennsylvania
Reading, Union Pacific and United States Steel
preferred. Pennsylvania closed, ex-dividend at
a net gain of 324 per cent its strength helping
the general list, while a decline in call money
and the expectation that the Tennessee Coal
and Iron Company would be taken over by the
United States Steel Corporation from the spec
ulative pool that had so long controlled it also
eXerted a favorable effect upon sentiment and
prices.
The Bank Of England naturally is anxious TO
protect its own reserve, and its action yesterday
in advancing the rate Of discount to per cent
doubtless will be followed by a further advance
If the new quotation is not effective in checking
the American demand for gold. There is little
probability, however. that per cent bank
rate in London viii interfere with the movement
Of the precious metal to this side of the ocean
as long as the requirements of the local situa-
tiOn urgent and premium is paid on cur
rency in this city. Three and One-haif per cent
premium was paid yesterday for money. being
equivalent to Il cents on the pound sterling OF
S4.S665, making the present value Of the pound
$50365. which explains why gold imports can be
made with sterling cables above the gold export
point Open London market discounts advanced
TO 6i2 per cent yesterday but the position Of
exchange at Paris and Berlin London sug-
gested the possibility Of gold shipments to the
British capital from Germany and France. New
York had no difficulty IN getting practically all
the South African gold available in the London
market while additional amounts were engaged
II tle E3ank OF England Tor American account.
Money conditions at this centre and throughout
the country are serious, hut they are better than
they Were fortnight ago. and there is no good
reason to suppose that they viii not improve
from now on, especially this week large sums
of gold VIII arrive from abroad. Confidence
ought soon to return among depOsitors who
have withdrawn their funds from banking in
stitutiOns, and if it does there viii be a vast
change for the better In monetary conditions
ana a better feeling among the merchants and
manufacturers Of the country who are begin
ming to be seriously hampered in their opera
tons owing TO the pinch in the money market
Congressman Fowler estimates that there IS
$1,000, 100000 locked up in various ways that
ought To be serving reserve money in the
banks, and he points out that If $1,000 600 900 of
this amount We're exchanged for bank cashiers
checks the reserve power OF the banks would be
Increased 100 per cent, while their liabilities
would be increased by only per cent
Current hard times in the money market ouebt
to influence every right minded legislator at the
next session of Congress in favor of currency
reform that will permit of a contraction and ex
pansion in the currency according to the neces-
sites OF the country's business The money
panic has been due more to our Inadequate cur-
rency system than TO any other known factor
Notwithstanding the fact that men of the calibre
ot the Hon" Senator Pat" McCarren Of
brooklyn, md President Roosevelt responsible
for the disturbance that has affected e,-ar,,
money centre in the country The ev+en+ -
which the Treasury has helped the situation is
reflected in an increase in the amount of money,
IN the country in the last month of $50 51A 2y9
ana the United States may congratulate itself
over the fact that its vaults have been in = nosi
ton to afford this assistance without seriously,
weakening the federal working balance. with