New-York tribune., 1907-10-01
STOCK MARKET OPERATIONS

Early weakness and trregularity in the stool,
market were followed by advances in most parts
OF the list, Notwithstanding heavy selling for
foreign account International houses had large
orders on the bear side Of speculation but the
execution Of these contracts was without effect
upon the general list. prices for the greater
number OF issues moving under the influence of
covering by the professional element which ap-
parenty was somewhat alarmed over the alb
sence of a continual ton Of the liquidating move
naent reported in the market last week The
bears also were uneasy over the appearance of
supporting orders in the market especially in
the copper shares. Great Northern, Northern
Pacific. Reading. Union Pacific, the United
States Steel shares and Canadian Pacific. The
last named issue was one of the most active
securities dealt in among the first class invest
ment stocks, and its advance of more than II
points merely represented squeeze Of the
shorts-a movement which is quite common in
this share. Canadian Pacific is so strongly held
abroad and in this country that bear traders
generally come TO grief when they try 10 de-
press its price. Not many months ago a bear
campaign In Canadian Pacific resulted in an ad-
vance in the price Of the stock Of more than
thirty points IN less than one week but that
movement apparently failed TO encourage eau
ton the part of the operators who believed
the stock good short sale Canadian Pacific
gained the days movement 117s per cent net.
Elsewhere in the list net gains for the proni-
nent shares ran from 10 per cent. Baltimore
& Ohio and St. Paul, two Of the best stocks IN
Arm with the ruling rate at s per cent
Bank holdings at this centre low, and
there is no immediate prospect OF expansion in
the cash and reserve items in the future,
but this situation does not necessarily mean the
development Of disturbance IN the money mar
ket Rates for loans doubtless will rule at
high level throughout the autumn months.
the demand from the interior in connection with
the financing of crops will be heavy, while there
also will be active inquiry incident TO the
regular autumn requirements of merchants
throughout the country. It is not unlikely the
general industries of the United States will. in
the course of the next twelve months or pos
sibly later. reflect to a greater extent than at
present the losses that have been recorded in
the Wall Street markets, but according TO the
best posted men in the financial community and
in circles outside Wall Street there will be
great depression in the various lines OF trade
and commerce in this country because OF the
troubles that have beset speculative interests in
the last eight months In business quarters
preparations are being made for a period of
healthful contraction, but the views of the
greater number Of men in the industrial world
do not suggest that the recession in business
viii be large enough TO develop a plethora Of
money at the leading financial capitals. Easy
money is one OF the signs Of hard times. There
is no argument for bear sentiment over Ameri-
can securities in stiff quotations for accommo-
dation in the loan market, and there is no good
cause for the constant parrot-like talk that is
heard in Wall Street and in circles outside the
Street where the policies of the administration
for personal reasons are disliked suggesting
the development of railroad and industrial bank
ruptcies as a result of so-called government at
tacks upon corporations. The rottenness in
certain corporate operations is being worked
out through federal and state Investigations,
and the transaction will strengthen rather than
weaken the intrinsic value of American invest
ment securities