New-York tribune., 1907-11-09
STOCK MARKET OPERATIONS.

Movements in yesterdays stock market We're
generally in the direction Of higher quotations,
substantial gains being recorded in many Of
the leading issues a volume of business that
represented buying by the trading element and
purchases by some of the more important mar
ket interests, operations by the latter being
pecially marked In Union Pacific. which ended
at a net advance of 12s points. Coincident with
the activity in this issue heavy sales We're
ported in the United States Steel sinking fund
bonds, and il was understood that operators re-
Gently connected with the Tennessee Coal and
Iron Company pool were selling the United
Estates Steel bonds received in exchange for their
holdings Of Tennessee Coal and Iron and were
investing the proceeds in Union Pacific, which
from speculative point of view was considered
a profitable move Buyers of Union Pacific at
the present price will receive a handsome re-
turn their money while in addition they are
practically assured of material benefit
from the plan that IS being devised for the seq
regation of the companys holdings in other
properties, to say nothing Of the practical surety
of being able, If they desire. sell the stock
at big advance over the current price at some
future period An easier tendency in the money
market and the improvement that has taken
place in actual financial conditions and in senti-
ment were effective factors in helping the en-
tire list while the reported better feeling in for
eign money circles also had something to do
with the days upward course OF values. Lon
don was buyer on balance in the local mar
heI Reading ana CANADIAN PaClHc were among
the strong features. maintaining the greater part
of their improvement at the close, and through
out the list final prices, rule, showed a large
proportion Of the early gain. North American
was weak on the pOstpOnement of action on the
dividend and Missouri Pacific failed to respond
to the general rise Call money ruled at ID per
cent and foreign exchange was weak demand
sterling and cables selling down Ia to cents
Though additional engagements Of gold for
import were made yesterday it generally was
believed in the financial community that the
movement was about at end, for the present
metal later in the season it will be able TO get
it abroad but local bankers Of the first rank are
not In favor Of further engagements at present
as they believe the urgent requirements Of the
situation have been provided for and that A
continuation Of Withdrawals from Europe would
antagonize the bankers abroad TO an extent that
would seriously react upon the United States
Following the action OF the Bank of England
and the Bank of France in advancing their dis
count rates. the Imperial Bank of Germany YES
terday placed its rate on a ~ per cent basi
and cable dispatches intmated that If the meas
ures so far taken by the European banks to
conserve their gold supplies were not effective
In checking the American demand discounts
would be advanced to still higher level and that
forced liquidation Of American securities held
by European interests would develop The time
has come for increased confidence on the part Of
Americans in the domestic banking situation
as 1t has improved to a marked extent in the
| last few days and is now in no danger Of col
| lapse. Bank statement figures to-day may re-
fleet further loss in cash, in spite Of arrivals
| OF gold from the other side OF the ocean but il
should be remembered In analyzing the figures
| that the gold under the average system en-
| ployed IN compiling the statement will show for
| only a few days Of the week, against losses to
the Sub-Treasury, direct shipments to the in
| terror and Withdrawals Of cash by silly depos-
1 itors. According to the known movement OF
| money in the week the banks have lost more
| than S12000000 in cash. and it is not unlikely
| the bank statement will show an even heavier
decline. The old line banks have increa sed
| their deposits to material extent in the cur
| rent week through the action Of many people in
| withdrawing their money from newer concerns.
| chiefly trust companies and redeposlting In the
older institutions