New-York tribune., 1907-08-31
STOCK MARKET OPERATIONS.

Following dulness and declining tendency in
The early tradings, the stock market yesterday
afternoon became strong and active, with re-
coveries of from TO points from the low OF
the morning and with a good proportion of the
gain retained at the close The more important
part of the buying apparently represented COW
ering OF short contracts by operators who felt
II unsafe to maintain their position on the bear
side over the three day holiday, in view OF the
decidedly bettered outlook for the money market
and the practically oversold condition or the
stock market while there a continuance
on a moderate scale of investment buying and
such occurrences as the 1873 point advance III
Iackawanna, sales of 400 shares, We're an
indication of returning confi7, the part Of
investors in gilt edged issues Further assur-
ance that the coming S40,00O,OO0 bond onerlnS
Of the city would be a success had an excellent
influence on market sentiment and probably
was a factor in causing the weakness in eX-
change Time money rates unchanged
from Thursday until near the close, when they
became a trife irmer; but call money hardened
to per cent, movement which had no de-
pressing effect on prices, however as 1t was
regarded as only natural that there should be
an advance on the eve of a triple holiday with
loans carrying until Tuesday, and on the
eve of the first Of the month, when heavy dis
bursements must be made for dividends and in
terest-
The loss of cash by the banks during the
week as shown in the preliminary estllu2te
based upon the known movements Of money, is
about sIS0OO0O, or several hundred thousand
dollars less than had earlier in the week been
looked for; and the bank statement to-day, 4
the cash item shall approximate the figures Of
the estimate, should show a comparatively un-
important sflrinkage in the surplus reserve, un-
less a considerable increase in loans should be
reported which seems altogether unlikely. As
far as can be ascertained the deposits Of gov
ernment money in the local banks have thus
far been relatively very small Heavy deposits
are expected TO be made to-day, which will go
far toward enabling the banks to make favor
able showing at the end Of the COZ ing week.
Decided weakness again developed in the for
eign exchange market, demand sterling falling
40 points, to +S620, the close being several
points above the low level. The decline In
change was attributed in part to larger offering
of grain bills-the sales of wheat for export ar
ranged yesterday the largest for any day
this season-and partly to offerings of finance
bills put out in the anticipation Of the placing
of large amount Of the city 412s in Paris
a conspicuous exception to the prevailing
strength in the stock list was presented in Met
ropolitan Street Railway, which fell to 35,
new low record level for many years, its action
STRENGTHENING the belief of tape interpreters that
the dividend on the stock is TO be cut off and
the property reorganized Metropolitan rallied
TO SO at the close a net loss of only one point
The other local traction issues were reasonably
strong with InterbOrough- metropolitan pre-
ferred showing at the close a net gain of 25s
points Brooklyn Rapid Transit recovered 4h
points from the low of the day and closed at a
net advance OF 25s points. Canadian Pacific
which was weak in the London market on the
Quebec Bridge collapse, made small fractional
net advance here