New-York tribune., 1907-09-21
STOCK MASKET OPERATIONS.

STOCK MASKET OPERATIONS.
made UP IN great part Of the operations Of the
professional element, commission houses having
few orders for public account, while the larger
speculative interests were not prominently iden-
titled with the trading. Covering of shorts was
responsible for firm tone throughout the
greater part Of the day. a few issues showing
substantial gains, compared with the closing
figures in Thursdays market. though final
changes, a rule, were confined fractional
advances. while in New York Central. Northern
Pacific and a few other shares small net losses
were recorded due 10 reactionary tendency in
the late afternoon. Sentiment among the floor
traders showed Improvement favoring the bull
side of speculation, but the absence Of an active
demand for securities and the apparent un-
willingness or inability OF leading Street inter
ests TO take aggressive position in the
ker discouraged the expectation OF the devel-
opTnent of sustained advance In values OF
the total dealings more than two-thirds
furnished by the metal shares, the Hill and
Hartman issues and Reading. in which price
movements were controlled almost entirely by
board room traders, who showed no disposition.
however, to commit themselves extensively on
either side of the account. their dealings gen.
orally being for quick turns on fractional price
variations. A further good demand for the new
city bonds at advancing quotations and a better
buying movement in the general bond market
were factors that attracted the attention of OBJ
servers who believe the first signs Of marked
improvement in the securities market must
come through the bond department. Weakness
in Northern Pacific stock appeared 10 De due TO
liquidation by tired holders, the same reason also
applying to the few other shares in which
losses were shown
The firm tone of the call department Of the
money market reflects the scarcity Of time
funds available for Wall Street purposes. the
absence Of active offerings Of finance bills and
the increased demand from speculative interests
Identified with Stock Exchange movements
Money is moving from this centre In fair vol
urne to the interior in connection with the
financing of the years harvests, while the Tner
camille demand for fall accommodation is in
creasng, and the prospects, therefore, or the ac-
cumulation Of large bank reserves IN New YORK
in the immediate future are not promising
despite Treasury deposits with national banking
institutions. Foreign bankers show no disposi-
ton TO lend money here. The issuance OF hnance
bills is being conducted upon too small a scale
to exert an important influence on the local
money market and the falling off in the exports
of merchandise from this country and the gain
in the volume of imports make improbable an
autumn flow Of gold from Europe 10 New York
In the month Of August, as reported yesterday
by the Department of Labor and Commerce, he
excess of exports of merchandise over imports
amounted in value TO only 81 .S33.352. compared
with an excess in the month a year ago
Of S24 I04,453. and S21, ,s36957 in 1905. imports
showing an increase over August last year Of
S20N95 AL against a decline in exports to the
value of So $50. the loss in the latter being
due to the reduCtlOn IN the exports Oh cOiIOH
rather than to any decrease in shipments Of
manufactured articles In the eight months
ended on August 81 imports showed an increase
in value to the amount of S156 154,511, and ex-
ports in the time increase of S9G,3SI,-
945, the excess of exports over imports aggre-
eating S19iS 900, as compared with S253,6SS,
616 in the corresponding period in the preceding
year. The United States has no credit balance
abroad, as the excess Of exports of merchandise
has been offset by other items that figure in the
international money market movements. and
whatever help the domestic money market may
require this fall must come from the federal
Treasury and not. some persons believe, from
foreign financial capitals
No uneasiness is expressed in banking parlors
regarding the money market situation. II is
known that the Secretary of the Treasury is in
close touch with financial movements, and that
he stands ready at any time under the power
vested in him by Congress TO employ govern
rnent funds in the channels OF trade but the
suggestion is made. however, by leading fnan-
ciers that spectators need not assume the gov
ernment is at all concerned with the position
of operators in the various speculative markets.
Conditions in the business world are moving on
a line that encourages the expectation of health
ful reimbursement of prices to lower level in
creased demand from the consumers and active
huying by the railroads and other corporations
of supplies and materials a result Of the
movement of the crops and the addition to the
purchasing power of the great agricultural COM
rnunity from the sale of farm products at good
prices Inc hdfFeSts VI loUs are ulIueI tiie
record yield of last year. bat they are well up to
the ten-vear average. while they will be dis
posed of at figures that viii bring handsome
turns TO the tllers OF the soil. The reduction in
the price of copper and the probability of
cheaper prices in other lines do not foreshadow
a period of commercial depression. nor does the
present position OF the money market reflect the
development of conditions that will make i'm
possible in the future the launching OF en-
ferprises in the mercantile world. Current stock
rlye rriea 6 "A rule. under the actual
worth Of the securities represented, and that this
situation is recognized by people who happen to
have idle funds at hand is seen in the marked
increase in the number of actual stockholders
that the books of all the corporations show
compared with six months ago. Good stocks
being picked up aAprevailing quotations, and it
is well worth noting that there is plenty of
money for bargains, instance of the latter
being presented in the active demand for the
New York 4lks at advancing figures.