New-York tribune., 1907-11-01
STOCK MARKET OPERATIONS.

Early strength in the stock market was fol-
lowed by reaCtionary tendency throughout the
list, IN the course Of which advances OF l per
cent and more We're turned into declines equally
heavy in many of the leading issues The
downward movement being encouraged by am
advance in cali money, after comparatively easy
rates by forced liquidation and by profit taking
operations stocks bought in the fore mart Of
the week Announcement that the Bank of
England had advanced It's minimum rate Of dis
count was without effect first prices in the
local market, while in London higher money
failed to depress quotations for stocks which
showed a stronger tendency than recently re-
corded IN all departments. with a syrnuathetic
rise in Paris and Berlin Further selling was
reported in this market for the account of firms
that were badly pinched q result of last
weeks panic. and the general belief that further
liquidation Of this character would develop ma
turally tended 10 influence activity by the trad
ing element on the short side of speculation.
while It also brought out selling orders from
quarters where small profits could be made on
purchases at the weeks low figures Long stock
came out in the last hour in quantity wherever
the market would take it, and traders got their
shorts back easily. In Union Pacific heavy SELL
ing was recorded for the account Of Western in
terests. the stock selling down more than
points from the high and closing at a net loss
of rs, its course being closely followed by the
majority of active issues. including Pennsyl-
vania, which made even a worse showing losing
for the day y selling by prominent opera
Tors ana IlQulOdtiOn Dy houses that forced
to sell and banks that sold against loans Of a
suspended firm, Delaware 81 Hudson pledged
as collateral also was sold for the latter ac-
count. Though the close was above the lowest
the general market was heavy and unsettled
Call money ended at per cent but most of the
loans We're made at 20 per cent.
1t is estimated that within the last ten days
investors have taken out of the New York mar
ket upward of 100000 shares of stock in odd
lots. and it may therefore be assumed that the
.f al Nv
chases viii prove an important factor in easing
the monetary situation. Prices for high grade
securities cheap and conditions under
lying the intrinsic worth OF American securities
strong that wise men who have money
al their disposal are anxious TO take advantage
of the present opportunity for the accumulation
Of stocks and bonds, and when the time comes
for a sustained upward movement IN quotations
current purchases Will afford substantial
sistance TO the advocates Of higher prices. The
floating supply of stock is being lessened by in
vestment buying Gilt edged issues are going
into safe deposit boxes where they will remain
indefinitely. and even many purchases which
are now being made wholly a speculative
basis will not come upon the market until the
quotation level Is far above that now prevail
ing Interests who can their way clear
place money in nOn-dividend paying securities
taking shares Of this sort in the confident
expectation that a future rise in values Will
more than Offset the loss in interest in the time
these issues are held. paying especial attention
TO Brooklyn Rapid Transit, Texas & Pacific.
Rock Island common, Missouri, Kansas & Texas
common. Colorado & Southern common. Wa
bash preferred. International Paper common
and Pressed Steel common. Moderately heavy
purchases have been made IN low priced COM
mon stocks that are paying dividends. including
American Car and Foundry, American Loco
motive. Chesapeake & Ohio and Big Four"
The demand for United States Steel common
comes from a good class OF buyers who believe
that eventually the issue viii sell above it's
best price ever recorded. even If within the
next year there should be a reaction in the
steel trade large enough 10 warrant a temporary
SUSPENSION of the dividend United States
Steel preferred has gone into investors boxes in
big amounts since its price went under go and
II is likely further active buying OF the stock
will be reported as a direct result OF the de-
tailed statement by Mr.. Gary the chairman Of
the board OF directors. regarding the financial
position of the company and the present and
probable future OF the iron and steel trade.
Enormous sales Of American copper 10 foreign
consumers are helping the foreign exchange
market in this country's favor and are bring
ing about better conditions in the copper busi-
ness There is prospect OF the copper in
dustrv going to pieces, and the thing
NAV be said of all other lines of trade, the prob
able coming reaction in most centres encourag--
ing the belief in conservative circles that
ouieter tendency in business win serve 20
stion of trade The monetary situation is still
serious. but it is improving every day and the
sensible action that has been taken by banks
throughout the country in issuing Clearing
House certificates, the willingness of the Secre-
rafe