New-York tribune., 1907-11-14
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
made UP in great part OF the operations OF the
professional element, commission houses having
few orders, except in bonds in which liquidation
for various interests who were compelled TO
strengthen their cash resources was reported
Heavy sales of United States Steel sinking fund
5s on a declining scale Of values were again re-
corded. but offerings were we'll taken. and in
view Of the large number OF bonds sold the de-
cline in their price was insignificant. Through
out the list of leading shares the tendency
in the direction of lower level. declines. how
ever rule being confined to fractions, with
the chief weakness in st. Paul, Norfolk & West
ern, Great Northern, Pennsylvania. Reading
UTion Pacific and United States Steel, in which
trading was quiet and unintereStng. The spec
ulative community was disturbed over the re-
port from Washington that the Secretary of the
Treasury had decided to call for a return of 10
per cent of the government money recently de-
posted with the local banks, while sentiment
again was adversely affected by the urgent de-
mand for money from all parts of the country
as reflected in further gold import engagements
and an active premium on currency at all the
principal cities. Exchange at Chicago on New
York advanced to 80 cents premium and the
rate at Boston was 81 premium. Commission
houses We're unable to obtain any time money.
call money ruled at 10 per cent and foreign ex-
change was strong. Foreign houses were mod
crate sellers in the local market and at London
prices LOT most securities were ledVy ana sem
timent unsettled over the money situation in the
United States and the possibility of trouble at
the European capitals result OF the Amer
ican demand for gold. A call by the govern
Inent for part of the federal deposits recently
made as an emergency measure reflects conf
dence on the part of the Secretary of the Treas
ury that conditions at this centre have improved
materially and that the Treasurys working
balance needs replenishment.
Gold to the amount of $S,250,000 reached this
YESTERDAY. and in the of he Vt
week $2O,00O,000 more OF the metal Will arrive,
the result of which ought 10 be reflected in
disappearance Of the premium currency and
marked improvement in local bank holdings.
The bank statement that viii be issued Satur-
day viii be affected by many cross movements
of money, but the general showing undoubtedly
will be favorable, as il win be computed on ris-
ing averages, while much of the gold received
last week and IN the current week will be shown.
Against gold arrivals there has been an active
movement Of money to the interior, but the flow
to the West and South so far has not been
heavy enough to offset the receipts of imported
metal and il IS not believed loan expansion will
present figures large enough TO counteract the
increase in cash influence upon reserves.
Some additional engagements Of gold We're an
nounCed yesterday. The movement, however, IS
the wane, and at no greatly remote period
there will be supply of money at this centre
that will make possible a return flow to Europe,
assuming that conditions at this point continue
to improve they have been doing in the last
few days In the mean time reckless Specua-
ton will not be permitted by the banking
powers Of Wall Street, and II is to be hoped the
Western plungers and others who believe that
prices at bargain figures they are en-
titled to engineer aggressive bull move in
securities will anayZe the situation differently
and will take the hint that notwithstanding bar
gain prices big speculative operations at this
juncture would. if allowed. to defeat the
plans of the conservative element for the
establishment OF normal conditions in the fnan-
cial community. The country at large is not In
a position to speculate in stocks. Credit facili-
ties restricted at the moment and will con-
tinue for some time to come. and
sequence important movements looked
for either side Of the securities market pend
ing the readjustment of financial and business
affairs throughout the land.
Chicago and New Orleans engaged substantial
amounts of gold abroad yesterday. and one local
house took $1.000.000. The situation at Out-of-
town points is causing more concern TO bankers
than the position OF affairs in Wall Street, but
II is believed that with the help that the finan-
caI community here is extending and the
sistance obtained from government deposits and
in new circulation interior cities will be able
TO pass through the period Of stress without
actual disaster. There was a slight easing In
the premium currency at this centre, gold
commanding the same rates paper money.
and IT thought that after tomorrow, when
many corporations have to make up their pay
rolls, there would be a distinct change for the
better in monetary conditions. The premium
ruled from 31a TO q, with the heaviest demand
for currency from the country banks in the
Middle West and in the South.