New-York tribune., 1907-10-31
ENLISTED
CLOSING
Closing prices of active bonds dealt IN. with
net changes follow:
STOCK MARKET OPERATIONS

A decline in the rate for call money and IN
dications that certain houses which recently
mad a trying time in meeting their obligations
had received substantial financial assistance
were factors that encouraged an active buvinp
movement in the last two hours of business YES
terday at advancing prices. In the early deal
lngs quotations were lower throughout the list,
call money at that time ruling in the neighbor-
hood OF 80 a good r1arr-
Of the days borrowing was effected The fore
noon selling represented further forced lidui-
dation. which was accompanied by renewed ru-
mors Oh trouble in commission houses but the
failure of such reports to materialize into facts
led to cautious buying by the trading element
in the course Of which gains Of from l 10 4
points were recorded among the leading active
issues with the chief strength in AmaIganated
Copper American Smelling American Sugar
Refining. st. Paul. Delaware 6, Hudson North
ern Pacific, Union Pacific and the United States
Steel shares. Union Pacific was favorabIy af-
fected by the action Of the directors Of the com
pany III appointing a committee to devise some
means Of separating Union Pacifcs railway
property from its investments in other com
panes and at its high point of the day the stock
showed an advance from the low level OF the
morning OF 6l2 per cent. Money declined to
per cent IN the afternoon but there was no in
discriminate lending. and banks practically gave
houce That no assistance would be afforded
firms that undertook to resume active specula-
i've operations. as the present supply Of money
could be used for urgent needs only 1t is
understood a number Of houses have been placed
on what really amounts TO a blacklist bv the
banks for using their balances at this junctlre
IN efforts TO bring about speculative activity
Prices for the greater number Of stocks closed
at or near the best ngures Of the day.
According to the opinion of the best Informed
bankers money market rates VIII work toward
lower level in the course of the next few weeks
under the influence Of shipments OF gold from
Europe, the release of funds that have been tied
up in various underwritings and a lighter in,
quiry for accommodation from mercantile quar-
terS throughout the country. There is some rea-
son for the belief that inside of four months
money will be drug the market. The prob
ability of such development however will not
warrant aggressive bull operations in the stock
market but the chances are prices for securi-
ties three months hence will rule well above
current abnormally low quotations. So far in
the present week the local banks have gained
on their transactions with the Sub Treasury
upward of 600. owing to special govern
ment deposits, and next week there will be a
large addition TO cash resources through the ar
rival Of gold from abroad, that the outlook for
a vast Improvement in reserves Of the Clear
ing House institutions by the end of the first
week in November is extremely promising The
fact that call money declined yesterday after
early strength, together with much easier ten
dency in sterling exchange. naturally served to
strengthen confidence in the position OF the
money market, while the disposition of bankers
to discourage marginal trading in securities also
eNerted a favorable effect upon sentiment
/ throughout the street. TINS DelnE quite notice
able in the midday operations in stocks when
! traders who earlier in the day had put out short
! lines evinced decided anxiety to cover their
contracts There a large amount OF buying
OF odd lots in all the active issues for the ac-
count of small investors, who in many cases
accompanied their orders to brokers with ex-
! pressOns of regret their inability to make
/ larger purchases at prevailing bargain figures
There has been active buying movement by
/ cash buyers in Delaware & Hudson, Baltimore
& Ohio, St. Paul, northwest, Northern Pacific
United States Steel preferred and American
/ Locomotive preferred, and the movement I'M
( doubtedly will extend to other parts of the list
Most Wall Street houses that have been
! pressed for money and have been seriously af-
fected by the great decline in securities prices
are now in much stronger position than they
/ were few days ago. and 1t is generally believed
| that, while number of concerns will have TO
| proceed in extremely cautious manner for
| solvencies. Doubtless Wall Streets troubles
tent. but the development of acute depression in
trade circles appears improbable. The railroads
are retrenching, but so far this operation has
been confined to extraordinary improvements
and construction. which well may wait until
monetary conditions have been readjusted to a
different basis. There is a scarcity of cars
among the transportation companies available
for the proper handling of the immense volume
Of traffic that Is offered and il probably will be
six months or more before the railroads viii re-
fleet in earnings the quieter tendency that is in