New-York tribune., 1907-10-11
STOCK MARKET OPERATIONS.

The stock market opened rather firm yester-
day, but soon began decline which continued
during the morning hours. and in the course of
which several issues made new low records for
the year, among them the United States Steel
stocks LouiSvlle & Nashville. Atlantic Coast
Line. Westinghouse and General Electric the
latter touching its lowest level since 1898 In
the afternoon the shorts, who had been selling
heavily in the early trading. began to cover.
and the buying for that account was the chief
influence in the following improvement, which
brought final prices up to about the best OF the
day. with the majority of the issues showing net
advances. Foreign houses were once more sell
in this market, but the pressure Of selling
orders for Amsterdam account was not as great
as in the preceding two or three days and the
situation in the Dutch financial centre was
understood to be clearing.
The Bank of France rescnded its offer TO
allow interest IN transit on gold which might
be engaged here, and, although the demand rate
is very close to the point at which shipments
may proftably be made without "facilhation."
the best opinion yesterday afternoon was that
exports likely to be made to Paris at
this time The weekly statement of the Bank
of England showed loss Of S9,275, 900 in gold
and a shrinkage of $7,4S5, 900 in reserve, the
proportion of reserve TO liabilities falling 230
per cent to 1850 But this ratio is we'll above
that for this date in several years. and indicates
a far stronger position than in the correspond
ing week last year, when the proportion was
only $3.50. The drain Of gold TO Egypt con-
tinues. and another $5.000000. it is understood
is to be sent forward from London at the end
Of this week. Call money again touched per
cent. with most of the days loans made at 5&4
and rates for time loans were hrmer
Amalgamated Copper closed at a net advance
Of nearly point, despite the absence of any an
parent change in the deadlock between the pro-
ducers and the consumers and the further shad-
ing by the New York Metal Exchange Of its
quotations for copper. The extreme weakness
of the shares of the great electrical Inanufactur-
ing companies was attributed to selling on the
prospect Of serious curtaiIment of their OPERA
tions, due to the lessenng of business and in
dustrial activity; and the same cause was as
signed for the selling of other industrals and of
The railroad list. The annual report of the Great
Northern, issued yesterday, makes the now IA
miliar showing of increases in operating ex-
penses much exceeding increases in gross earn
ings, but this is an inevitable consequence of
the increase in the cost Of materials and Of
labor and by the maintenance by the railroads Of
their old traffic rates.
The crops this year. although in the aggre-
gate much smaller than a year ago. will provide
an enormous tonnage for the railroads, which
now report volume of general traffic taxing
their capacity; and while money Is tight and is
likely 10 show no material ease for a good while
To come, ii may be taken assured that rail-
road retrenchment will not be carried to a point
involving inability, through impairment of physi-
cal facilities, to handle the accustomed volume
Of business. When that point is approached
money will be found for meeting the require
ments Of the roads, and renewed activity will
be enjoyed by the equipment companies tho
steel companies and others.