New-York tribune., 1907-09-22
STOCK MARKET OPERATIONS.

on light volume Of business stock market
values moved toward a higher level in the two
hours Of trading. substantial advances being
corded in many of the more prominent issues.
notably Anaconda Brooklyn Rapid Transit. St
Paul. Pennsylvania and Union Pacific. Though
the movement represented in great part the OPP
erations Of the professional element, commission
houses reported q better inquiry from customers,
particularly in the bond department. in which in
Yestment purchases were made both on the En-
change and over the counter. Bonds selling
in most cases at attractive figures for purchas
ers who desire 10 place their money in safe in
vestments. There is no good reason why people
who have idle cash should not put 1t in Ameri-
can railway and mortgages and municipal Sc
curities. and the chances are a movement OF this
character Will develop in volume before the end
Of the year unless the country goes to the dogs,
Of which there is not the least probability,
favorable bank statement helped the general
market in the last half hour and at the close
the majority of securities were at or near the
best figures of the day, with all indications
pointing toward further improvement IN to-nor-
rows market Cash holdings of the Clearing
House institutions increased in the week, accord
ing the average system, S3't"".-"'. an"
though there was an expansion in loans OF more
than IS GOO 600 the reserve above legat require
r7ents was up 81 4S6.4oO 10 SS.4t0, iOo' "Lll'h
co77Dares with S11315923 in the CORRESPONDENTS
time a wear ago and S5,,.235.0Jo in 19o5- Loans
e+;1l oro heavily in excess of deposits and Wen
above the loan item recorded at TINS lhiie ~
1907 while cash holdings exceed by only sl!lali
amount the total reported IN TINS week lda' 0eF
tember. -,
There is a large amount Of money III 'i'0
country available for use in the nNestlIiei. ma M,
80 L,,t II the moment many holders OF cash
are unwilling TO place il in securities OWNS -
Wall Street conditions. which suggest 10 So
minds the possibility Of lower prices loi So
-iee According however to the OPINION u
80 oF the hest Informed bankers in the imam
cial community quotations for stocks ana bohuS
will move TO a better level in the near I"'u
barring of course, the Development OF IdC''i'
4fac+in, adversely the intrinsic worth OF secu-
rites and these bankers do not hesitate l" ou
,5ea the purchase of dividend paying ISSUES
at current figures, notwithstahdlhs '''T
that powerful speculative inteTesIs sun "
working on the bear side OF the market. fiT
zailing quotations the Stock ENchahge 90
not measure the real worth OF the StaiuaIu
ebares Actual worth in the greater nuihper Oh
securities is based substantial material idC-
tors that have brought prosperity to the amer
lean public and which viii continue l" e'Iii'i
the farmers the manufacturers ana the HleL
chants Business in many lines is being read
iusted to a auieter basis, prices that nave peeH
advanced to eXtravagant Levels are cohliS
down producers and consumers are 8et'Iils III
closer touch on8uestions that for q long hhle
have caused a deadlock in various departments
of trade and troubles Of certain Wall Street
fnanciers are being nursed In way that en-
courages the belief Of complete recovery IN tie
course Of the next few months. Inc country
trade VIII increase ONlii6 ~ tiio Al
evitabIe heavy foreign demand for our food
,roducts and cotton. which this year Will be
unusually active on account of the small crops
abroad. Though gold may not flow to thls Siue
of the ocean this fall in payment for our eH-
norris disturbance in the money market is pre-
c1udAd bv the position of the federal Treasury,
which guarantees deposits of public funds with
national banks at time when the oe'hahuS
from the interior for money in connection win
the financing Of the harvests and the fall trade
viii be heavy.
1t is a noteworthy fact that conservative
bankers do not share in the pessimism noted In
some quarters regarding the industrial stocks
that IS the industrial issues that possess merit,
as. for instance. Amalgamated Copper, Ana
conda. the United States Steel shares and the
securities Of the railway equipment companies
AmaIgarnated Copper has suffered heavy de-
cline market value, and its loss discounts
possible reduction in the dividend rate and more
than measures the recent demoralized condition
Of the copper metal market. Copper will con-
tinue to be used In huge quantities. and buy
ing movement of large proportions at current
quotations for the metal is likely to develop at
any time as supplies in the hands of consumers
are low, while there is no indication of a big
falling off in the business of concerns which are
heavy users of the metal. Among the miscel-
ianeous securities that considered bargains
at the present price level is Pacific Coast
mon. which is being accumulated by interests
who have been identified with the operations iii
the issue for a number of years. The company
is earning at the rate Of II per cent on the conf
mon stock, and its future is extremely proms-
ing owing to the great development of the
Pacific Coast trade and to the growth of Seat
tie as q world port the Pacific Coast Company
being a heavy owner Of real estate in that city
and controlling terminal facilities that are
coveted by the large railroad systems entering
the town Money is in good supply for the New
York City AZ per cent bonds at advancing
prices. and their new nigh record price made
yesterday at 1878 wil it is believed, be ex-
ceeded in the current week.