New-York tribune., 1907-08-28
STOCK MARKET OPERATIONS.

OrIness prevailed on the Stock Exchange yes
terday the transactions aggregatng only ABOUT
100000 shares and the price movement pelhs
within narrow limits Strength in the LONDON
market where all securities showed improve
r1ent and consols advanced 4 point, was re-
f1ected in steady opening here, with 1racuohai
advances in some Of the issues Ine price ten
dency was upward for the first quarter OF an
hour or so, and then a recession occurred Oh
fresh short selling: but when il was known that
all of the Clearing House sheets had been passed
the market hardened on covering so the seS-
sion proceeded. with unimportant fluctuations
until the last hour when drive was !nade py
the bears which forced prices to the low level
Of the day: but another rally succeeded the hnal
decline and the market closed with the tone
strong and with net gains in a considerable
number of the issues. The air yesterday was
entirely cleared of the cloud of failure rumors
which had hung heavy over the financial dis
trict on Monday. and the bears were handt-
capped by a lack of bad news, their only conso-
lation being in the prediction Of destructive
frosts for the Northwest.
The money market situation showed indica-
tiops of alienation both here and in London.
and this gave check TO any attempt at aggres-
siveness the part of the bears In London
private discounts eased a trife further, to a
point which makes IT practically certain that
the Bank of England will not advance its rate
tomorrow. Time money rates here for short
terms declined for the first time in many days.
four months loans being arranged at per cent
against 6 Il per cent in transactions on the pre-
ceding day. Now that the call of the Coptroller
Of the Currency has been made. the national
banks may be expected TO be less reluctant 10
place loans OF short maturities than in the last
few weeks, and another consideration making
for in money is the knowledge that ar
rapgements are actively in progress for carry
ing into effect the decision of the Secretary Of
the Treasury to place with the banks large de-
posits of government funds to total amount
estimated high s40o00,000. The major
part OF the deposits, II is understood. will be
lodged with the banks Of New York City, and
two of the assistant secretaries of the Treas
ury now here engaged in making the pre-
liminary arrangements
An engagement of S5O0,OOO gold for export TO
England or Germany was made yesterday by
the same banking house which last week ex-
ported 81 100 900; but the present shipment. like
the shipments a week ago, represents purely the
special needs of the consignees for the metal
the sterling market is now far below the gola
export level Foreign exchange broke sharply
yesterday and closed at 4.S650. more than 100
points lower than a week ago and Is points
below the par Of exchange. One cause of the
weakness in exchange is the probability that the
great bond issue of the city VIII be taken by
syndicate which will be able to place In London
and Paris a large proportion of the issue.
Another fall in the price Of Third Avenue
stock, to a figure only one point above that
reached in 1900, directed renewed attention TO
the position of the holders of that stock in case
the MetrOpOIllan SNcuIO Oeldull III liS
guarantee; and the belief gained ground that
such default would be made, with the possible
result that the Third Avenue would be placed
again in the possession of its shareholders.
whose likelihood of soon receiving dividends
from independent operation of the property
,yorld seem to be rather remote. Under the
lease of the Metropolitan Street Railway Com
nany 10 the Interurban Street Railway Com
pany the formers holdings of Third Avenue,
amounting to a majority of the s1s,000.000 cap
ital stock were turned to the lessee, the
transfer not being revocable in case of a de-
fault fyy the lessee in the payment of the divi-
dends guaranteed by it the Metropoitans