New-York tribune., 1907-09-04
Closing prices of active bonds dealt IN with
STOCK MARKET OPERATIONS.

The stock market advance which had been IN
progress during last week resumed at the
opening yesterday. following the three day hol-
iday, and continued practically without check
during the session. handsome net gains for the
day being scored by almost all Of the issues in
which there transactions The business
done was not heavy in amount, not exceeding
500 900 shares and there were no evidences of
runaway market; but the advance was grad
uaI rejecting the decided improvement in the
financial outlook both here and abroad and the
marked change for the better in sentiment.
considerable part Of the buying, Of course. was
for account Of the bear party, who had become
alarmed at the extent of the advance; but the
operations on the long side appeared to be more
important than on any previous day since the
beginning of the market recovery The post
ponernent of the decision regarding the question
of proceeding against the Chicago & Alton in
the rebate case construed bearishly, as II
had been reported with much confidence that
the case would be dropped: but the continuance
of the possibility that the Alton might be or
dered to pay a s290G0,000 fine had little or no
effect on the market, nor was Duch heed given
70 the impending Standard Oil hearing in this
city
The most important news of the day the
ending of long deadlock in the copper mar
ket. by the entrance of large consumers pur-
chasers Of the metal at IS cents q pound. This
is decline of cents from the highest price
within recent years, and even at this concession
the big manufacturers Of the Naugatuck Valley
have not yet come into the market: but satisfac-
ton was expressed that an active demand had
last sprung up. and the prevailing impression
in the Street was that large transactions would
be effected at around the 18-cent level, which
represents good margin Of profit for the pro-
ducers. Amalgamated Copper made a net gain
of y points and American Smelling and Re
firing common of 4 q points
Call money again touched per cent, but most
of the loans were at per cent. These figures,
i.vbic onlx SII
tatons which have ruled for many weeks. prob
ably represented yesterday the moderately in
creased demand for funds for operations on the
long side of the market. Time money rates
were unchanged from last weeks close. The
foreign exchange market was weak demand
sterling declining fifteen points TO 4.s610, in
creased offerings of cotton and grain bills. The
rates for sterling now at 50 low a level
to make 1t virtually certain that for many weeks
/ TO come gold will leave the country and
probable that even the drain of 81 100000 a
week, which has recently occurred in the expor-
tation Of the metal special transactions
will cease. The London money market showed
increasing ease, and the Paris check on Lon
don advanced The exchange rates in Berlin,
however. declined movement explainabe by
the poor report Of the Imperial Bank Of Ger
many. which showed heavy loss in cash for
the week and large increase in notes. The
foreign Improvement has not yet extended to
Berlin, and some fear is felt that conditions in
the German capital may become worse before
substantial betternent is seen.
There were no new developments in the local
traction situation, but the shares Of all the
panies in the merger enjoyed satisfactory gains
yesterday except Third Avenue which closed
y point down Metropolitan gained l point,
Manhattan 324, Interborough- Metropolitan pre-
ferred and the common " Brooklyn Rapid
Transit which within fortnight has sold at
BIN. touched 49A yesterday, and closed %
points up at 40. Some OF the other noteworthy
gains were 3& points in Erie first preferred
and y in the second preferred. / 7s in Northern
Pacific n in Great Northern, 2 in New York
Central Is in Reading. 21a in Southern Rail
way preferred 67k in 500" 3 in Kansas City
Southern preferred and "a in Union Pacific.