New-York tribune., 1907-09-10
STOCK MARKET OPERATIONS.

DuIness prevailed on the Stock Exchange dur
ing the entire session yesterday, the total sales
being not much more than 100000 shares. Prices
moved within a narrow range and the market
closad Irregular but with firm undertone.
one Of the causes Of the inactivity was the oc-
cllrrence Of the Jewish holiday, in consequence or
which an important body Of operators was alb
sent from the Street, and this cause explained
in part also the quietness on the European ex-
changes The chief reason for marking time
here. however. was the uncertainty over the out
come OF the city bond offering-not as TO
whether or not the entire issue would be sub
scribed for (it is practically assured that from
that point of view the sale will be a success).
but as to the average price which Will be re-
allied from the sale On the curb sales OF the
new AIS 10 the amount of about 81, GOO were
made, when. If and as issued" at prices rang
ing between 102 and 1913. but no trustworthy In
ference can be drawn from these figures as TO
the average which will be found to-day to have
been bid. The best opinion seemed 10 be that
that average would be around 101tk- Many bids
for large amounts have been received from the
West, and the foreign subscriptions are expected
To be heavy, although rather under the $4,000
GOO named last week the total from that
source.
CAN money rates advanced yesterday TO per
cent as a consequence OF the shifting Of loans
in preparation for the final payment on the
Union Pacfc's $4,000, 900 OF convertible bonds
and for the payment for the New York City
bond issue but the advance excited no appre-
as it was recognized as being only temporary
and natural furry. The ultimate effect Of the
floating Of the city bonds is expected TO be an
increase in the amount IF cash at this centre,
and the operation Itself and the payment on the
Union Pacific bonds are not likely 10 cause even
temporarily any serious disturbance TO the
money market. Time money showed fncreas-
ing ease yesterday, Institutions reporting
difficulty in placing the funds held by them for
loaning at different maturities
To-Jy Eych
copper quotations once more and the copper
market both here and in London was weak.
plices apparently not yet having touched the
basis which consumers are willing to make
purchases in extensive quantities. The unset
tied state Of the copper market reflected in
n fractional decline in Amalgama ted. New
York Air Brake advanced a point the old
runor, once more euthoritatively denied, that
the company was to be consolidated with the
WESTINGHOUSE Air Brake Company. Union Pa
cifc Southern Pacific. Northern Pacific. Balti-
more & Ohio, Reading. ST. Paul. New York
Central and Pennsylvania all made fractional
net gains.
The government report wheat corn and
other crops IS due to-day and viii play i'm
portant part IN the price movement Of stocks
Yesterday issued the cotton crop report
showing a condition Of 72-7 which compares
with the indication of IS a month ago and repre-
sents the probability of a crop Of nearly 13.000.
600 bales On the publication Of the report
prices for the staple fell sharply the Cotton
Exchange. Wha. may befall the crop before the
time Of picking one may predict. but the con-
dition estimate just issued is we'll above the
September estimates for several years. except in
1904, the record year, and 1906, and it may be
assumed with reasonable safety that. with full
allowance made for the deterioration which may
occur from on, the crop will be of generous
size. sufficient TO make possible large exporta-
tions OF the staple, with the resultant creation
of large credits abroad in favor Of the United
EfaFe