New-York tribune., 1907-09-27
STOCK MARKET OPERATIONS.

Stocks were weak in the greater part OF the
five hours Of trading. but with the exception o.
a few OF the more prominent ISSUES oeallhsS
were light III volume and made up as rule OF
the operations of the floor element. AS-
gressive professional pressure against the Har-
riman stocks and Reading and moderate selling
OF United States Steel, Amalgamated Copper
and American Smelling supplied the chef
movements OF the day. but they failed to attract
outside interest in the speculation beyond sales
by few holders who apparently were fright
ened by the persistent weakness throughout the
market. Union Pacific was sold by operators
who frequently in the past have been identified
with bear movements in the Hartman securl-
ties. while in all the active issues the character
OF selling similar TO that reported IN the
weak markets of the last few months United
States Steel common sold near its low price of
the year, and Consolidated Gas went under par
for the second time this year. declining from
1925 at the opening 10 9S%, and closing al
9924. net loss of points. the movement being
based to some extent upon the possibilities or
disclosures embarrassing TO the company when
the Public Service Commission looks INTO the
gas situation in this city. Brooklyn Union Gas
also was lower, though only 100 shares OF the
issue were dealt in. Commission houses were
not active factors on either side OF the market,
but letters sent out by the leading firms aIler
the close of busin .ss were optimistic in tone
1t is understood important financial interests
are negotiating for large block of Pacific Coast
stock at private sale. The Pacific Coast COM
pany controls steamship, railway and mining
! properties of tremendous value
The demand for currency from tho South is
increasing the inquiry for accommodation in the
West is more active than recently reported and
the local requirements Of borrowers are heavy
There will be, according to all indications. big
! movement OF money to the West ana SoOth
: from New York in the course Of the next three
months in connection with the financing of the
! crops and the legitimate necessities Of mer-
chants. and as q consequence the price Of money
IN the loan market viii be high throughout the
rest Of the year, especially there is little
chance of u movement of gold from Europe II
is being engaged for export at a rate that bids
fair equal the heavy movement reported
year ago. while all indications point toward
heavy shipments OF grain, but the imports Of
/ merchandise at New York running in vol
ume large enough to offset exports OF cotton
wheat and manufactured articles as
factor of Importance in the foreign exchange
market. The United States has no credit bal
ance abroad, far the trade account is con-
cerned. but If is not unlikely conditions will
change in the next few months to an extent that
Will make improbable Withdrawals of gold from
this centre for Europe. A Georgia banker Al
the session Of the American Bankers Associa-
ton at Atlantic City yesterday said the country
never would have money panic at the season
OF the year when the cotton crop Of the South
/ moving to take its place Of power in the
world Of commerce, but he forgot to mention the
fact that cotton cannot be moved without the
Southern bankers withdrawing large amounts of
money from New York, operation that
/ der certain conditions might bring about dis
turbance in the general monetary situation.
Fortunately the Secretary of the Treasury has
made arrangements TO deposit government funds
with national banks in the period Of crop
| financing operations.
There is large amount Of money in the
country. but it is tied UP. Money is being
boarded in many quarters, and merchants are
compelled TO pay excessive rates for accommG-
dation. The best grade of commercial paper
cannot be sold under per cent, and even
at that rate there few local buyers. Tn
usual conditions prevail in the money market,
but at remote period there will be & read
justnent that will result in easier terms for
borrowers. The monetary situation is really
much better than fl few months ago or at
this time in 1906. particularly the greater
number of corporations not asking for addi-
tional funds and are governing their expeDdi-
lures by money market conditions. New stock
and bond issues at present not popular and
the financial community is not making any
y0rable remarks over the capital expansion of
the New York, New Haven & Hartford Rail-
road. This company has decided most in
opportune time for financing its so-called ne
years the capital obligations OF the company
! have been increased to extent far beyond any
proportionate gain in earnings and mileage is
good enough reason for opposition TO the pro-
posed issuance OF upward of $40. coo 600 new
stock There is too much stock in the mar
ket and most corporations beginning
appreciate this fact.
The Bank of England in its weekly return,
published yesterday, made a strong showing
and, though TO change was reported in its min
imum rate of discount from the high level of Az
per cent the institutions percentage of reserve
TO liability at 5130 represented conditions that
ought to encourage confidence in the money