New-York tribune., 1907-10-08
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

The stock marker yesterday opened heavy
with initial sales levels under Saturdays
closing figures, but with the announcement early
IN the day of the Z per cent extra dividend
for Great Northern stockholders declared by the
Lake Superior Company a subsidiary of the
Great Northern, the market turned strong on
short covering. and continued its Improvement
during the rest of the session the Hill stocks
leading the advance. The principal net gains
were made by the standard railway issues
among them being 27s points in Great North
ern 5$s in Northern Pacific n in Union Pa
Cific and Reading and l5s in St Paul A rurnor
was current that the Northern Pacific was soon
10 follow the Great Northern in declaring an
extra dividend and this stimulated the upward
movement in prices, 10 which, however there
were not few exceptions, among them South
ern Railway, which sold down TO ll% a new
low record for many years. Once more the
Metal Exchange lowered its quoted prices for
copper but Amalgamated Copper ended the day
with net gain Of q per cent, while American
Smelling and Refining advanced l i points A
sharp rise of about two cents bushel in the
price Of wheat on buying both for export and
for domestic account favorably affected the
stock market. Call money ruled between 4lR
and per cent, most of the days loans being
made at 5 T. Rates for time funds hardened, an
advance of z per cent 10 6i2 being made on
loans for all periods from ninety days 10 five
months.
Bank reserves at this centre are low enough
TO suggest the probability of further action by
monetary situation, but the Secretary will not
use government funds for the promotion OF
speculative operations in the stock market 1t
may therefore occur to some people that this IS
a good time for extreme caution in transactions
in securities. Notwithstanding the high rates
for loans the amount of money in circulation in
the country increased in the month of Septem-
Der $l6,652 754, while the amount Of funds in the
federal treasury increased in the same time
S5,O2O97S. The circulation per capita does not
reflect any poverty among the people-that is.
Of the amount Of money in the country do not
accurately gauge the actual position Of funds
throughout the United States. There is a large
amount Of money tied up in commercial and
financial operations that is not available for the
development of enterprises or the fur@per-
Of operations already proposed, and aC-
cording to the opinion of the best informed men
in the financial community readjustment can
be brought about only by further liquidation in
securities, a slowing up process in real estate
dealings and a quieting down in general trade.
Evidence is not wanting of a healthful reac-
tion In the channels Of business. Greater con-
servatism is being employed by consumers and
producers, and the very fact that preparations
are being made for changed conditions in the
industrial world suggests the improba bility OF
serious disturbance in business circles. With a
slowing down in business there will be an easier
position in the money market, but it IS not likely
that rates for funds will rule at a low level for
a long time to come. Healthful business reac-
ton will not be fast in its movement, and in
the mean time the demand for funds in con-
nection with the financing Of the crops Will be
active. Grain and cotton exports will furnish a
large amount of exchange in the autumn months
but it is not considered probable there will be a
movement of gold to this side Of the ocean.