New-York tribune., 1907-11-02
'UnIisted. tex dividend.
Closing prices Of active bonds dealt in, with
STOCK MARKET OPERATIONS.

The restriction placed on credit by the devel-
Opments OF the last Two weeks is beginning 10
Dc reflected In lighter dealings in the stock mar
ker and in premium on currency in this and
other cities. In yesterdays Stock Exchange op-
erations total sales were about One-halt those
reported on Thursday, transactions being made
up Of further purchases Tor cash and trading by
the professional element. the latter coudning n
commitments to small accounts on both sides of
the market. IN the first two hours OF business
the general tendency was in the direction OF
higher quotations, while in the afternoon many
issues sold under the opening prices. with final
figures showing more net losses than advances
among the active list, though the changes as
rule were unirnportaut. the only big decline
being recorded by Pacific Coast which was
knocked down 10 points by traders who appar-
emily took advantage Of a temporary absence Of
support in the stock 10 put il lower The Pa
cific Coast Company Is paying IL per cent on
its common stock. il is earning at the rate Of
i per cent and at its current quotation the
issue is, according 1o good market Judges, one
OF the many attractive market bargains Wire
houses practically had no orders. and business
with other centres was almost at standstill
owing 10 the difficulty Of rsInlttins and the
scarcity Of currency but this situation was not
considered an unuiXed evil, as II admitted
IN all circles the market in need Of rest
and that speculation on nominal basis for
time would be an important factor f. strength
ening general Wall Street conditions. The most
important development OF the day was sharp
gold exporting level the upward movement being
due 10 a light Offering OF bills and 10 an active
demand in connection with gold imports, but In
spite OF the rise in rates further amounts Of
gold were engaged for import presumably az
loss l. Is not unlikely, however, bankers i'm
porting the metal made arrangements 10 cover
the engagements before the advance developed
OF course. d premium currency at this centre
offsets TO some extent higher quotations for eX-
change Pennsylvania stock was among the
stocks that closed ar a gain. its Improvement
being helped by the decision Of the directors 10
pay the regular dividend and TO cut of for
time extraordinary expenditures
Though the local banks gained Sl6.0l3000 on
their operations with the sub Treasury in the
current week. the loss on the direct movement
Of currency was large enough 10 offset the gov
ernment payments and 20 bring about q net loss
on the reported cash charges Heavy shipments
70 the interior represent il great part the call
OF interior institutions on their New ~ Ork cor
respondents for sums due them on balance and
the loss On this account is responsible In part
for the high rate for funds in the face OF heavy
federal deposits with the Clearing House instltu-
tons Out-of-town banks and corporations
were bidders IN this market yesterday for cur
rency on TO per cent premium basis while
renewals or call loans made at 20 per cent,
with higher figure subsequently demanded for
this sort Of accommodation and no relaxation in
time money and mercantile paper The inquiry
for funds this centre by banks in other cities
reflects the anxiety Of these institutions 10 for
{
Tnands Of depositors who feel uneasy over the
financial situation and 70 meet possible future
emergencies but the money Withdrawn on this
account from New York VIII be Offset by
arrivals Of gold from abroad. Further engage
rnents Of the precious metal in London for ship
uaent 10 the United States were made yesterday.
bringing the total amount engaged and on the
ocean TO more than $27,0G0.000, sum which may
be doubled before the movement comes 10 a
natural end. Notwithstanding the advance IN
sterling exchange Europe viii find 1t extremely
difficult 10 check gold exports this side OF the
Atlantic, particularly as in the last few months
New York has not piled up a debt abroad
through the medium OF bankers bills. and It is
not considered likely that even an advance n
the Bank o1 Engiands minimum rate OF dis
count 70 or per cent would be effective in
restraining the outward movement OF the metal
as long as we need the money Banknote cir
cliaIion fortunately is now increasing at the
rate Of Sl.0O0O00 day, according TO information
received from the Treasury Department, and
this movement soon ought to exert an appre-
ciable effect upon the money stringency.
A policy Of retrenchrent and OF no new cap
ital expenditures IS being adopted by the rail-
roads Of the country, and 1t is therefore prob
able p long time will elapse before bankers will
be called upon to finance additional stock and
bond issues. The market is still glutted with
new securities issues. but these gradually viii
be absorbed By investors, and eventually both
the money and stock markets viii be in a posi-
ton VIII warrant the resumption of work
by the big transportation companies on extraor-
binary improvements and construction which
are now being held up TO a large extent by
money market considerations SO far there has
been no falling off IN the gross earnings of the
railroads. but net returns making favor
able comparisons with year ago. a reflection
of which is presented in the monthly statements
OF the Atchison and Pennsylvania which were
made public yesterday, the Atchisou showing a