New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-09
ENLISTED.
STOCK MARKET OPERATIONS.

Transactions in Yesterdays stock market
were heavy in volume on a movement Of values
that showed violent fluctuations. with new 10"
records for the year reported in many Issues IN
the early dealings After the mornings wave
of liquidation and bear attacks had run Its
course recoverIes We're made in all parts of the
list under the influence of covering by the
shorts and support from substantial hnanclal
interests and as a consequence final prices In
the leading issues showed small gains as COM
pared with the closing figures OF the preceding
day The extreme losses were made IN the lifst
hour of trading when declines Of from to 4
points were registered in the active issues. but
the low level attracted good class or ouylne'
and in all the prominent shares orders We're put
IN in volume heavy enough to induce quick
change on the part Of the professional element
with the result of rapid advances in all the
leading securities Analgamated copper
which sold as low as I41h in the first hour' al
vanced to 7S84 closing at net gain OF points;
Southern Pacific, which declined to s2t2. endcd
the day at $50 while Union Pacific. atter
break to 1271k. advanced to 132ss. its closing
nuotation Evidence of decentralization in the
initial transactions effective in bringing
supporting orders from the largest banking
houses in the Street, but their buying was not
based on the idea that the time had come Tor Il
sustained upward movement. They bought
stocks TO r1rotect their commitments. Pro-
fessionaI traders were just as bear1sh at the
end of the day they were when they pouhded
stocks in the morning. but they recognlZeo inc
as the bull account was concerned, ana pre-
5icted further rally. Routine news OF the day
was of little Importance in its bearing upon the
stock market except the strength in time money
ane the growing demand for currency from inc
interior s. .
tho da1eloprnent in the near future OF higher
rates for funds, Notwithstanding the hquldaIoh
that is under way in stocks and the possio,ii1s
Of reaction in the countrys trade lighter
g,,ls gfr11
nected but according TO the ideas OF the best
Informed interests in the financial community
the slowing down process will be graduaI ana
will not develop fast enough TO anect the IAN
money market. Exchange at interior polhts On
Nev York is beginning TO move against THIS
centre and in the course of a few weeks snip
,nen+s Of currency from here will be In excess
Of REGENTS owing TO the demand Tor money III
connection with the financing OF me year hdI =
vests which promise to be much heavier IMAM IN
dictated by conditions prevailing carrier IN inc
vear Bank reserves are low. The reserve ABOVE
iagaI requirements is under the level generally
renorted at this time of the year and there Ia no
,rosnect of Improvement until later IN the sea-
son when the harvest requirements nave peen
satisfied and money begins to return to New
yortx though help from the federal treasury VIII
prevent acute stringency in the market fortu-
atelv the Secretary of the Treasury has the
power to throw government money INTO the
channels Of trade, but unfortunately we nave 4
currency system that brings ABOUT Coiiuitioho
that make necessary federal assistance 10 the
general money market every fall BANKERS are
not hopeful of genuine currency reform at the
next season of Congress, but in the mean time
+bex, have the comfortable feeling of knowing
that in the Aldrieh measure privilege is given
the Secretary of the Treasury to use govern
ment funds TO relieve stringency in the money
market Call money was firm yesterday, while
loans Of long maturities We're quoted at the
highest price of the year. the demand in both
departments OF the market being heavier than
recently recorded Sterling exchange was weak.
MANY of the leading banking houses put out
market advices yesterday suggesting the pur-
was no especial response from the public. The
chief b11ving power came from the shorts and
} !. appeared improbable there would be any
! other sort of buying in volume in the inlmedi-
ate future In some circles it is thought prices
| will go lower while in other quarters II Is
| maintained the bottom has been reached and
/ that present low quotations discount GnfaVora-
/ bile factors that may develop in the future.
| Unfortunately, some investors have become
1 alarmed over the action OF federal ana state
1 authorities against corporations, and bankers
| OF high repute upset because of the appa-
rently unreasonable attitude Of politicians IN
| certain part. of the country toward the rail-
roads and industrial companies, but the chances
! are there will be no hysteria in financial CIR
! cles and no wholesale liquidation of securities
! Present unfavorable factors will pass away.
| The railroads will continue to run their trains
| the country's industries will not go to the dogs
| and confiscation Of vested rights Will not
develop.
roAJ