New-York tribune., 1907-10-04
STOCK MARKET OPERATIONS.

heavy opening in the local stock market
reflected the depression in the LONDON MAJ a hee
of the day, which was due partly 70 ruhloLS u
trouble in Berlin and Paris. An active se4iiils
movement soon developed. In the course OL
which prices throughout the list yielded one
to three points. London vas an extensive seller
in this market, and the cause Whlch chleHy III
fuenced that movement the baseless alarm over
tbe possibility of complications which might
menace the peace of the world resulting from
the projected voyage of the United States bat
tleships to the Pacific waters of this nation
proba bly, operated also to explain part or the
selling for local account A more potent factor
was the rise in call money early in the session
10 Sl8 per cent, and the hardening of the rates
for time funds. In the afternoon, when the
needs of borrowers on call had been supplied
the rate declined to per cent the final loans
being made at per cent With the easing OF
the call rate heavy buying orders were sent into
the market, the execution of which checked the
decline in stocks and caused a considerable
rally, TO which the covering Of shorts contrib
uted. Closing prices were well above the poor
est of the day. but in most instances showed
net losses compared with Wednesdays hnaI
figures The speech of President Roosevelt at
Cairo, H. had no influence on the market. as IT
was thought not TO differ in tenor in its refer
ences 10 the governments policy m enforcing
obedience to the laws from the ad iresses de-
livered by the President the preceding days
of his present tour. The copper metal market
in London was again weak. and there was heavy
selling in London of copper shares for Paris
account. Here, however, the copper stocks were
decidedly strong and Amalgamated closed at
net advance of rs points.
The weekly statement of the Bank of Eng
land. showing a decrease in gold of $S.3oO.000
and in total reserve Of $12010.O00. the proper
ton of reserve TO liabilities now standing at
488 per cent. against 513 a week ago, served
10 depress sentiment the London market, and
was not well received here. The statement,
however, would appear to be entirely satisfac-
tory and reassuring, as the banks reserve nor
Inally decreases at this time every year. owing
10 the necessity of financing the October dis
bursements: and the strength of the banks
present position is shown by the fact that in
this week last year the proportion of reserve
38.5 per cent and that the present proportion is
| higher than at the corresponding date in any
! year since 1895.
Through a payment by the Sub Treasury on
! old Panama Railroad accounts the loss of the
| local banks to the Sub-Treasury this week has
| been reduced to $2,042 600, hut the bank state
| ment tomorrow will probably show a serious
| loss in cash The of $200000 was trans
| ferred through the Sub Treasury Yesterday to
! St Louis. and shipments by express continue
and may be expected to continue for some time
now tied up in the October interest and divi-
dend payments, which may be expected to re-
! turn to the regular channels by about the middle
of the month, is any relaxation Of the money
market stringency probable