New-York tribune., 1907-11-12
ENLISTED
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

On small volume of business that repre-
seuted in great part the operations Of the pro-
fessional element stock market values moved
toward higher level in the forenoon trading,
advances of from ! TO . points being common
among the leading issues. In the early after
noon irregularity developed while in the late
dealings prices as rule ran off under the infiu-
enCe of selling by the floor operators. who were
buyers in the morning and who apparently were
anxious to even their accounts before the close.
There We're practically commission house
orders In stocks, but in the bond department
business relatively more active than in
shares. with a fair investment demand reported.
The alleged formation of q big copper pool i'll
London which was treated with derision in well
informed quarters. failed TO carry any weight
a market argument, Amalgamated closing at
small fractional gain, while in the majority of
issues final changes were confined to small fig
ures. Reading, Delaware & Hudson. Northern
Pacific, Southern Pacific, Union Pacific and
American Sugar Refining were the only tmpor-
tant exceptions, showing net advances of more
than l point, Readings gain amounting to ga.
It was rumOred in the day in quarters where in
formation the market generally is based
facts that certain large interests were about TO
take more active part on the bull side Of spec
ulation, and that while attempt would be
made TO bring about an aggressive bull move
ment, n thought probable great diff
Guilty would be experienced in moving prices
slowly TO a higher level. owing 10 technical
ditiOns. which were in favor of the advocates Of
better quotations. Cali money easier and
the stringency in the money market appeared TO
be affecting the interior more than New York.
The scarcity of currency in the West is reflected
in unusually small purchases Of grain from the
farmers and in the big falling off in the deliv-
cries Of all classes Of freight at Chicago
A gratifying increase in legal tenders IN Sat
urday's Clearing House statement may be
sidered one of the most encouraging features of
the recovery under way In the financial sit
uation, as it reflects return TO the banks Of
money that had been withdrawn by depositors
who became alarmed following the fall OF the
Knickerbocker Trust Company. Undoubtedly in
the return of the current week a further increase
in this item will be recorded, while 1t Is not
unlikely there will be a favorable change in
loans and total cash holdings TO extent that
will bring about improvement in reserves. The
large expansion in loans in the last two weeks
may appear unfavorable on the surface but
when 1t is recalled that loan expansion has been
a necessary move in the measures Of relief which
have been extended to trust companies and
banks that developed signs Of weakness the
factor All conditions affecting money work
ing toward the re-establishment of confidence
and the readjustment Of financial transactions
on a saner and safer basis the consequence of
which will be higher prices for American invest
ment securities and the intrenchment of stocks
and bonds in the hands of investors rather than
in the control Of speculative pools and synd
Gates. Tennessee Coal and Iron stock in
amount large enough 10 carry ownership Is now
held by the United States Steel Corporation,
which will proceed TO develop the great South
ern iron industry lines that win benefit holders
of the securities Of both companies and the bust
ness interests of the people of the South and
the transfer Of this stock from spectators TO
builders of prosperity will be followed by similar
transactions affecting the control of other secu-
rites.
Realizing that urgent necessities have been
met and that further large engagements of gold
for import would tend 10 create financial dis
turbance abroad, two of the large Wall Street
banks yesterday cancelled orders for the metal,
but additional imports were engineered In other
quarters. New York took most of the gold
tn I was offered IN the open London market.
than s50000.O00, amount sufficiently
heavy TO handle local requirements for the pres
ent at least, and il was thought yesterday in
banking circles that the end Of the movement
in sight. The premium currency at this
centre will disappear If Indications mean
anything while it is likely the demand from the
interior for funds will grow lighter and in the
course of two months be succeeded by active
shipments of money 70 New York from the West
and South. Easier monetary conditions will
bring about more active demand for railway
mortgage issues. 1t Is quite probable there will
be a reactionary tendency in business through
out the country, that the cost of living will
down and that money will accumulate in the
banks. Such movement will tend to help the
bond market, which for many months has been
extremely dull, with the course of values toward
a lower level. The bond market offers many at
tractive bargains, and that good issues will not
go a-begging in the next twelve months is re-
nected in the inquiry that already has developed
for the New Haven bonds. which We're
quoted the curb yesterday as high as 10.