New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-22
Closing prices of active bonds dealt in with
NET changes. follow:
STOCK MARKET OPERATIONS.

ON a much reduced volume of trading. the
sales aggregating less than $4,000 shares, OF
about one-half Of Tuesdays business. the STOCK
market moved irregularly yesterday, WITHIN mar
row price limits and closed with net declines
and net advances about equal in number. Inc
news developments Of the day were In the mann
unfavorable, including the announcement OF the
failure Of a well known mercantile house In
this CITY, a large concern in Philadelphia ana
a financial institution in Portland. Ore; sharp
advance in the foreign exchange market sterling
rates now being only a little under the Level at
which engagements Of gold for export can De
made at profit; and persistence OF the hlsh
rates for time funds. The influence on market
sentiment of President Roosevelt's speech al
Provincetown still beneficial, his assur-
ances as TO his purpose not to take any action
which would cause unmerited hardship TO limo
cent investors being accepted definite and
unalterable expression while critics and oppo-
nents of his policies drew consolation from the
belief that in that address he had covered the
ground so thoroughly that future utterances
might be expected to contain practically no new
features Of sort to cause apprehension to them
Improvement in the foreign securities markets,
where the Presidents address was well re-
ceived was a leading factor in causing the rel
alive steadiness the local exchange.
Another small engagement of gold for export
TO Germany to-day, 100000 in amount, was an
nounced but IL was without influence on the
market as il represented a special transaction
The foreign exchange market was strong, clos
ing 20 points above Tuesday Call money rates
did not advance above 214 per cent the ruling
figure being per cent. Time money was IN
active demand with the supply very limited and
New York borrowers were reported TO be bid
ding So to Z per cent in Philadelphia, with only
small success. As instancing the prevailing
stringency. large local institution, which IN
previous years has received at this season about
$500 600 from two Western banks for loaning in
this market, has within the last few days had
requests from those banks for loans TO them OF
the same amount. AS high as per cent for
thirty-day loan on excellent mixed collateral has
recently been offered in this city and refused
It was rather widely reported IN the financial
district yesterday afternoon that the Secretary
Of the Treasury had begun placing, or would
within a few days place with the depository
banks $50 10000 of government funds. but moth
ing was known about it at the Sub-Treasury or
the leading banks, and the impression was that
such a step not TO be taken al once. al
though it probably would be taken in a month
or So when the drain Of cash TO crop moving
should have attained large proportions.
The arrival home of J. p. Morgan had re-
spouse in the slight rally in stocks the
close although Mr. Morgan declined TO express
himself on the prospects Of the market. The
failure of the Erie executive committee to take
action on the dividend question thought 10
be due to desire TO obtain the counsel of Mr..
Morgan on the reported plan for paying the divi-
dends on the first and second preferred stock in
scrip.
| by frost caused sharp rise in the price Of that
commodity both in this country and in Liver
pool the advance on the local Produce Exchange
| being nearly three cents a bushel. This was
among the bearish developments in the stock
| market as a seriously lessened grain crop would
mean loss of revenue for some of the great rail-
| roads of the West; but its influence upon the
International exchange market would not be i'm
portant as a large movement of grain from the
| United States to Europe is assured and dmnu-
/ ton of the amount exported would be balanced
by appreciation in price.