New-York tribune., 1907-10-30
unlisted.
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Under the influence OF forced liquidation. for
eign selling and TO some extent pressure from
the professional element stock values suf-
fered severe declines in yesterdays market
losses being particularly heavy in the high grade
shares including Union Pacific New York Cen
tral. Pennsylvania and Canadian Pacific large
amount Of the last named stock was thrown On
the london market by Berlin, where the mo aey
situation compelled sales OF securities and ex-
erted an adverse effect upon the British and
Local markets. At this centre call as~ney ad-
vanced 70 10 per cent and banks wee RESPONSE
BILE for the liquidation of many Stock Exchange
accounts through the calling Of loans, especially
in the Of New York Central Pennsvl,,e MIA
and Delaware & Hudson. which went we'll under
the low prices recorded last weak In many
shares quotations went below the worst figures
made last Thursday. when the selling movement
was at It's height, and throughout the list OF
active stocks maximum losses ran from to
points. Covering OF shorts in the last half hour
"as responsible for moderate rally, but clos
ing figures showed material declines as COM
pared with Mondays final prices. Declining
values We're accompanied by Increased dealings
IN all the leading issues. an expansion in sales
oelhg reported for out of town account as we'll
as for local interests, and in the course NJ tbis
selling many low records for the wear ,ycra
made, St Paul, for instance, going to go which
also was the lowest price reported by that stock
since 1897. Many loans were closed ont forcipo,
me sale OF the collateral security, and in only a
2 bo
money asked for Before the close call funds
declined TO per cent, owing 10 large ofgeripes
ny several or the more important banking houses
ana the appearance in the market of Clearing
Rouse institutions which on the preceding dav
made no loans at all. Cotton declined N Tho
low point Of the year, while grain prices after
an early rally developed weakness Ap~Ia.r
abroad over the Withdrawals OF gold for Amer
lean account and q sharp advance in demand
sterling and cables in the foreign exchange mar
ket did not tend to help confidence among Stock
Exchange traders
Money rates abroad were frnner and +n H.
perlal Bank of Germany announced an advance
IN us minimum rate of discount while indica-
uons al the British capital suggested the proba
Dllty or an increase in the Bank OF Englands
quotation at the weekly meeting of tba nov,
ernors tomorrow. Financial circles in London
so far have placed obstacle in the wav az
gold exports 70 the United States but the
chances are some effort soon will be made To
prevent shipments, as the drain for American
account has reached proportions wholly unev-
pecteo when the movement began. It is q aues-
ton, however, whether the foreigners viii he
abIe TO stay the outward flow of the precious
metal lnasmuch as this country despite yester
days high prices for cable and demand sterling
Is now In control OF the international exchange
market owing 10 the high price OF money pre-
Valling at the various financial centres here and
the heaVy offering Of bills against cotton and
grain exports. Bankers have been active buvers
VI ollS IN the last few days. Exports are In
creasing rapidly and the decline In grain nricas
means substantial enlargement Of tho outward
movement Of food products. The restriction of
credit result Of the strained financial con-
dltons Of the last fortnight is an important
ractor In releasing grain and cotton that have
been hAd in the expectation of higher quota
tons, and as consequence the grain and cotton
carrying trade Will benefit to an extent that
doubtless Will have a further marked effect
upon the money market by keeping sterling ex-
change at level that will encourage additional
imports Of gold from foreign countries The
local banks will be materially strengthened in
the course OF the next ten days through receipts
OF the yellow metal already engaged, while their
cash holdings ought also to reflect a return of
deposits recently withdrawn from many institu-
tions by needlessy alarmed depositors. Though
the working balance I'm the federal Treasury is
far below the amount generally maintained
there is no reason TO suppose the Secretary OF
the Treasury will withdraw government money
placed with the banks TO tide them over the
recent emergency until reserves have been
strengthened from other sources to a degree that
will preclude the possibility of renewed disturb
ance. Rates for funds probably viii remain at
stiff level for several weeks TO come, but the
banking community looks for further serious
trouble.
Demands of borrowers and depositors through
out the country will be met in a conservative
manner in the balance of the year 1t is the in
tention of the bankers of the United States to
do everything to make provision for the re-
quirements of trade, but il is realized that
quieter conditions must develop in Industrial
quarters and that readJustment of prices in