New-York tribune., 1907-09-07
aI nlisted
Closing prices of active bonds dealt IN. with
STOCK MARKET OPERATIONS.

After exhibiting declining tendency in tho
eanIv trading. due 10 apprehension, which proved
unfounded. Of the announcement Of further hnan-
cial troubles. following the Watson failure, the
stock market recovered sharply before noon yes
-.rdar- the Improvement continuing until within
few minutes Of the close. when a moderate re-
cession occurred. Covering by the shorts sup
piled a large part of the days buying demand,
and in the case OF Delaware & Hudson
squeeze" appeared to have been effected, as
that stock on sales Of only $50 shares ad-
vanced TO 1641s and closed with a net gain Of
6 4 points at 1631+-
There was little or no news of market sort.
hut such as came out was bullish. including the
excellent showing of earnings made by the New
York Central lines for August the figures being
SLIP 900 in excess OF those for the correspond
ing month in 1905. A runor which stimulated
the market was that Pennsylvania court hao
handed down an opinion declaring unconstltu-
tionaI the 2-cent rate law in that state ana
IT was the denial OF that report late IN the after
noon which started the recession just oe1ore
the close Of trading. There was a well de-
fined report that an increase In the Northern
Pacific dividend rate might soon be made, as
tie Burlington rate was increased on Ihurs-
day: and heavy buying of Northern Paclnc Iol-
lowed which carried the price up points
from the lowest Of the day. to 1914, the close
being at $50, 2% points UP. Great Northern
made a maximum advance of 3A points and
a net gain of point
The money market outlook continued IaVor-
chile. call money ruling between 31s and 2le per
cent and time money being in fair supply at
slightly lower rates for early maturities. The
banks have gained this week, according 10 the
preliminary estimate. based upon the known
movement of money, about s2,7oo,oooi wh1ch
should mean good bank statement to-day, uh-
less the loan item should prove much larger
+t,o 1e be. Trading on t1e STOCK
Exchange has been rather active this week, but
although noteworthy price advances have been
made the volume Of business transacted mas
been relatively small No trustworthy informa-
ton as to the amount Of money deposited win
local hanks bv the Secretary of the Treasury
has vet been obtained, but the sum is not be-
lieved to be large as yet The prevailing ease
In money is unusual for this time in the month
of September, and may be attributable TO the
bsclzvyardness of the crops and the consequent
1a+eness of the demand for funds from this
centre for moving them. That stringency In
money will be experienced before the fall ls over
is the opinion of the best judges in Wall Street,
although the tightness will probably be much
less severe than in former years: and, although
the easy condition of the money market at pres
emf and the gradual restoration of confidence
are facts which justify and account for the
current advance in the securities market, that
advance cannot be expected TO run far without
suffering a check and possibly setback.
The feature Of the bond department OF the
Stock Exchange was the strength Of Albany &
S1,souehanna convertible 31zs, which advanced
from 881Z TO 81. Their activity was thought TO
be related to the advance in Delaware & Hud-
son stock the Delaware & Hudson controlling
the Albany & Susquehanna. On the curb Ne
vada Utah once the subject of a successful
manipulation by Thomas w. Lawson, and OF late
duI and neglected advanced point on
heavy trading.
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