New-York tribune., 1907-09-05
Closing prices of active bonds dealt in with
STOCK MARKET OPERATIONS.

The stock market opened yesterday fairly
steady with irregular fractional price changes'
but it was soon apparent that the sharp advance
Of the previous day was not TO continue. A
decline set in. on profit taking and on renewed
selling for the short account. and the course OF
prices was slowly downward until almost the
end Of the day. when rally occurred which
brought final prices u point TO l point dooNe
the lowest. The decline was not suthcient 10
wine out the gains made Tuesday, among the
net losses being 2as points in American Smelt-
ing and Refining, point in Union Pacific. 19s in
Reading and in Southern Pacific IA in New
York Central X in St Paul and Northern Pa
cifc and q per cent in Great Northern.
The receivership for the Union Iron and Steel
Company, which announced early in the
dsv was seized upon by the bears pTeteXt
for selling the market, the argument being That
that incident was indicative Of general un-
soundness in the industrial situation. This vieE"
did not carry much weight, however. as the
concern is a small one. never very strong and
there were special reasons for its weakness. Nor
did the predictions of speedy collapse in the
price of copper from the present 1S-cent basis.
on which producer and consumer appear TO
have reached a temporary agreement operate 70
auv extent to assist the decline in the general
market for stocks, although An1algaHnated de-
clned moderately yesterday with the rest II
the list RInlors Of the embarrassment Of
large mercantile house were again spread, max
ing their first appearance since the day, more
than A week ago, on Whlcn so VIDE a variety Oh
bear rrmors We're put out, none Of which proved
ef1cacious in breaking the market on that oo-
Casion.
Call money did not advance higher than per
cent and decided easing occurred in the rates
for time funds. attributable 10 the expectation
Of the banks that the provision made by the
Treasury Department for supplying funds as
needed for moving the crops viii enable them TO
meet without the recently feared difficulty the
demands this fall from their mercantile Gus
toners for the accommodation usually required
AT this season. Loans for five and six months
can now he obtained at per cent, against 7ls
Der cent week ago. and rates for shorter
periods are quoted at corresponding reductions
The weakness in the foreign exchange market
continues demand sterling being quoted at the
close Yesterday at 48610 bid and 4s615 asked.
The feeling in the stock market is not one Of
depression, but it is the opinion of the most
competent observers of the situation that no
sustained advance in prices can he expected
for the present. Money is not going 10 be
really easy for a good while to come, and the
proba bilties favor a period of stringency before
the fall is over and with this prospect in view
even the would be plungers are not venturing to
attempt bull campaign. But il is felt In quar-
ters best qualified TO form judgment on the
matter that the market has pretty well dis
counted the business shrinkage which may be
coming within the next half-year year. and
that one who purchases outright at around the
present levels dividend paying stocks Of good
reputation will run the minimum of risk