New-York tribune., 1907-11-27
ENLISTED. TEX dividend.
Closing prices OF active bonds dealt in, with
ne changeS
STOCK MARKET OPERATIONS.

Though trading in securities light in vol
ume the movement Of values, as a rule. tended
in the direction of higher prices in the greater
part of the day, advances Of 1 per cent and
more being common. the improvement in some
instances amounting TO as much as 21a and 3
points. notably in American Sugar. Brooklyn
Rapid Transit, St Paul. Erie first preferred,
New York Central. Northern Pacific. Reading
and Union Pacific. Active covering operations
for the account Of q number OF prominent
traders induced similar transactions by the pro-
fessional element in general. and in most stocks
a great scarcity of offerings was found the re-
suit Of which compelled active bidding at
higher prices in all the leading issues. especial
ly in those shares in which short commitments
were unduly extended. Apart from easier
market for call money there were no develop
ments directly bearing upon the market posi-
ton of stocks but the very fact that call ac-
commodation could be secured at better terms
than had been reported in many days naturally
encouraged anxiety the part of bear traders
TO reduce their contracts. and TO some extent
attracted a demand from commission house
operators who believed that for the present
the best money was to he made on the long
side Of speculation. Important financial inter-
ests, however, did not consider the upward ten
dency an indication Of permanent Improvement
in prices Monetary conditions are stronger
than recently recorded, but they do not yet war
rant an outbreak Of bull enthusiasm and an
enlargement Of public buying margins. For
investors an opportunity TO secure bargains IS
attractive. and purchases for their account con-
tinue to be made both In shares and bonds
operations of this character being especially
marked In transactions involving odd lots-that
is, purchases under 100 shares.
At the close prices were at or near the best
Of the day, Brooklyn Rapid Transit being a
feature. Nothing has been brought out in the
Public Service Commissions investigation OF
the Brooklyn Rapid Transit Company that can
discourage holders Of the roads securities, and
traders who have been looking for a bear argu-
ment against the stock, a result Of Mr..
WINS probe are beginning to change their posi-
ton on the issue. The growth of the territory
served by the Brooklyn Rapid Transit lines in
sUres large increase in the company's earnings
as the years go by and. as a consequence
the stock at its present price appeals TO
buyers who can afford to wait for dividends,
which no longer are remote possibility For
eign houses went home long Of the market on
the theory that London would respond to-day
TO the higher prices here. In the afternoon call
money declined TO per cent, and in banking
quarters the opinion was freely expressed that
within a fortnight bank payments would be
restored in full to a cash basis. Further en-
gagements of gold made abroad for this
side Of the ocean. but It thought they rep
resented the tail end of the movement. The re-
port that the Bank of France would arrange to
send S60,OOOoO0 gold TO New York was ridi-
culed in representative financial circles, partic-
ularly as the necessity for additional large i'm
ports Of the metal no longer exists.
The amount of currency offered to brokers for
sale at the current premium is much lighter
than it week ago, while the demand also
shows material decrease owing to the bette.
position in which the banks find themselves IN
the matter of cash resources. Doubtless the
premium currency, which IS now much
smaller than recently recorded will continue in
force until after December payrolls have been
met. but it is encouraging to know abnormal
conditions gradually are disappearing and prom
Use to be factors OF the past before the end
of the year. Money In December probably will
rule at firm level. owing to the preparations
that must be made for first Of the year interest
and dividend disbursements and payments on
new stock and bond issues. In January, how
ever. loan quotations under the influence Of ac-
cumuating bank holdings will decline in all
probability to easy level. and at the moment
indications point toward a period of cheap
money in the first few months of 1903 as a re-
suit Of the addition to the circulating medium
through heavy imports of gold. an increase in
the supply of bank notes. the return of boarded
money to the channels OF trade and the lighter
demand for funds from mercantile sources IS
q result Of healthful trade reaction
The readjustment of financial conditions to a
safer basis is under way through natural means
and 1t is believed in banking circles that the
need for large output of Treasury certificates
of Indebtedness. against which the national
banks can take out new circulation has been
eliminated rom the situation. So far inward
of S60O0ooO0 gold has been received at this
port from Europe, against total engagements of
more than $9O.O0O,0o0. and It is likely when the
movement comes to a natural end our supply
of the yellow metal will show an increase 10
the extent Of $1000000O0 If the boarded
money returns to the banks, as IL undoubtedly
will, there will be ample supply of funds to
meet all requirements at satisfactory rates to
borrowers. and the government win then be
able to withdraw federal deposits from the
banks. while the latter will no longer find il
profitable 10 circulate their bond secured notes
beyond an amount incident to normal times