New-York tribune., 1907-11-10
Closing prices of active bonds dealt in. with
net changes. follow:
STOCK MARKET OPERATIONS.

Stock market trading was light in volume
throughout the two hours Of business on a
movement of values that showed unimportant
changes, small net losses being recorded in the
greater number of issues Weakness in London
prices a result Of selling induced by addi-
tonaI engagements of gold for shipment to New
York effective factor in inducing mod
crate selling pressure from the element at
the opening. while the expectation of an un-
favorable bank statement also contributed to
the heayiness that developed in most sections
of the list. Transactions were made UP in great
part Of the operations of the floor spectators
and as a rule were confined 10 the leading active
shares, many securities being left entirely alone
owing to the absence of demand from commits
sion houses and the unwillingness of traders TO
make heaVy commitments on either side Of the
market The United States Steel shares and
Consolidated Gas We're about the flrmest feat
ureS on the list, while Canadian Pacific and
Mexican Central supplied the chief weak spots
the two last named being under pressure from
foreign houses. Bank statement figures showed
another decline in reserve, large expansion in
loans and deposits and reduction in cash the
loss IN cash. however, falling by many millions
Of dollars TO approach the heavy decline in thai
item in the return Of the preceding week The
statement was made up on rising averages and
the actual position of the banks was far stronger
than that indicated by the Clearing House
changes. Only small proportion Of the gold
received in the week figured in the exhibit owing
TO the average system employed in compiling
the showing. and the fact that cash presented
only relatively small loss suggested that the
withdrawal of funds by depositors was al an
ehd and that the financial institutions soon
would be in a position to show net gains in
thelr cash holdings instead OF the heavy declines
which recently have been recorded AS result
OF all changes the deficit increased to SOL 625
compared with deficit at this time last wear OF
Sl.514125 and deficit in 1905 of 80 428 500 The
cash holdings OF the banks amount according N
the statement, to $219.794 800, and the fact that
there is a deficit in the legal reserve shows
that the reserve is being used for the purpose
lor winch It was created-namely, an emergency
Local bankers who have in charge the
strengthening of the financial situation are not
Wen pleased with the further demand for gold
in Europe for American account and thev
point out that unless the movement is checked
disturbance VIII develop abroad accompanied
by heavy liquidation Of American securities
now In foreign investors hands This market
is in no position to stand active offerings Of
this character without disturbance in values
but II is believed yesterdays gold arrange
ments Will not be followed by large additional
engagements In the current week as a careful
survey Of the present position Of affairs in the
money market apparently indicates that urgent
needs have been met, and that while 1t is still
within our power TO attract the yellow metal
to this side Of the ocean the movement ca n he
suspended for a time without seriously inter
fering with the recovery now under way in
financial conditions. In the week just closed
regular and erratic, the course OF money and
the premium currency here governing to a
great extent rates which practically were at
the gold exporting point early last Monday and
cents lower yesterday. Most transactions in
the exchange market were matters of special
negotiation, the character OF the drawer of the
bills determining to a great extent the price
demanded. Commercial bills were in poor sup
ply, owing TO the scarcity of money, which i'm
peded the movement Of cotton. and to some ex-
tent that of grain. though wheat ehiDment9
were larger in the week than in any preceding
week since 1903.
The movement of cotton has been disappoint-
ing, and the report that the product
is being held by many owners for higher prices.
while a prominent speculator In this city makes
the charge that certain large interests are en-
gineering a in the cotton market The
latter. however, is denied by the interests In
question, and il is to be hoped that their denial
will be followed by actual proof in a freer
port movement. Every effort Is being made by
local banks TO relieve the scarcity of currency
the West and South, and it is believed that
within the course of a week at least there will
be bigger money supplies throughout the
try and heavier offerings OF grain and cotton
bills in the exchange market Our credits abroad
have been pretty we'll exhausted by gold i'm
ports, and without change in the foreign
change conditions further shipments of the
metal to New York doubtless will be made at
material loss. Business in all parts OF the
country, according to the reports received by
the commercial agencies, is beginning feel
the effect of the restriction placed upon credit
by the unfortunate money market developments
of recent weeks, but there appears to be
underlying weakness and no indication that our
Industries in for a long period Of depression
quieter volume OF trade for a time will serve
to strengthen the money situation and lay the
foundation for resumption of industrial
tiyity on a broader and safer basis.
e