New-York tribune., 1907-11-07
ENLISTED. TEX dividend.
Closing prices of active bonds dealt in. witt
STOCK MARKET OPERATIONS.

Stock market values again reflected the in
fluenCe upon sentiment of the better conditions
prevailing in the financial community. prices
enjoying maximum advances Of from l to
points in many OF the leading issues. with
greater Improvement reported in few instances.
There was no attempt TO bull the market and
banking facilities were not offered spectators
who showed any disposition TO trade beyond the
limit of safety. Bankers continued to exercise
q paternal watch upon speculative transactions,
and they made no conCealment of their deter
mination to prevent reckless operations, which
at this time would act as an effective deterrent
TO the return Of normal conditions in money
and which might lead TO further trouble in the
| Street Speculation undoubtedly will be kept
within narrow bounds for weeks to come and
the prospect Of quiet market in the period of
financial readjustment is of the encOurag-
ing features of the current situation except
perhaps, TO the men who do not appreciate the
magnitude Of the operations involved and the
significance Of these operations as bearing upon
the general welfare Of the country At the close
prices as a rule were well under the best OF the
day owing to profit selling movement in the
afternoon. but in the greater number Of shares
net gains were recorded, and commission houses
a rule favored the theory that the rally would
run further, barring adverse developments in
the financial world. Union Pacific again at
tracted more attention than other stocks ad-
Vancing under the influence of buying based on
the expectation of benefits to the stockholders
from the securities segregation plan and on the
cheapness of the issue investment propo-
stion. while the United States Steel shares also
were active features their market position being
helped by the proposed purchase by the corpo-
ration of the Tennessee Coal and Iron Company
Call money ruled at L per cent, with a maxi
mum rate of 25 per cent, and time funds showed
more life than recently reported. loans being
made for ninety days at 10 and Il per cent
Foreign exchange declined more than cents for
demand sterling result of lighter bidding
for bills by gold importers and the appearance
in the market of q large amount of commercial
offerings
All conditions appear to be working toward
the permanent relief Of the financial situation a
reflection OF which is presented in more con-
fident feeling in the Wall Street community as
a result Of the wise measures adopted by the
leading bankers for the protection Of the trust
companies that have been under pressure. in
the willingness of the Bank of France to send
gold TO London which practically amounts to
further shipments OF the metal from abroad TO
the United States; in the subsistence of hysteria
among bank and trust company depositors, in
active cash buying Of securities and in the ap-
parent awakening of the country to the growing
need of currency reform. 49, factors will
work in favor of return Of stocks and bonds
TO a level that will represent their actual worth,
but of course such an operation will take time
and will not warrant the development OF ag
gressive transactions on the part of spectators
whose sole thought is to immediate
profits. Money rates in the future will depend
10 a great extent upon the effect that the up
heaval in Wall Street will have upon the
tons industries If, generally expected, the
demands for accommodation from the business
centres fall off in the course of the next twelve
months, If railroads and other corporations
ercise the policy of retrenchment and if moneys
withdrawn from banks throughout the land
turns to these institutions there will be
mutation of funds that will bring about a peth-
Of the circulating medium and a
duction in lending quotations to extremely
easy level There is every reason to believe
that conditions in the money market will i'm
prove inside of three months to a degree that
will warrant a return to the government of
part. at least, of the deposits made with banks
within the last three weeks Now that the worst
features Of the situation have been remedied, it
may be well for the country in general to do some
thinking regarding the part played by the New
York bankers in bringing order out of chaos
and to extend TO them unstinted praise for the
great work they have accomplished in the face
of the most discouraging conditions
Foreign markets showed improvement yester-
day. and London houses bought stocks the
! local exchange to a moderate extent the only
European selling being in Canadian Pacific.
| The readjustment Of financial affairs at this
| centre will exert favorable effect upon SEN
| timent abroad, and any one who realizes the
significance of foreign sentiment regarding
business and finance in this country will ap-
preciate the Importance of a favorable att
ture on the part of the foreigners toward the
United States at this juncture. 1t is not
likely ii subsequently will be found Europe has
been buyer on investment account of Amerl-
| can securities at the bargain figures which have
prevailed in the last few weeks. London is not
heavily committed to the speculative side of
| this market at present. but It is probable the
fnnrOAred hpr ftaol1 will oad