New-York tribune., 1907-11-16

Closing prices of active bonds dealt in. with
net changes, follow:
STOCK MARKET OPERATIONS.

Heavy declines were reported throughout the
list of active stocks yesterday high grade issues
suffering the chief losses on a volume OF busi-
ness that represented forced liquidation and
pressure from the professional element, the bear
contingent taking advantage of known weak
spots TO hammer prices. The liquidation or a
number Of loans against which such stocks as
St Paul and New York Central figured as col
lateral was an important factor in bringing
about lower quotations, which for many of the
leading shares ruled below the low average OF
the year and presented declines Of from 70
points as compared with the closing of the pre-
ceding day Western houses again were active
sellers, the character of the dealings represent
ing unmistakable evidence of the serious effect
upon Stock Exchange accounts of current fnan-
cial conditions A disturbing feature of the
market was the selling of bonds in some guam
tity for London and other European cities, owing
TO the fear Of further increase in the Bank OF
Englands minimum rate of discount as result
Of large additional engagements of gold for
American account, amounting for the day to
more than So, 100000. The failure OF the nego-
tiations of local bankers with the Bank of
France to secure gold from that source appeared
to impress the financial community with the
idea that the monetary situation was far worse
than generally believed, especially heavy
Withdrawals made in London. and as a
consequence the disposition among spectators
was sell stocks irrespective of the fact that
prices already were at the bargain level A re-
port that the New York Central would have to
do financing and the knowledge that
on December a payment of s2O,OOOOOO would
be due the new st. Paul stock also helped
to intensity the generally pessimistic sentiment
that appeared to prevail in all sections Of the
Street. Yet on the decline stocks were taken
by good buyers and further amounts Of securi-
ties passed into investors hands.
According to the known movement of money
in the week the local banks have lost in cash
holdings s2.35O,OOO On their operations with
the interior the loss heavier than in any
week in the history of Wall Street, amounting
to s21,650.800 against receipts of gold of S23,-
All 900, while with the Sub Treasury there was
a loss of s4,177,500. Over the counter transac
tons are not included in these figures, but there
is reason to believe the banks gained from this
redeposits of money recently with
drawn for boarding purposes, and It is not un-
likely therefore days Clearing House state
ment Will make a better showing than recorded
a week ago, though it is not expected there will
be any great improvement in reserve, which in
last Saturdays return presented a deficit below
the legal limit of than $4,000 900. The
banks are taking care of the interior situation,
and they are conserving their resources in a
manner that ought to restore confidence among
the public. especially that part of the public
which has not yet recovered from, the fright
caused by the fall OF the Knickerbocker Trust
Company. The banks are doing their part to
avert the development Of grave conditions, and
the hoarders OF money ought to second the ef-
forts of financiers by returning funds TO the
proper channels at once There are many mill
ions of dollars outside the banks that ought TO
be In the banks and the mere fact that this
country is able to secure vast amounts of gold
abroad should convince the timid souls who are
using their stockings instead of the banks that
underlying conditions strong and that the
situation is not beyond recovery. The keeping
of money in circulation is the best preventive
of panic
In the foreign markets prices lower and
London sold stocks at this centre, though the
total Of foreign sales was not large. London has
sold stocks here throughout the week. but owing
to the premium currency the effect upon the
foreign exchange market has not been sufficient
TO check the gold movement to this side of the
ocean Rates for sterling are well above the
level at which gold ordinarily is imported, yet
engagements of the metal yesterday were about
heavy any day in the current movement
Time money showed some signs of reviving,
few hundred thousand dollars being put out for
thirty days at 10 per cent and for sixty and
ninety days at Is per cent. The demand for
time money is active at the high rates quoted,
hut the supply is light Commercial paper con-
tinues nominal. Closing prices for stocks were
above the lowest of the day, but the market
showed a poor rallying power and presented
no evidence Of organized support IN American
Locomotive, American Shelters. Atchison, Union
Pacific, Atlantic Coast Line, Canadian Pacific,
Northwest, Consolidated Gas, General Electric,
Great Northern, New York Central, Northern
Pacific, Reading and Southern Pacific the net
losses averaged more than 2 points. The Har-
rirnan shares were sod~by traders on the pub-
cation OF the September statements of the Union
and Southern Pacific, which showed that heavy
gains in gross earnings had been swallowed up
in increased operating expenses Union Pacific
increased in gross S679,0S4 and decreased IN net
$559,395 while Southern Pacific Increased ~
gross Sl.i6GS3S and decreased in net S7f4I2!,
comparison being made with the same month a
ago Ia the bond departnent heavy sell
ing of United States Steel sinking fund bonds