New-York tribune., 1906-12-23
STOCK MARKETS OPERATIONS.

On a moderately heavy selling movement
prices for securities declined throughout the two
hours Of trading, a favorable bank statement
failing 10 check the operations for lower values,
which most pronounced in Reading St
Paul and other high grade issues. Weakness in
Reading Al the start exerted an unfavorable IN
fiuence other parts of the list but. as a rule
losses were not heavy outside of the hard coal
shares. Great Northern. Northern Pacific, St
Paul Canadian Pacific. Northwest and Union
Pacific. While there were news developments
OF sufficient importance TO induce active liquda-
ton. many operators thought the possibility of
labor disturbance among some of the railroads,
as result of the switchmens demands for in
creased pay adequate argument for the resump-
ton Of transactions the short side Of specu-
lation. failure OF a Stock Exchange member
who had been active in Reading served to help
along the general Decline but offerings were we'll
taken, substantial Western and local operators
taking stocks and placing nothing of Importance
on the market, their purchases representing
their belief that after the turn of the year there
will be good opportunities to dispose of their
holdings at better quotations. The Copper shares
and American Smelling among the few
early firm features on the Exchange. while on
the curb further buying of the outside Copper
issues was reported. with particularly active
trading in Portland. The character of trading
in this security suggests accumulation by inter
ests who are actively identified with the specu-
lation in Amalgamated and Anaconda in this
par6et and Rio TintOs on the London Exchange
The latter issues were extremely strong yester-
day, buying being based on the remarkable
strength Of the metal and the probability OF still
higher prices in the new year. In the local
market it is hard 10 get copper at even "a cents
a pound.
Bank statement figures showed a larger in
crease in cash than Fridays estimates indicated
While the reduction in loans was much less than
expected. this item contracting by only S4S3. 600
AS a result Of all changes. the reserve increased
S491995O the deficit Of the preceding week be-
ing wiped out and surplus above legal re-
quirements OF S32S0900 being established
This compares with a surplus at this time last
year Of S41594O0 and $15247 225 in 1904 The
fact that there was not a larger decline in loans
caused considerable disappointment owing 70
the general belief that the liquidation in the
stock market in the week would be effective in
bringing about a large falling off in this ac-
count. Loan operations this period Of the
year are much mixed on account Of the extraor-
binary financial operations incident TO the end of
the year while IN the present case the prepara-
ton for the first payment on the new St Paul
stock doubtless has been factor in preventing
an accurate reflection Of the actual reduction that
took place in stock market loans In the cur
rent week rates for money probably will rule at
a high level. and IT is not improbable that there
will be something OF a squeeze before next Sat
urday. but in we'll informed speculative circles IT
is not thought that there will be any disturb
ance in the stock market.
There has been a gradual decline in quotations
for securities I'm the last thirty days, but there
has been no real trouble on the Stock Exchange
the liquidation having been conducted in an
orderly manner with little indication OF dis
tress among the interests that are heavily In
volved in operations In this market. Stocks
are in stronger hands than they were a month
ago and the danger Of a serious collapse appar-
emily has been reduced 10 a minimum. There
are many we'll informed interests which are buy
ing securities all declines in the confident
expectation that the strength Of industrial con-
ditions in the country and the proba bty Of the
continuance Of present prosperity will attract a
large public following in the market in the new
year. resulting in higher prices I'm all classes
Of stocks The money market has checked the
I'll timed speculation in high trade issues. and
the liquidation. and weakness in such shares as
Northern Pacific, Great Northern and St Paul
has strengthened the general speculative posi-