New-York tribune., 1907-12-14
STOCK MARKET OPERATIONS.

Stocks We're weak throughout the day a
small volume of business made up in great part
Of the operations of the professional element.
There selling by houses with Pitts
burg connections and further sales by interests
who bought stocks at the low points in No
vember, while practically the only demand
came from the shorts whose operations were not
heavy enough to make any impression on quota
tions. In many cases traders who settled short
contracts in the early dealings put out new
lines the failure of the market to experience
anything like moderate rally, and at the close
there was nothing in the tone Of speculative
sentiment that encouraged the view of sustained
improvement in the near future. Attempts to bid
up prices various times in the Gay met with
response in any quarter Of the market. while
on the other hand selling pressure from the pro-
fessional element failed to bring out any large
amount Of stock. with exceptions perhaps in the
copper shares Sugar Refining, New York Cen
trail, the Hill shares and the Hartman issues.
Union Pacific and Southern Pacific were ad
versely affected by the serious declines reported
in the net earnings of the two companies for
the month OF October, the reduction in their net
results also serving to bring into more active
discussion the possibility of lower dividends
among the railroads in 1903 from falling away
in net which is becoming already marked
Southern Paci1c's net loss OF more than
s1,000ooO and Union Pacifc's loss of S355o3l
are against gains in gross OF SI'2l3."1o and
SS15,;5S9 respectively, and they follow heavy net
losses by the Atchson, the Erie, the Pennsyl-
vania lines East Of Pittsburg, the Illinois Cen
tral. the Canadian Pacific and the Baltimore &
Ohio The Street believes the New York Cen
tral will lower dividend at the next dividend
period. reflection of which is presented in the
current weakness in the stock decrease in
the dividend under present conditions, however,
would be more of bull than bear argument
the issue as investment There was more
less bear gossip III the day on Reading,
Atchison and the copper shares, but the last
named showed resistance TO the selling pressure
Anna lgarnated closing oply Is off and Anaconda
gaining IL Bear traders apparently put out
large amounts of American Sugar Refining TO
frighten genuine holders into selling. and from
the course Of the stock they evidently met with
some measure OF success, the issue losing on the
movement more than four points. There Is no
good reason for investment selling OF tins Sc
curity. The company is IN a strong position, II
has a splendid earning and dividend record be-
hind it. it is physically and financially sound
and it will continue to refine sugar and make
disbursements TO its stockholders. The general
market closed heavy and about at the lowest.
Exports of domestic products in the month Of
December the figures Of which were received
YESTERDAY. show an increase in the outward
movement of food products and cotton and
total gain in all items to the value OF S1l ,46l,-
3G3 as compared with the corresponding month
a wear ago Shipments Of breadstuffs increased
s9242515 and of cotton S6,7S5.c71. II therefore
is likely the full statement of the couhtys for
eign trade, which will be issued to-1ay or Mon
C!ay will show considerable excess Of exports
o
been material falling off in the outward move
rnent Of manufactures. Of which weekly reports
for the port of New York show no indication
our foreign trade balance is responsible for the
increase in our gold holdings through ship
rnents of the metal from abroad, yet in some
quarters the idea is advanced that gold imports
represent loans for American account, and that
AT no remote period New York will be COM
pelled 10 liquidate heavy foreign Indebtedness.
Such theories are not founded on a correct
orvySic of aP
money market position. Europe has sent gold
to this side Of the ocean because the United
States has been in 4 position to take the metal
and because its requirements have been 100
urgent to permit its accumulated credits TO re-
main abroad. and any other view of the move
ment is not indorsed by facts. Ordinarily we do
not demand payment IN gold from our foreign
debtors and the fact that we have recently been
in a position compel such payments while
London has been able to finance them without
disturbance Of importance in its financial mar
kets furnishes ample reason for encouragement
over the underlying strength OF money condi-
tions at home and abroad.
In the current week the local banks have lost,
according TO estimates based on the known
movement Of money. SI39,tOo in cash, the loss
TO the interior and on Sub-Treasury operations
being Offset in great part by receipts of gold
from abroad. The net loss to the interior was
the smallest since the week ended October Is,
shipments TO out-of-town points showing a de-
cline from the preceding week of so, 10000. AS
over the counter movements not included in
this estimate, while little is known Of the change
IN loans, an accurate estimate of to-day's bank
statement is impossible, but from the course OF
the money market in the last few days ii does
not appear likely material decrease in the
deficit in reserves will be reported Time money
continues inactive. with rates noIeinally at -
per cent for thirty days and 10 and II per cent
for ninety days. Commercial paper is quist at
= per cent for the best Names while the pre-
MUM currency remains at ] per cent There
is still demand for money from the interior.
but as shown in the movement OF currency and
in the lower premium compared with week |
ago out-of-tow requirements are less urgent |