The morning journal-courier., 1907-12-21
THE STOCK MARKET Prices Rose Sharply on a Linn
 tied Amount of Busi- A ness.
GREAT ACTIVITY AT CLOSE
Decline in the Currency Premium
 More Gold Coming.

The stock market showel consider a. ble strength yesterday. This was due to further gold engagements, indica- tions of a favorable bank statement to- day, and the call of the superintendent for a report on the condition of state banks and trust companies The state institutions have been expecting this call, and like the national banks short time ago, some of them enter ed the market for currency IS buyers in order to strengthen their reserves.
 The movement was strong through out with some decided gains, which Tn the afternoon extended to all sections of the list Union Pacific was a fea- ture of strength, but in the last few minutes of trading all the active shares rose sharply and the market ruled very active, with some apparently good buy ing. The list in general closed near the highest level of the day with the great est activity of the week.
 A feature was the advance in Consol- dated Gas on favorable decision in the eighty-cent gas case. One of the factors that early assisted in bettering sentiment was softer tone to the pre- mium on currency.
 Money on call yesterday ruled at ! about IS per cent. for the bulk of the business done, which cannot be con, sidered an unusually high rate, con sidering the season of the year and the fact that loans made yesterday carry over until next Monday.
 Wall street is looking for further reduction in the reserve deficiency of the associated banks by to-day's week ly statement of averages The report ed movements of currency this week, made lip yesterday, indicate q gain in cash held by the banks of about s2,00o,- 900, all from gold imports.
 The upward movement in prices con tinued in spite of sharp advance in money quotations, wlffrns brought the can rste ID to t6 per cent. There was some heavy shifting of loans, but the reappesrance of the trust companies as heayy lenders Following the announce rnerit of call for a stltement of theit condition augmented the supply Of loanabla funds.
 oIs.e,f,,. <,f 4I,.n ,,,a,,t,ef firm, but under the best prices for most stocks Union Pacific continued strong right up to the close, acting as the sus- taining factor.
 The London market has assumed a holiday character the only noteworthy happening there being the passing or the dividend on the De Beers deferred stock, an incident that of course, re- fleets the general tendency toward economy the word over.
 The strength of the metal stocks was associated with the advance of the price of copper on the New York Metal exchange. The advances were from 1-S to 1-4 cent pound. The chief buying was of Amalgamated Copper and Amer ican Smelting, in which considerable short interest existed.
 The high prices at which MT. Harri- man sold many of the Union Pacific holdings of other companies was the cause of much surprise, and tended to re-establish public confidence in quar- ters where it was feared the govern ment suits had crippled him.
 The report of the Union Pacific rail- road and it's auxiliary companies for the fiscal year ended June 30, last turned cut about as expected in its showing of 1L50 per cent. earned or the common stock. The details giver regarding investments in other com. panies again brings out pertinently the fact that securities, which the Unior Pacific was forced into taking, that is the Hill securities, resulted in tremen. dous profits. The report states that the market value of the original in. vestments, which were sold for $117,. S69, ,799, would if still on hand, have been, at the prices on June 20, $62, 342,' 263, a shrinkage of $55,527 ,536, while the market value of the reinvestment' made, at the prices of June 29, wa! $10S, ,543,S76 a 5hrinkage of $23,149 S95 thus showing an increase in value b! reinvestments of $32, 2,S77641."
 Baltimore wired that it was reported there that the Baltimore and Ohio ne earnings for November will show a de crease of close to $400,0O0, as compared with the corresponding month a yea, ago, and will be considerably unde those of October this year. The No vember report is expected to be issuet almost immediately. Thus far th. months results are understood to b' somewhat better. Baltimore and Ohi, stock opened unchanged from Thurs day.
 The announcement of several indus trial failures in various parts of thu country one of them a building firm in New York city, appeared to be with out effect on the market. It was gen orally assumed that such incident would occur now and then as tn, financial situation clears up.
 STOCK MARKET REVIEW.
 V Trading With Considerabl
 'rength Irregularly Displayed.