New-York tribune., 1907-12-28
'E1 dividend. Unlisted.
STOCK MARKET OPERATIONS.

Notwithstanding high rates for money stock
market values moved in the direction of better
quotations throughout the five hours of trading,
final figures showing net gains in the active list
Of l per cent more. especial Improvement
being recorded by the Hill and Hartman issues,
Amslgamated Copper and Reading. Though
there was important expansion in dealings
the general character of trading was good
enough to encourage caution on tho part Of the
shorts and to suggest the presence in the market
Of interests identified with the leading Wall
Street banking houses. The early buying came
from sources that convinced board room opera
tors of the wisdom of covering short contracts,
and the advance in Union Pacific, Northern Pa
cific and Great Northern reflected something of
a scramble on the part of the bears to get out of
their commitments. And the same sort of opera
tons reported in Amalgamated Copper and
American Smelling. Professional spectators
sold American Locomotive. but by their opera
tions failed induce liquidation in the issue by
genuine holders. There are SO many bears on
the Industrial securities that some spectators
who have spent years in the Street are buying
this class OF stock all declines. particularly
United States Steel. American Sugar Refining
and the railway equipment shares The general
market strong at the close.
So far in the current week the local banks
have gained their operations with the Sub
Treasury more than $4,000 600, and in the same
time the federal government has made disburse-
at the rate of s1.o0000o in excess of re-
ceipts Government payments will continue
heavy for several months to come, and as the
working balance in the Treasury vaults has been
reduced to less than s4.00 900 it is not unlikely
Secretary Cortelyou soon will withdraw from
depositary banks some of the money recently
placed with national institutions to meet the
emergency requirements of the countrys bust
ness. Ii Is understood the Secretary Will recall
money from quarters where il can best be
spared and that large demands will be made
upon the New York banks, which practically
financed the entire country in the recent panic.
Though the New York banks receiving no
credit from interior institutions for their rescue
work in the gloomy days of October and Novem-
Der, they have the satisfaction of knowing that
their operations, in connection with those of the
federal government Served to prevent the de-
velopment of widespread financial disturbance.
The interior banks will not admit the New York
Clearing House concerns saved the situation. but
the fact remains nevertheless that the resources
Of the local banks supplied credit facilities that
were insurance against general bankruptcy
According to the known movement of money in
the week the banks have gained on all accounts
50 035 20O and il is not unlikely to- days bank
statement will make a favorable return unless
there has been a large expansion in loans. The
loss by the banks the interior in the last six
days. amounting to S2,s54,500. was the smallest
for any week since that of October IL. The gold
received the Custom House for the week
ended yesterday S4,109531, making total re-
ceipts on the current movement upward of $780,
600 600. The demand for currency light and
the few sales reported basis of three
quarters of per cent for the buyer The seller Of
currency was not able to secure more than one
quarter of 1 per cent. Call money rates were
strong and sterling exchange was easy