New-York tribune., 1907-07-07

STOCK MARKET OPERATIONS
changes, follow:

Trading in yesterdays securities market was
heavy IN volume on a movement OF values that
tended in the direction of higher prices through
out the two hours of business. Advances Of from
TO 3 per cent were recorded I'm the active list.
and at the close the greater number of issues
were at the best figures of the day. notwith
standing the publication in the last half hour
of unfavorable Clearing House statement.
Commission houses were Identified to a greater
extent with the upward course Of values than
was noted at any preceding time in the week.
but the general character Of operations did not
differ materially from that OF the last fortnight,
the greater part of the business representing
covering by the shorts and manipulation by
powerful interests which anxious TO carry
prices to a higher level TO make under
writing syndicate holdings more attractive. Ac-
tivity OF this sort is centred In Union Pacific,
but the stock appears TO bun hard and II viii
require some quick and aggressive work on the
part of the people behind the speculation in the
issue II they expect TO carry its quotation into
the hfties. This stock closed at 143. The con-
vertible bond plan calls for price Of 154. In
the copper stocks decided strength was reported,
and next to Union Pacific Amalgamated was
the most actively dealt in issue, while in point
Of advance IL led the market, gaining for the
day more than points. The copper shares also
were strong in the London market, and there
appeared to be considerable unrest among the
shorts both In tho copper issues and in the
metal There is a large short interest IN the
London copper metal market. Efforts have been
made to break the price on adverse reports con-
cerning the copper industry. but great sue
cess has attended the campaign, and the chances
are the spectators for the decline will find
themselves in trouble before long as there ap-
pears to be no likelihood Of material conces-
sion in copper prices. Indeed the statistical po-
sition OF the trade does not warrant any decline
ct all in the quotation for the metal.
Stock market operators are trying 70 bring
about big bull market in securities iTrespec-
five Of money market considerations. The state
rnent OF the associated banks shows decline
,n the reserve above legal requirements OF from
81 GA O25 to $3.50 250, which is in strong con-
trast to reserves at this time a year ago or ST.
1e5o75 and of S7.957S25 in 1903 In pace OF an
expected Increase in cash there was decrease
Of more than S5.O00.o00, but loans showed a SUD
stantfaI contraction while deposits were re-
duced S13,A91. 800. The loss In cash apparently
was due TO operations not included IN the known
movement of money which was based upon the
onarat,ons between the banks and the interior
and the Sub-Treasury. The unknown move
WON'T ne money is the factor that makes BANK
statements interesting, and in the present case
,,o rio lose in cash represents trust company
t-aneactions and payments by the banks OF
dividends for corporations. In eeverai oahAS !.
u-ss said that while dividends had been paid
Gov tha corporations the latter had been $40" III
re,o,ttine the amount to the paying institutions
xs ,bat money dsbursed in interest and dlVl-
snoas rad not been redeposited TO large
annro+ extent to figure in the stateinehI Oh
auera