New-York tribune., 1907-12-05

c,oz.ng rr.oe. q scttve bonds deal. il. With
Stock MARKET OPERATIONS.

Ezr,v losses IN yesterdays stock F1a-He-
v-e-e Offset il the afternoon by rscoveri7s
.-o-,e+,--7- the greater pa-t Of the list, n TIE
co---za Of which many issues sold points
~ more above the low figures Of the morn
irs O2zri1g prices we're adversely at-ec[7d
tv further weakness II London while n Jfs
subsequent forenoon operations va-lss le-'
-1a effect = heavy selling for foreign ac-
count and pressure from the room element
and from the socalled uptown bear party. but
he declines we're not extensive ana tAs
movement carce % : natural e11 oe-sEe --7
delivery hour Great Northern and Northern
Pacific were bid W 6y active Interests, ana
tre 7dvance IN these shares exe-ted taVo--
able effect Throughout the iis- T leading Sc
c,1-its=s in which buying for the short &C
count supplied the chief support A easier
tendency bo-h in call money and n t1e pre-
MUM on currency was not without influence
glrar sentiment. but there was. however. no
evidence OF buying f0- the account = .e21-
ing banking interests who apparently we're
ro- DISPOSED 70 encourage operations for
higher quotations The market g. whole
vas professional in character and the move
rcer-s we-e net significant q he develop
r1err q permanent tendency II either di-
rect:oa- The declaration = the regular c-Tt-
Csr6 On the common stock q the American
Smiling and Refining Company vas fo.-
lowed by profit taking sales in he issue rs
Price however. sharing TO some extent II The
e[te--oon recovery II tbs g@n5-zl HS- II
the last half hour further active covering
especially IN the Hill shares, carried prices
% tie best figures Of the Gay practically al
the gain being shown II closing quotations.
which fer Northern Pacific and Great North
en- were - and points respectively above
TIE last reported n Tuesdays market Cana
dian Pacific Peoples Gas, American Ice. re
copper shares and American S1a=lters were
among The few Issues that ended At net
losses. The COPPER trade Is in q bad position
and 50 IS the railway equipment business.
The position Of tae banks Throughout The
country doubtless IS far stronger than gen
orally supposed. especially the banks T the
Vest and South. and il Is believed al t-is
centre out q town institutions have been
building NJ theiT reserves u al extent t-Gt
viii make z most favorable showing \ The
statement OF conditions Just called Tor from
national banks ~ the Controller q t1e Cur
re1cy. Large amounts q money ha-= been
shipped from New York 10 o-he- points. and
though the bank statement q the last week
showed 2 deficit in tae reserve item e the
local Clearing House members f more than
S5e-tHe.o13 I i known conditions ara On The
mend and No UnsaS1Eess : therefore felt over
ne exhibit that WII De made from New Ylrh
u the federal controller There is 10 good
reason Why statements q the individual po-
siJion CT TIE banks shorIi not now b. made.
pa-iCly conditions 10 longer =NiS- and
public hysteria wiI not be rekndIed i some
OF the banks present smaller reserves ..-s-
ordinarily reported al this period Of The year.
Money Is going back 10 tle channels q trade.
in circulation. according 70 government f.z-
u-es received yesterday EaS increased S-s-.-
S72.S77. made up n great part q a gain IN
gold and national banE notes While The
serve 70 relieve the monetary scrilgency and
supply business with needed ulzLEG.u q
exchange The actual increase IN sold coin
Il the country II November was S55IlS -ss.
and 70 This sum VIII be added the gold now
being received from abroad. which By the
.--= - Na ~7-r- vy-F1E
ply q gold in the country as compared win
tv-o months ago 10 The extent q more than
SiooCo0.ooo. The demand for currency from
the interior doubtless soon Viii show q ma
terlel decline. ne banks longer VIII
De required 10 90 window dressing incident
% the Controllers call. and it Is not unlikely
e return movement Of funds 70 this centre
VIII be ( development % The near future
There viii Be & heavy inquiry for money
here before the first q tre new year II con-
oectfon with the January .nGsrest anj divi-
den1 disbursement. and i the reCulrsun-1Cs
q The stock market are kept al q minimum
there ought 10 De 10 trouble II the turn Cf
1he year money market Efforts 10 create =
pubic speculative following in the stock
market 50 far have not been successful The
public is il no mood 70 indulge ii transac-
Gons o. this character. while the general
money situation as yet does not warrant
sustained aggressive operations for higher
prices ThS support thar the market general liz
depends upon. namely that supplied sy caui-
-altsts and big banking houses Is lacking a.
present fo- the good reason that these inter
ss-s net n q financial position strong
enough 20 encourage activity on their part
Their losses through the big decline in ysJu4S
have been heavy Many o. thera are stfu tied
up with 1sTF securities for which there Is ID
wide market ard they can do IitIle bey-ond
protecting their existing accounts without an
immediate prospect q Increasing thsi- lines
or Icnding money 70 s-hers who vvsuI6 95Ez
70 czsaSe II iarEs speculative transactions
TEe Situation S-- w0TA CIT Il satisfactory