New-York tribune., 1907-09-28
STOCK MARKET OPERATIONS.

Stock market values were weak throughout
the greater part of the five hours of trading on
q selling movement that included operations for
the short account and liquidation by holders
who either were unwilling or unable to maintain
a position on the long side of speculation. There
also appeared to be some selling in quarters
where a known urgent need for cash existed
Lower prices for copper in the London market
were effective in bringing about active selling
in the metal shares abroad and a sympathetic
movement followed here Amalgamated made
new low record for the year. while on the curb
corresponding weakness was reported in all the
copper issues. The decline in the Coppers nat
urally affected the entire list of securities. but
the downward movement was not accompanied
by pessimistic talk in copper trade circles, nor
there any indication Of uneasiness in quar-
ters where close watch is kept the course
of the cOuntry's general industries AS matter
of fact, interests identified with the copper
trade We're willing go record that the
copper situation improving every day.
Consumers supplies Of the metal are grad
ually becoming exhausted, and at no remote
period the users Of copper must come into the
market or else go out of business. The lines OF
work in which copper is employed in large
amounts give indication of a serious contrac-
ton. and now that prices are at a normal basis
there is every reason to suppose an active buy
ing movement Of copper soon will develop.
Amalgamated Copper securities are selling at an
attractive buying level, and. according To con-
servative market observers, they are safe pur-
chases for a long pull. United States Steel
stocks We're actively attacked by bear traders,
but there development in the iron and
steel business that warranted the selling move
ment United States Steel preferred sold lower
than at any time this year, and was bought by
people who recognize the great Intrinsic value
Of the issue. Gossip regarding the probable
character Of President ROoseVelt's forthcoming
speeches. the passing OF the American Ice Secu-
rifles dividend a report that the New York
Central would put out a big note issue and a
firlner tendency in the money market were
among the influences that were advanced by
professional operators for lower prices. There
, was no extended support from the larger bank
ing interests, the chief buying coming from
traders who covered their short contracts.
According to the known movement of money
IN the week the local banks have lost S5,4O000O
in cash holdings owing TO heavy shipments OF
currency to the interior and excess receipts by
the Sub Treasury on their operations with the
Clearing House institutions. The bank state
ment to-day, therefore, doubtless Will show a
falling off in the reserve above legal require
ment unless there is large contraction in loans
which would decrease deposits and the amount
of cash necessary to be held against deposit
obligations Call money rates are low consid-
ering the position of the bank reserves, but
there is little demand for this form of accom-
rnodation the best reflection of the monetary
situation being presented in the movement of
time quotations and commercial paper, which
are high with no prospect of a declining ten
dency throughout the balance of the year. The
demand for funds in commercial lines IS active
/ The inquiry in connection with the financing OF
the barvests is growing more urgent, and there
are no indications that the outward movement
of currency in the current fall will be less than
that reported last year, while there no signs
that this country will be able to import gold as
il often has done in past crop moving periods.
Foreign exchange conditions are not running in
favor Of the United States at present, but, for
tunately the countrys Treasury is strong in
cash resources and has at its head a man who
hot
Government deposits viii be made with the
banks throughout the autumn and as a conse
ouence there will be disturbance in financial
quarters though of rates for funds will
rule at stiff figures. Reports received by the
commercial agencies yesterday from all parts of
the United States showed few weak spots in
the trade situation and no indication of business
depression in the near future.