New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-03
STOCK MARKET OPERATIONS.

| A decline marked by the absence OF heavy SELL
| Ing took place IN the first hour Of trading in
| yesterdays stock market. but before the close
| losses in the greater number OF active issues
were recovered, final prices in a number of
shares being above the last quotations Of the pre-
/ ceding day. From the low points advances of l
per cent and more were common the chief
| strength being reported In Amalgamated Amer
| lean Smelling, Atchison. Great Northern Penn
sylvana, Reading and Union Pacific in which,
as well as in other parts of the list quotations in
| the last half hour were helped by the publica-
ton OF bank statement which presented a bet
ter showing than had been expected. The ex-
hiblt however was favorable only on the basis
Of Fridays estimates which indicated a mate
rial falling of In cash holdings. while actual fig
ures showed loss Of only SOL, 600. An increase
In loans OF Eli. $50. 100 was responsible for a
large expansion in deposits, which in turn
brought about a gain in the cash required
against deposits TO an extent that caused fall
Ing off In the reserve above legal requirements OF
81, 92S,TO0 to $12,634, 100, which compares with
S11,127,625 at this time year ago and Sl9S4l-
925 IN the corresponding period in 1905. The
position OF the reserve is not strong but in fnan-
cial circles It is believed that in the course of a
few weeks It will improve through gold i'm
ports which may be made in volume. assuming
that the Bank Of England does not raise It's rate
Of discount TO a prohibitive level. The posi-
ton Of the money market in London is stronger
than Il was last fall when tho English bank
rate was advanced to per cent. and. while there
is little chance Of a reduction from the current
quotation Of per cent, Lombard Street does
not anticipate 6 or per cent rate as the result
Of the American Inquiry for gold. In addition
TO the balance on trade account to the credit Of
this country abroad this market has just created
a temporary credit in Europe through the sale
n - ard P $4,000 O0n
eign investors. It is not customary for this
country to import gold at this season Of the
year. but conditions now in favor of the ship
ment OF the metal. and local bankers expect 10
bring IN round amounts.
Bear traders endeavored 10 make some capital
In yesterdays stock dealings from the Hobson
war talk. but there was no general response to
the selling movement, despite the fact that the
room traders had the assistance of the veteran
operator whose firm several years ago went
under as the result Of too much Southern Pa
cifc. There is now so much company on the
bear side Of the market that many wise opera
tors shifting their position though they
may believe that liquidation has not yet run It's
course. their change being based on the well
founded theory that a reaction in favor of higher
prices is overdue and that such a movement
may develop at any time with force enough to
cause material damage to the enthusiastic shorts
who believe that their accounts are In no danger.
Stocks have declined TO an extent that war
rants the expectation Of upward movement
In the near future. and the fact that prices are
now at an attractive level for the purchase Of
good investment securities suggests the proba-
bility Of the appearance in the market before
long OF people who will take stocks TO hold in
definitely. There was buying of this sort in linz
tied amounts last week, purchases by small IN
vestors being a feature Of commission house
business.
An encouraging factor Of tho present situation
is the absence OF serious trouble In Wall Street
houses as a result Of the decline in values
There have been heavy losses, of course. among
not been involved The New York banks are
well protected, and the big Wall Street bank
ing houses are strong from top to bottom. Some
Of the best houses in the Street have been per-
sistent buyers Of the copper shares throughout
the period Of liquidation. and 1t is quite prob
able that these issues will enjoy marked appre-
citation when an upward movement sets In. The
position of the copper market is exceedingly
strong. The demand for the metal shows no
falling off, and people who are short of copper
have an unpromising prospect for profits. Anal
gamated and Anaconda are in excellent demand
from active financial interests while the lead
ing copper stocks on the curb being ac-
cunulated by good buyers