New-York tribune., 1907-12-13
STOCK MARKET OPERATIONS.

Onening prices In yesterdays stock marhet
showed advances of a point or more IN IianS "a
the active issues, buying being innuehCeu ny
a higher range of quotations for American Sc
curities in London and by the absence oi
1iouidarion which in the first three days OF the
yveek was q prominent factor in the deallhsS'
Farlv improvement. however attracted pront
taking in various parts OF the ilSt' ana diie III
turn encouraged further selling py the RUM
element the result of which was lower VaIueS
throughout though weakness was not pro-
nounced and not significant of adverse develop
rnents affecting the actual worth OF Securitles'
Following the downward movement nfIner
tone gradually was noted. and the failure OF
stock to come out in large volume on the oe-
cline encouraged cessation of activity on the
part OF the bear party and slow recoveries in
many Cf the more prominent stocks, notably
Baltimore & Ohio Canadian Pacific, Union Pa
cific and Great Northern There were three
distinct changes in price movements before the
delivery hour while in the final operations
fourth was reported involving renewed opera
tions for the decline. AS result OF the day 5
irregular speculation last quotations showed
Lnimportant differences from Wednesdays last
fgrres the chief exceptions being supplied by
Canadian Pacific, which gained 21s points and
American Smelters, which lost 2ss. The metal
stocks were pressed for sale in the last hour'
also St Paul, Distillers and Missouri Pacifc
The people who have been loudest in placing
the responsibility of current financial condi-
tions upon President Roosevelt hit upon the
Roosevelt argument" in the initial dealings as
reason for better prices, basing their ideas on
the Presidents attitude regarding third term
but the test of their theory on stocks was
humorous failure. Intelligent men know that
President Roosevelt's policies did not bring
the recent financial upheaval, and fortunately
the silly cackling Of soreheads in the financial
community is not representative Of real Wall
Street opinion Call money was easier, but
the premium on currency was firm at / per
TIa F11oGE Cn-1-tn fn al
practically prof1ibitfve levels with little indi-
CatiCn in the course OF the market Of any
change from current stiff conditions until after
tie end Of the year
Money market conditions in London show
distinct improvement, and in maintaining its
minimum rate Of discount at & per cent the
Bank of England reflects lis unwillingness TO
encourage further large Withdrawals of gold
for American account and a disposition to in
crease its own holdings for over the year
ouiremenfs In view of the large shipments
of the yellow metal from London to the United
States the present position Of the British bank
is noteworthy. and furnishes a strong argument
for the advocates OF currency reform here who
believe that monetary legislation should he.
based in part the system in vogue abroad.
The Bank of England has supplied this
try with enormous amount OF gold, and yet
able to show a percentage of reserve to
u. OF ) per cent above the average for
this t4me in the last seven years, yesterdays
IN the preceding week and 1902 in the CORE
spending week a year ago with bullion holdings
Of t34, 164,GU, compared with f32 1871 600 1T
this time in 1906, and a reserve of f23674 600
against f22. 74S. 600 last year Though rates for
call money at this centre ruling at a high
level, while premium is still exacted on cur
rency. the general position OF the local market
is stronger than recently reported and there is
no reason TO suppose the Improvement that set
in 2 few weeks ago viii not continue, with 4
e~a dual of Ici. in
and the accumulation of actual plethora
OF cash. In the rest OF the month how
ever preparations viii have to be made for
heavy over the year requirements. and as
consequence there is little ppoba bilitv of easy
quotations in the loan market, while II is not
unlikely the premium on currency will be noted
for severe weeks to come as the demand for
funds from interior points shows indication
Of coming TO an end before the first OF the new
year Hence it follows that stock market ac-
comn1odation will be dear IN the remainder of
1907 which, Of course, will work against an
enlargement Of speculative commitments for the
F211lI