New-York tribune., 1907-12-07
STOCK MARKET OPERATIONS.

Until the last half hour of business stock mar
ket. values in the greater number Of instances
moved toward a higher level under the influence
of the same sort of buying that had marked the
course of trading the preceding days of the
week. The volume of business however. showed
a material reduction from that reported III
Thursdays market, except in the bond depart
ment, and the buying power practically be-
came exhausted before the close of dealings.
with the result Of receding prices in the late
operations, in which declines of point or
more from the high points of the day were re-
corded. Final figures, however, showed some OF
the early Improvement, especially in the copper
shares American Car and Foundry, American
Ice, Brooklyn Rapid Transit, St Paul, Inter
borough metropolitan preferred, Northern Pa
cific Southern Pacific and United States steel
common while in Atchison, Northwest. Erie
first preferred, Missouri Pacific, Pennsylvania
Union Pacific and United States Steel preferred
small net losses reported. In bonds the
transactions were only slightly under the total
of Wednesdays market, amounting in par value
TO upward of SJ,U0o,000, and they were accom-
panied by strength throughout the list, the
Brooklyn Rapid Transit IS and the INTERIOR
ougf- Metropolitan 4l2s leading. The bank
troubles at Kansas City and at Pittshurg were
not effective in discouraging speculative senu-
ment at this centre, traders finding in the IN
provement in financial affairs In New YORK ade-
uuate reason for cheerfulness over the general
financial situation, which was advanced IN the
early transactions as sufficient argument for
higher prices In view of the steady gain in
stock market values in the last few days the
selling for profits and the establishment OF ne"
short lines at the top points yesterday were not
surprising nor unexpected Traders who sold
to even up on the day found that the support
was bv no means as good It had been earlier
In the late trading heavy selling orders were
placed by houses having Western connections
and it was thought the banking troubles out
side New York might result IN further Hqulud-
tion of this character.
According the known movement OF Hi'H'S
in the week the local banks have gained in cash
holdings a trifle more than S5,Uo0,Vr. represent
ing excess receipts OF gold above shipments OF
currency to the interior. The demand for cur
rencv in the time covered by the figures was
especially heavy, owing to the efforts of the OUT
of-town institutions TO make a good showing IL
their statements to the Controller OF the Cur
rency and il is therefore likely that IN next
weeks bank statement cash reserves of the
Clearing House banks will make a better ex-
hibit than in to-day's return, which may De
adversely affected by shipments of money to
the interior on the direct movement TO an extent
large enough to offset the net gain IN funds as
shown by the preliminary estimates, which do
not include over the counter movements. The
loan item will be awaited with more than or
binary interest on account OF the increase IN
speculative operations in the week and the pro-
vision the banks had 10 make for transactions
i'm connection with the Great Northern stock
paynent and for the requirements OF the un-
certain financial situation. 1t may De Said'
however without fear oI contradiction thal tHe
I general position of monetary aHalrs IN inns
country is well the mend indications polhI
toward a large accumulation OF funds at this
centre in the course of the next lew months
which will ena be the federal government to with
draw some of its money on deposit with the
| hsrks That the government VIII recall govern
ment deposits to u substantial amount just as
soon as conditions warrant such action is re-
fected in the low position of the treasury >
working balance and in the growing excess oL
government payments over receipts Whlch SO
/ far in the current month amount to upward
! OF S3.o00,000.
Perhaps the best features of the current finan-
oisl' situation are the indications OF improve
nent i'm time money and commercial paper
Renewals in the call department of the market
Yesterday were made at per cent, loans on
this basis carrying over to Monday. the course
of money rates this week certainly reflects a
vast change for the better in the conditions
governing the money market and it is TO be
hoped that the readjustment will be further en-
couraged by absence of reckless speculation
.n securities Tie character of trading yes
terday indicated a more conservative attitude
on the part of the element that had been work
ing for higher prices in the preceding days Of
I the week but there many operators. how
ever who were willing to predict active pro-
: fessional bull movement before the end OF the
year and the usual selling movement at adj
vancing prices the public in January. The
professional element at this period of the year
counts upon an active demand in January, fol-
lowing the large interest and dividend disburse-
ments and ordinarily in the past stocks bought
in December have been sold at good profits
2 January rise. Last year, however there was
no active public buying, but at that time prices
were far too high to attract the ordinary
operator.