New-York tribune., 1907-10-18
unlisted
Closing prices of active bonds dealt in. witt
net changes. follow:
STOCK MARKET OPERATIONS.

The stock market situation looked far from
promising at the opening yesterday, what with
the unfaVorable developments of the preceding
day. the announcement from Otto Heinze & CO.
that they had decided 10 suspend, and the lower
range Of prices from London. where the troubles
in this CITY had had a depressing effect on the
general market For the first hour prices de-
clined. on short selling based upon these con-
sderations and the expectation of further bad
news; and on liquidation 10 some extent. But
when 1t was announced that all Clearing House
sheets had gone through a recovery set IN
started by buying from good sources and as
sisted by covering by the shorts and thereafter
during the session the market continued TO i'm
prove. with a slight setback on the announce
nent on the reduction in the Amalgamated divi-
dend, closing firm, with moderate net gains for
most Of the active issues.
Al the outset Amalga mated ConDar era
American Smelling and Refining ,yera orca
more the especial objects Of bear attach, botb
yielding to new low record levels for the wear
win reading, Consolidated Gas, Union Pacific
and other active stocks showing corresDordine
weakness. The reduction in the quoted price OF
copper metal in this city and London 1,,a- -
factor IN causing the depression in the stool, Of
the metal companies, and the news I'm the course
OF the morning Of the failure Of q bank in Butte
mont IN which f. Augustus Heinze was 2
DIRECTOR had also a bad effect The difficulties
OF the Hamburg banking house were NOT ro
HecIed IN the stock market here as II seemed
probable that those difficulties were related "a
'i-S INDUSTRIAL situation in Germany rather tlar
10 the United Copper complications here.
Time money was in smaller supply and er,,,or
lhah Tor several days previously The call roora,
Iate advanced in the afternoon to per cent tho
hIghest figure recently. ana most of the loans
oI the cay We're arranged at per cent The
uShtenlng tendency Of the money market how,
ever dld not operate to check the improveroap+
III STOCKS, which was helped by the prosnect oP n
favorable bank statement tomorrow. The banl,s
nave, since Friday. gained $1S4800O ON thair
sud- ITeasury operations and the indicated gain
III caSh. with the probably considerable loan re-
uucLoh resulting from the liquidation of the
week VIII, 1t is expected. have the effect of in
creaslhg by substantial amount the surplus re-
serve which for several weeks has stood AZ
Hsures wei below those for the CORRESPONDING
oates IN the two preceding years.
The general prediction concerning the ANAL
Bainated Copper dividend has been that the rate
would be reduced from an to a 5 per cent
yearly basis and the news that the dividend had
been cut in half therefore or to 4 per cent
caused a sudden break in the price, which had
discounted reduction to 3 per cent The de-
cine, however, which was felt throughout tho
Ilst did not go far, and was followed bv another
raiIy, which brought stocks at the close to ahout
thelr best levels Of the day, the feeling beinq
widespread that the bad news was ont" and
lhat the market was, under the circumstances
entitled to recovery, although not a very large
one. e 90