New-York tribune., 1907-12-01
Closing prices of active bonds dealt in with
STOCK MARKET OPERATIONS.

Transactions in the two hours of trading IN
Yesterdays stock market were moderately active
i'm volume on a movement Of values that showed
further substantial Improvement IN most OF the
prominent issues Again traders showed anxiety
to get out of their short contracts. business as
r1lIe representing this sort OF dealings thoush
commission houses reported signs Of purchases
for public account in few shares. notably IN
Tho leading snaCulative favoriteS. such as Union
Pacific Reading. United States Steel and -.
Paul. Advances of point and more were COM
mon. and in the majority OF issues maximum"
gains were shown in great part in final prices
which were not materially affected by profit
taking sales in the last half hour of business
Offerings were we'll taken The advance OF the
last two days has gone far toward eliminating
the floating short interest, and while 1urthei
in,nrovement doubtless will be recorded at the
onenine tomorrow 1t is not likely the advance
will he carried much further without a setback
unless a heavy public demand should develop
The best market judges do not look for activity
on the part of the public. for the good reason
that the money market is not yet in a position
20 support a speculation that must be carried
on borrowed money With the elimination OF
th. short interest a powerful element OF support
will be removed, and in the event or any dlS-
trrbing element prices will be vulnerable to sell
ing pressure and small bull accounts esta tablished
at this time the theory that the market WIFE
enjoy an uninterrupted advance VIII be IN dan
ger Of collapse There are many good reasons
for encoura cement regarding the future OF
money and business and many strong arguments
for the outright purchase of securities al cur
rent quotations but spectators who trust 10
small margins either side of the market at
this iuncture are not be envied Wall Street,
however. is now in an optimistic frame of mind.
and II is beginning TO realize that the country
has not gone into receivers hands.
The Clearing House statement, published after
the close of business, showed for the first time
since the statement issued prior to the closing
of the KnickerboCker Trust Company improve
ment in cash and reserve holdings. Though the
gain was relatively small. 1t marked the begin
ming of a return TO normal conditions in the
money world. presenting increase in cash of
1880, 800 and a decrease in the deficit in the
reserve below the 25 per cent limit Of s1.114175.
Loans increased s10,0s0100 the expansion doubt
less representing subscriptions to new govern
ment issues. The deficit in the reserve now
STANDS at s52.989.425, compared with a surplus
at this time last year Of s1,449,125 and S2,565,375
in the year before. Currency has not yet begun
TO come back from the interior in any large
amount, and II is not likely that receipts on this
account will be heavy for several weeks, but the
demand for money for out Of town is growing
lighter and soon ought to disappear entirely.
Conditions are on the mend, but they not
vet back TO the normal. reflection Of the latter
being presented in the falling off in the volume
of bank cearings. which last week amounted to
s4I120s,13O from the preceding week and s1,o13,-
1854 from the corresponding time in 1906, the
figures covering all cities in the country. Gross
earnings of the railroads show a lighter volume
of traffic in many sections compared with
corresponding periods last year, though the de-
clines are not large enough to cause apprehen-
sion. Net earnings have been adversely affected
as a result of the increased cost Of operating
the companies. but IL business in general is to
go through time of reaction expenses will de-
crease with earnings The largest loss reported
in net in recent months was supplied yesterday
by the Atchison. which showed reduction for
the month of October of s1.290191. against
gain in gross of S85,979