New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-01-01
CLOSING prlces Of ACTIVE bonds dealt In. wl!h
STOCK MARKET OPERATIONS.
changes, follow:

In the forenoon dealings Yesterday liquidation
which especially heavy in Reading, marked
the course of business and declines were gen
eral throughout the list. the downward move
ment being helped by high rates for call money.
Early afternoon operations, however. indicated
apparently that the liquidation had been com
pleted, the result of which was quick covering
on the part of traders, who evidently we're I'M
willing to go home short Of the market the
holiday, particularly the range of quotations
is now so much under the high prices of the
year with the greater number of weak spots
eliminated. Selling OF accounts that could no
longer stand the strain OF high money has been
en important factor in the stock market of the
last few weeks. and the consequences of these
transactions is a far stronger speculative posi-
ton than recorded month ago and much better
prospects for improvement in the year.
IN the afternoon recovery Reading advanced Al
from its low point; Great Northern. 6iz: North
ern Pacific, ;. and Union Pacific, 2%s Support
in these issues came from good sources, and In
the last half hour moderate activity developed
throughout the list. notwithstanding the fact
that money continued to rule at a stiff figure,
though down from the best of the day. the rec
ord price being 40 per cent, with the ruling rate
25 per cent. In the active list the chief net
gains were made by Amalgamated Copper
American Smelling, American Sugar Refining
AlcnlSpD 81 Haul, NGTtneTn racine, Reading
and Union Pacific. ST Paul rights. which We're.
more active than the stock. closed at 1884, a net
gain of Y. The copper shares were well taken,
the movement being assisted by further adj
vance in the price of the metal.
Loans Of the local Clearing House banks are
about $50,o00000 in excess OF deposits. but It IS
thought that the liquidation which has been
under way in the stock market will be reflected
in substantial reduction in the loan item in
Saturdays bank return, and that in a few weeks
loan contraction and an increase in cash will
narrow materially the margin now existing be-
tween the two leading accounts in the statement
Of the lending institutions. While the outlook
does not favor easy level of money rates
there is good reason TO predict a lessening in
the strain under which the market has labored
for so many weeks, and II may come to pass
that quotations will decline to a level that will
attract an active inquiry for securities espe-
claly as the greater number of issues show
marked declines as co impaired with the high
prices OF 1906. The government deposits Of
S1o.o0o900 recently made with banks throughout
the country mus be returned to the Treasury
on the goth Of this month while after Februarv
$Z6.000,0G0 government funds deposited in No
vember are due at the Treasury vaults but il IS
quite probable that if the Secretary Of tha
Treasury believes that such a movement would
work injury to The financial and business sit,,o
non he VIII modify his order and permit the re-
tention by the banks Of these sums until their
presence in the channels Of trade is no longer
needed. Our hold on the international ex-
change market is strong despite the fact that
gold IS not moving this way, and it is thought
mat the large amount of maturing finance bills
VIII be more than covered by commercial bills
with which the market is well supplied From
now on the Bank Of England reserve undoubt-
eddy Will improve, and as our bankers sbo,'. M
disposition to upset conditions abroad by calling
for gold ii is not probable that there will he o
fuflher increase in the Rank Of England's mini
mum of discount