The Birmingham age-herald., 1907-12-08
STOCK MARKET
 SLIGHTLY LOWER Failure of PittSburg Bank Has
 Bearish Effect PRICES CLOSE VERY FIRM Technical Position of the Market Is Left Stronger by the Days Trading.
 Bank Statement Shows
 Improvement.
BY THOMAS c. sHoTwELL.

New York, December 7.-(Special.)- Failure of the Pittsburg banking house of Whitney Stephenson & Co.,, combined with profit taking and renewed attacks by professional short traders, brought about a reaction in the. stock market to- day that showed net losses on the days operations of about a point in some of the active issues.
 The list was very firm, however, on tine decline, and many investment orders that had been put in the hands of brokers the last few days were filled. The tech nical position of the market was left much stronger and the bull party felt very cheerful oyer the situation when the day closed
 Banks reported an increase of cash amounting to $S,199, 400. The surplus re- serve was increased $6,779075. Loans were decreased $11, ,6S2, 300 The percentage of reserves held by the banks is now 207o per cent, against 20.1f per cent a week ago. The deficit has been reduced to $46,21O,35O. The statement shows that there has been liquidation by the banks on the advance of the market.
 The Pittsburg failure caused some eX-
  ment because it was understood that other houses were involved. This rumor proved to be untrue however. The trouble is confined entirely to Pittsburg. As the Plttsburg house was one through which Henry Clay Prick frequently oper- ated, it's failure now explains the many rumors that have been busy with MT. Bricks name in the last few months Ths efforts of George l. Whitney to ex- tricate himself from his awkward posi- tion, was misunderstood as being those of MT. Prick. It is not unreasonable to expect more trouble in Pittsburg. There are several weak spots like this in various parts of the country that will cause sharp reactions from time to time as the stock market improves, but they are not of sufficient importance to turn the tide downward again permanently. They are enough, however, to prevent anything in the shape of a boom such as some over enthusiastic bull trying to force. Con servative bankers stick to their advice to investors to "buy on the breaks and take reasonable profits, and to avoid margin trading" Their great concern is to prevent the building up of weak bull account.
 The London market was irregular to- day.
 Wheat and cotton were strong.
 Announcement from Goldfield that an attempt had been made to dynamite the electric power plant, which furnishes power for all the mines, deadened the market for mining stocks. By tomorrow the soldiers will be in full charge in Goldfield and a definite move will have been made toward settling the troubles.
 The total number of shares of stock sold on the New York stock exchange to- day amounted to 452,14s, against 2so,s24 this day a year ago. Total par value or bonds sold today were S,750000, against $950,O00 the same day last year.
 Directors of the Amalgamated Copper company in a meeting today decided to keep producing copper as nearly as possi- ble at the present basis of consumption which is very small. They authorized the operating officials to close entirely any mine which in their judgment could not be operated at a profit. According to Wall street news bureaus, which ire auently speak for the Amalsamated, this action practically means that Anaconda, The Parrot, The Boston and Maine and the Washoe mines will be closed entirely as well as the Washoe smelter.'
 Standard Oil stock continued it's re- markable advance. going up 1912 points in transaction on 40 shares. The last sale was at 4S9, which is 100 points above the low level established a month ago.
 This is an increase in the last week of $S000 900 in the capitalization of the trust and an increase of $100,000,O00 from the low price, It Is now selling higher than it was when the fine was imposed.
 News of the failure of Whitney, Stephenson & Go. was received privately in Wall street more than an hour before the public announcement was made. This was taken advantage of by professionals to put out a line of short stocks so that the failure was probably pretty thor oughly discounted before the session closed.
 I. S. Bache. Newman Erb and W. J. Wollman resigned today as directors Of the Standard Cordage company. The United States Reduction and Refining company has passed it's dividend on the preferred stock for this quarter.
 Ludwig Nissen a diamond merchant was elected a director of the Equitable Life Assurance society today to succeed