New-York tribune., 1907-09-24
STOCK MARKET OPERATIONS.

further reduction in the price Of copper and
weakness IN the New York City new bonds We're
effective factors in encouraging bear operations
in yesterdays stock market Prices declined in
the initial dealings. while throughout the fore
noon the tendency in the direction OF lower
quotations. with the heaviest losses in the cop
per shares. American Smelling, the Hartman
issues. Reading. Pennsylvania, Northern Pa
cifc and the United States Steel securities Eff
forts to rally quotations in the afternoon opera
tions not productive Of important results,
and at the close prices were not much above the
lowest Of the day. net declines of j per cent
and more being common. Weakness in the city
bonds was due 10 realizing sales. but the fact
that these issues declined after an upinter-
rupted advance Of week or more naturally
induced activity the bear side of the market
and encouraged q selling movement in commits
sion house circles. where considerable amounts
Of stock recently were accumulated at figures
well under prevailing quotations. Amagamated
Copper and the metal stocks in general moved
under the influence of transactions for the snort
account. but the decline good buying was
reported except in the case OF American SInelt-
ing. in which the final rally reflected nothing
but covering by the bears. Wall street opeT-
ators who study the intrinsic worth OF securities
believe American Smelling is dear at its cur
rent price in comparison with An7algamated
Copper. and they are more inclined to buy the
latter as long time proposition The present
price of the copper shares has more than dis
counted the decliUe in the price OF the metal
Amalganated and Anaconda, Copper prices
may go lower but already indications point tow
ard an active buying movement IN the near
future and large earnings for the various pro-
duciEgy companies price level of even IA TO
II cents mound. There is no reason for un-
easiness over the position OF the copper trade
Prices recently ruled at an inflated level ana
their current downward movement merely rep
resents the correction Of abnormal conditions
II is not unlikely prices for many commodities
love
the better for the general situation on the
decline in the price of the new city bonds yes
terday good buying was reported. lnciudlhg
purchases for the account OF foreign interests
Local bankers believe that at no remote period
a large amount OF European money VIII f1nd It's
way into American securities
On their operations with the Sub-Treasury
the local banks have lost since last FRIDAY
s5O9 600 and or direct movements to the interior
the loss has been heavy. Demands for funds
for out of town account are increasing, a re-
Election of which Is presented in the reduction
Of the balances with the New York banks
of Western and Southern institutions, and the
prospects favor an active drain upon the cash
reserves at this centre throughout the autumn
season in competition with the financing of the
years harvests and the fall requirements or
merchants There is indication in the cur
rent position of the foreign exchange market
of gold shipments from Europe to this country
in the course of the next few months; indeed.
at the moment sterling exchange rates suggest
the possibility Of exports of the metal from
here. though il is probable the outward move
rnent of food products from the United States
soon viii be large enough to supply the market
with an amount of bills that will more than
meet the inquiry for remittance. Sterling rates
yesterday showed advance Of 80 points.
compared with the closing figures Friday, and
the fact that a strong demand developed in
London for gold for the account of France and
Germany suggested to Wall Street operators the
possibility of Withdrawals of the metal at this
point for London OF the 100000 gold avail
able in the open London market the greater
part was taken by Paris and Berlin the Bank
of England securing only $250,O00 At all CEN
tres the demand for money is urgent, and, c.
cording TO the views of the best informed bank
ers rates for funds will rule at relatively firm
level for many weeks to come. but money con-
dtions Of this sort do not reflect weak spots in
the general financial situation. There is little
buying power in the securities markets. The
public, however. is not poverty stricken and ap
parently II is not worrying over Wall Street
conditions