New-York tribune., 1907-12-17
STOCK MARKET OPERATIONS.


general advances on further covering by the
shorts and on the expectation OF better outside
huvjns demand as a result Of the favorable
showing made in Saturdays bank statement
The Improvement, however, was offset before
the end of the first hour by renewed professional
selling in the course OF which losses of from
to points were recorded among the prominent
issues the movement apparently being based on
the absence OF buying orders and on evidence OF
liquidation on the early advance of long stock
throughout the industrial list and in many rail
road securities Houses with out of town con-
nections reported wires down in various parts
of the country, due TO Saturdays storm. and TINS
naturally served TO check trading and To encour-
age bear demonstrations against stocks which
otherwise might have been in demand from out
side centres while the continued firmness in
money also contributed 10 the dulness in Specu-
lation and the sagging tendency of values In
the industrial department Distilers. the copper
shares United States Steel and American Sugar
Refining were put out in fair volume, but the
selling differed little in character from that
which marked the movements of these issues
last week, when bear pressure and nquldatlon
as a result of tight money carried their prices
TO a lower level. Traders advance the wave of
prohibition that is sweeping over the Southern
states as adequate reason for the sale of Dis
ters' shares but in some quarters II L. thought
the difficulty that is being experienced to secure
funds for excise payments Is causing the Whls-
key men more concern than the progress Of the
Temperance cause.
Wall Street is bearish the copper shares.
hui even with the probability OF the passing of
the dividends on Analgamated and Anaconda 1t
would appear If the prices of the stocks hao
about discounted the unfaVorabie copper trade
situation. There is at the moment little new
buying Of the metal and no indication of turn
for the better in the industry in the immediate
future, consumers being unwilling to lay in large
stocks Of copper until they are convinced fnan-
cial conditions have made a permanent change
for the better, while producers are not disposed
to sell much until they assured of prompt
collections. The best posted men in the trade
believe they will secure better prices in the new
year, though they do not anticipate any demand
before February or March. The action of the
copper companies in curtailing the production
of the metal has prevented acute Generalization
in the business. and when conditions again be-
come normal all the producing concerns will be
in position 10 demand d good quotation for
their product Shipments OF copper abroad are
heavy but the metal moving in the direction of
Europe was bought i'll October and November
In the iron and steel industry producers of both
and finished material are cooperating in
the adjustment of prices and production dc-
cording the requirements Of the situation, and
according to general belief there is danger
of long period OF accommodating stocks and
declining prices. There bears in the stock
market the Steel shares. but conservative
buyers are taking these issues. especially
United States Steel preferred which is going
on the industrial list than United States Steel
preferred. Active traders were heavy sellers of
Reading the morning bulge, and the same
interests sold New York Central, Pennsylvania.
the Hartman stocks and the Hill Issues, though
closing quotations old not show material
changes from Saturdays final figures. The gen
eral market presented a frmer tone in the late
dealings. and losses in some cases were recov-
cred on buying by the shorts, the only important
net declines being In Amalgamated Copper, Ana
conda, Distillers and Louisville e. Nashville.
Sugar Refining after its forenoon weakness ad-
vanced TO q level / q above its low price,
ending at a net gain of 11s, while the Hill and
Hartman issues also closed at net advances
Local banks now show percentage of reserve
TO liability Of 21.24, as compared with 1898, the
low point of the year, and all indications point
toward further betterment in cash and reserve
holdings in the course of the next few weeks
Notwithstanding the probability OF further
demand for currency from the Interior It Is
not likely. however, that the inquiry for funds
for out of town account will continue in the
large volume noted in recent weeks, while early
in the year the movement ought to turn
in favor of this centre, with the result Of
rapidly accommodating supplies of money in the
local institutions and lower rates for loans in
all departments of the market, especially in
time accommodations which for many days
have been at practically prohibitive levels. Up
ward of s.. 600 900 gold arrived from Europe by
steamers coming to port on Saturday, and of the
South African gold offering in the London mar
ket yesterday New York secured the greater
part, more than s2.oo0,o00, but the withdrawals
abroad for American account were accompanied
by an advance in the price of bar gold in Lon
don and intimations at the British capital that
as long the American demand for the metal
continued there would be reduction in the
Bank of Enslands discount rate. Apparently
il matters little to bankers whether or not
the British institution maintains it's rate at :
per cent. and so far this advanced quotation
has been ineffective in preventing shipments of
the metal TO this side Of the ocean OF course.
a lower Bank of England rate would be bull
factor the general financial situation. but il
is well to note that this country is still in 4
position 10 draw gold from London and that
this operation s' backed by internat tional
trace position strongly in favor Local