New-York tribune., 1907-12-10
STOCK MARKET QUOTATIONS..

In the industrial department OF the market
prices showed the effect Of heavy selling press
ure. while at times the active railroad issues
moved toward lower level though recovering
part of their loss before the close on covering
of shorts and some support from prominent
houses which apparently were not Willing TO
encourage liquidation in this class OF securities
At the close there were many more net declines
than advances. and in the industrials deprecia-
ton amounted to ! point or more IN Anal
gamated Copper, American Smelling, American
Locomotive. Anaconda and D1sHllers, the last
named stock recording in the day q new low
price for the year and the lowest since 1SA The
dividend on this issue was advanced 10 11t per
cent quarterly last spring, but there was consid-
cradle doubt yesterday whether the directors
would feel justified in maintaining that rate at
the forthcoming dividend pediod, while the
Street also seriously doubted the possibility Of
the Amalganated and Anaconda directors de-
daring payments 60 the stockholders at the next
meeting of the boards of the respective COM
panies the same level Is established at the
lest declarations. American Smelling was one
oi the weakest stocks on the list the selling ap-
parently representing the result of maturing
sterling loans secured by the stock which can
not be renewed Sentiment also was unfavor-
ably disposed toward the security because OF the
action of the directors tn declaring last week
the regular dividend. which many operators be-
lieved was not conservative in view OF the un-
settled position OF the metal trade. Floor trad
ers were bearish, but were not inclined to assert
shares were concerned. except perhaps in Atchi-
son, Missouri Pacific, st. Paul and the Erie
stocks Brooklyn Rapid Transit, Northwestern
and Reading were among the few railroad is
sues that closed above Saturdays nnal figures.
An advance In call money In the afternoon, fur
ther curtailrrent of production in the copper in
dustry and the troubles Of a San Francisco
banking concern were among the days develop
ments that encouraged pessinisn in speculative
circles. There was a material falling off in the
business In the bond market compared with
the average daily operations last week.
Bank statement figures for the last week show
that the monetary situation at this centre IL i'm
proving, though with q reserve OF only 70 per
cent the brighter outlook In the money market
does not warrant q big expension in Stock Ex-
change speculation at this particular time. It
is believed the deficit in the reserve, which ac-
cording to Saturdays Clearing House return
stands at s46.210000. gradually will disappear
under the influence Of a movement of money to
this centre from the interior. where reserves In
most cases have been increased TO an unusual
degree at the expense Of the local institutions.
and further arrivals Of gold from abroad. New
York secured in the open London market yester-
day the greater part of the South African metal
offered. and the fact that London conditions
permitted further engagements for American
account reflected In another decline in the
price Of bar gold at the Britkh capital Banks
at the West and South have accumulated re-
serves wholly out Of proportion 20 the neces-
sities OF the situation, and the steady better
nent that is going In the general financial
world soon must be followed by flow OF
rency to the East, which In the last few weeks
has furnished an important object lesson OF its
and individuals IN other parts of the country
where the habit of throwing mud at Wall Street
has been actively cultivated The much be-
rated Wall Street recently saved the banks Of
the West and South from disturbance far more
serious than any that developed Since last
Friday the local banks have lost on their opera
tions with the Sub-Treasury upward of S1,5Oo.-
600. In the current week the banks VIII be
helped by receipts of imported gold. while the
decline in the premium currency indicates
that they viii not be called upon as extensively
as in recent weeks to supply out Of town points
with funds. New York banks have transferred
through the Sub-Treasury since October 19
S45,5 so, 800, and since November j banknote
circulation throughout the country has in
creased S54 4,o76OO0.
Renewals in the call money market were made
at ~ per cent yesterday, with a high rate OF
20 Der cent. and ii is not thought probable
rates viii rule materially lower in the rest
| OF the month. Time money is In somewhat bet
| ter supply. but the market for this sort OF &C.
comnodation is by a free yet
and extends no promise of sinking into an easy
condition until well after the turn Of the year.
| And the same thing may be said OF commercial
paper High rates for call money are not un-
usual In December II ordinary times. and in
view Of present extraordinary conditions g. stiff
market until the close OF 1907 will be in line
| with the predictions OF the best informed bank
ers. The bear party on the Stock Exchange has
not retired. despite the fact that prices for
curites have advanced to a level well above the
low points OF the year, and those who carry
this fact in mind and give consideration
to the uncertainties Of the general situation will
not become enthusiastic bulls except on invest
ment purchases. The bull element hopes, how
ever, to bring about a higher plane Of values
before January l. in order to sell to the public
If the public will buy. on January rise This
IS a cheerful prospect but unfortunately il is