The Washington times., 1907-12-28
NEW YORK STOCKS
WERE STRONG EARLY
Profit-Taking Causes Reac-
tionS-Sugar and N. Y.
c. Weaklings.

session was moderately active with suf-
ficent fluctuations to make the situa-
tion interesting. AT the opening and
for some time thereafter. indeed, until
well into the last hour the trend was
to higher range. The bull movement
started yesterday was pressed a lit
tie further. on the anticipation of
good bank statement. and there were
numerous orders from investors
The character of the gossip from the
commission houses was more favorable
and yet, throughout was the thread of
conservatism and the fear of being
caught long on stocks in the ebb of a
bull market.
Money was very much easier and for
the present at least the premium on cur
rency has disappeared.
While nearly the entire list was high
.er. some stocks by points and Others
by fractions. much of the trading was
of the I'm and out character, traders
buying and selling on the slightest
show Of the market turning weak, scalp
Ing a few dollars here and there, but
that there was some excellent invest
ment buying in reinvestmeut of some
of the S2OO,OOO.OOO January disburse-
ments. was unquesuonably true.
That conditions in general are much
changed IS hardly true. Moreover the
short interest eliminated from the mar
ket yesterday and this morning again
removes a sustaining force that was
counted 10 nelp the bull side. on a show
of strength.
Pack OF it all Is the fear that Secre-
tary COrtelyou may call in 100000 of
the Government funds. The working
balance in the United States Treasury
is down to $3.5OO,OoO. The receipts for tho
month OF December will be S6OOO.O but
the governmental expenses will be
S,00O0OO. 50 it may readily be expected
that the call will not long be delayed.
SO far as the bankers are concerned
they have no idea of the Intentions OF
the Secretary of the Treasury, but they
oo-knOw that a large sum will be called
OF course, the call will be made with
intent TO cause the least possible furry
in the market, but the taking out OF
S25,OO0000 will have its effect.
Advise Sales on Rallies.
Some of the expert advisers continue
to advise sales OH rallies. The chances.
however, seem to favor a rally on re-
investment buying Stocks are consid-
crably above the low level Of the break.
but they are still low, as compared with
past panics, and are inviting for long
pull
At the Immediate opening stocks
moved up sharply. in many cases over
a point and in some up TO points
The first hours trading was excellent
and well into the second hour, when
profit-taking. which was noticeable all
through the day, turned tho tide, and
low points we're reached on the ma
Jority Of stocks In the final dealings
q slight recovery was noticeable in the
list, and the closing was steady. with
part of the advances maintained, ard
with a fairly good tone TO the list.
The shorts were punished in Smelter
with 2-pOint advance and a point OF
the gain was maintained. Copper did
not show the strong tone that II has for
a few days past. AtchiSon advanced,
but lost its gain. Baltimore and Ohio
added a point easily. Delaware and
Hudson point up. Great Northern
after selling TO HIS, a gain Of IA, drop
ped back 10 1l612, and recovered an
other L.
Missouri Pacific was higher early, but
did not hold its gain. New York's Cen
trail lost a traction. Reading hrmer, but
this is about all that could be said Of the
closing. Distillers advanced 2 points, St
Paul IL. and the steels a good I.
Z Renewed liquidation in New York Cen
fral and American Sugar stocks made
those specialities very heavy IN the trad
ing i'm Wall Street today. New York
Central sold at the lowest price touch
ed since 1896 Selling of the stock was
due to rumors that $4,000, 600 Of preferred
stock would be issued
The attitude of the company in re-
fusing to give information concerning
its affairs and in issuing the technical
denials of facts is hurting the stock and
running its market.
In Sugar the liquidation is due to a
widespread belief that the treasury has
suffered severely as a result Of irTeGu-
lar practices that were perhaps detected
by the officers Of tho company.
report by fifteen trust companies
OF New York State under date of De
Cember 10 shows decrease IN deposits
of $50. .119. 800. Total resources Of the
same trust companies are decreased
SIO9. .474 O97. leaving them with resources
Of $409. III. .103.
This is n shrinkage in RESOURCES Of
more than 20 per cent. The Trust Com
pany Of America shows decrease IN
Total resources Of 81, 800. This fur
nishes more than one-quarter OF the
total.
ON the curb market Chicago Subway
was the feature, rising to Is in the ask
ing price
0nTAM TCICOu0W