New-York tribune., 1907-12-08
STOCK MARKET OPERATIONS.

In the Two hours Of trading stock market
values covered a moderately active range WIN
the tendency i'm the greater part OF the time III
the direction of lower level Losses of one
noint and more we're recorded in ,.,any OF the
leading issues notably in Un@n Pacific Anal
samatcd Copper. American 6nelters, Anaconda
St Paul, DistiIicrs. Great Northern. Reading
Southern Pacific and United states steel pre-
ferred hut a part Of the dec le was recovered
in the last half hour when the general list. with
the execution of the copper shares and Union
Pacific presented a frmer one. under the IN
H1ierce of covering Of shorts. Union Pacific suf-
fered net loss of 2i points. closing only : above
the lowest Of the day. while Amalgamated Copper
ard Anaconda also exhibited only fractional
Improvement from the low points The Hill
shares led the short advance in The second holi
trading. other features of strength being sup
piled by American Cay and Foundry, Northwest.
Brooklyn Rapid Transit and Colorado Fuel ana
Iron Commission houses were not active fac
tors IN the dealings for public account, the
greater proportion of the business representing
the opera tions Of the professional element.
London prices lower AMI foreign houses
were sellers in the local market. Bank state
mcnt figures published after the close of tho
exchange showed Improvement in cash and
reserve holdings, with an encouraging re-
d1Irtion in loans. As a result of all changes the
deficit in the reserve item decreased $6.Ii9.ot1
to Si621o 800. which compares with deficit
for the same week last year of S6.702.1I' and
deficit IN iNLb OF Sl.-4O.J-J- Loans OF the
Clearing House banks now stand at S11S639o.-
taEb. against deposits of S1O14 S51.4OO. and
compared with this week i'm 1905 show in
crease Of S141. 126, 500, Cash holdings are now
S163:9. 700 under the amount reported year
ago Among the railroad earning reports re-
ceived yesterday the most unfavorable was that
of the Erie for the month of October, showing
loss in gross of SIC 10i and loss in net Of
S4b2 500 Total gross earnings reported for the
last week in November show for fifteen COM
panies a gain of S;tf9.:;05 and for seventeen
companies a loss of S69230J. net decline OF -
per cent. The general market developed weak
ness in the last minutes of business
Wall Street sees better times ahead, but the
leading commission houses are not advising the
purchase of stocks margins on the theory
that prices are to continue the sharp advancing
movement that developed in the last week with
out important setbacks. The short interest has
been reduced to a material extent; the money
market. though in far stronger position than
It presented few weeks ago, does not yet
rant widespread public speculation, and the atti-
tude of the larger financial interests apparently
does not favor the accumulation of large ac-
counts on borrowed funds. Moreover many of
the substantial interests in the banking
munity have liquidated holdings taken
the low prices of the recent panic, and this in
connection with the contraction in the bear ac-
count has eliminated an important source of
support that ought to receive the serious con-
propitious for extensive dealings on the long
side of speculation. 1t is not unlikely some
further window dressing incident to end of the
year showings by the corporations of their Sc
curity holdings will be attempted, but notwitll-
standing this probability the market does not
look attractive for the speculator of slender
means. especially in view of the big advance
that already has taken place and the danger of
quick movements in the direction of cheaper
figures Few commission houses will accept
margins of less than 10 per cent. The market
IS in position which even may endanger
10 per cent accounts, and the only safety lies in
the outright purchase of securities For in
vestors the present level of values is still at
tractive. though there are many good authorities
who believe that cash buyers will find better
bargains IN the course Of the next few months
than those reported. especially in the stocks
which have been under the influence Of manipu-
iation IN recent days. as. for instance, Union
Pacific, st. Paul, the Hill shares and Reading
The advance in the Hill issues has been ac-
by the report that the Hill people
again have under discussion the question of the
Of the sale Of the Northern Pacifics
interest in the Chicago. Burlington & Quincy
to the Great Northern and that the only draw
back TO the completion of the operation is the
question of price. 1t is said the Great Northern
people willing TO pay s25,o00,00O and that
more closely identified with the North
ern Pacific than with the Great Northern de-
nand S55'0Oo,ooo, Whach would be the same
p,acing valuation Of s265 a share on the Bur-
ington stock, but in view of present financial
conditions it is somewhat difficult to believe the
plan be successfully carried through on
,ither basis just at present Rurnors of deals af-
Getting various companies persistently cir
,ulated in the last week. and stocks responded In
heir oldtime way, though the public did not par
icipate to any extent in the buying movement
rhe reports of the commercial agencies show
hat business throughout the country is still
,uffering from the recent upheaval i'm the money
market, but there is q tone OF confidence in the
li<paf fcbes from all centres that suggests the
.over>y in industrial cir,Ies will not he q ustter