New-York tribune., 1907-12-15
STOCK MARKET OPERATIONS.

Stock market values were weak at the open
ing and throughout the first hour of tradlns'
but subsequently recovered most or the loss
under the influence of covering by shorts ana
indications of organized support in various
parts of the list. The volume Of business now
ever was light and compared unfavorably with
the total transactions of Saturday week ago
and with the average hour for hour dealings oI
the last week, the only evidence or acti'l'S
being presented in tie operations in Amalga-
mated Copper. American Sugar Refining, Read
ing. New York Central the Hill and Hartman
shares and United States Steel There was a
fair class of buying in the Hill issues ana III
United States Steel. but the chief source Of the
late strength came from the demand from the
shorts. who apparently were not anxious TO go
home heavily committed TO the bear side, espe-
cially in view of the extent Of the decline IN
the last six DAYS. Bank statement figures
furnished an agreeable surprise. as in the place
Of an expected falling off in cash holdings. in
dicated in Fridays estimates specie and legal
tenders increased S4.112,SO0. while a result
of all changes reserve increased S6.109.175. the
deficit being reduced that amount. to sfolol-
1I5. against deficit year ago OF Si.o'i'.h"
and a surplus in 1905 of S3,961 .0l5. The best
feature of the return marked contraction
in loans Loans. however, still heavily IN
excess of deposits and material further re-
drction must be made before bank conditions
will present normal and satisfactory exhibits
As compared with this period year ago loans
show an increase of S157561 600. and are SloS-
162 Ooo more than current deposits. Cash hold
ings were increased by over the counter move
n1ents not included in Fridays preliminary
figures and were made up in part of the return
10 the banks of boarded money as on their
operations with the Sub-Treasury and the IN
terror the institutions were heavy losers. While
receipts of gold from abroad went TO make up
the loss 10 the sources named Stocks closed
firm and dull, with sentiment inclining toward
the bull side for to-morrow's operations
Lighter bank clearings and lower railroad
gross earnings reflect the reaction now under
way in the country's chief financial and COM
mercial centres, but comparisons are made
with a period year ago when record breaking
activity was reported in all departments uf
trade the falling off is not so significant as the
figures apparently indicate. In the last week
bank clearings for all the cities of the United
States amounted to S2.316. .16O,902. as against
So 455. 120.575 in the preceding week and 3d.
467. $40. .5S3 in the corresponding time year
ago. the loss from 1906 amounting to 3D. per
cent with the heaviest declines in New York
and Philadelphia The best showing was mace
by ST Louis which showed reduction from
last year Of only IL per cent. a quieter move
nent in trade is not an unexpected or altogether
unfavorable development of the current situa-
ton and it does not foreshadow. as some poorly
informed people believe the end OF industrial
prosperity in this country or the extinction of
intrinsic worth in American securities. Stock
market movements always are carried to ex-
tremes, and a consequence lower prices may
be recorded in securities before general improve
ment Of the sustained variety sets in. but as far
as lighter railroad earnings and dividends are
concerned the decline that already has taken
place has fully measured these unfvorable feat
ures as bearing upon investment values For
the investor prices cheap. For the man who
can buy for cash and forget about his purchase.
paying attention 20 stock market variations
in the next twelve months, the opportunity now
presented is attractive
The bear party in the Street is powerful and
it shows disposition to retire from the mar
ket. and many Of the substantial interests
that ordinarily may be relied to furnish
effective support at present financially Grip
pied. better chances than those current
may develop for cash buying in the stock mar
ket. The fact remains, nevertheless, that ruling
quotations cheap and far below the level of
normal times. An encouraging feature at the
moment is the better class of business in the
bond market and the willingness OF capital to
take advantage Of the low level of values for
railway mortgage issues. Collateral trust notes
also finding buyers. and this, of course.
courages the expectation that at remote time
the transportation companies will be able to
obtain funds for needed improvements through
the issue of short term obligations. This form
Of investment is attractive in market such
that prevailing, and with the release of
money after the January interest and dividend
may be looked for