New-York tribune., 1907-12-21
STOCK MARKET OPERATIONS.

Stock market values were strong lillouSiioue
the day on a small volume of business, the up
,,-,,,a movement being due to covering opera
tions and support from some or the more I'M
portant financial interests, who evidently Were
anxious to establish quotations at a better ieNei
before the end of the year In ADDITION 10
pureIv technical conditions that made for hsher
nrices there were several developments IN 'le
dav that created more optimistic seh'lllieII
in the Street and served TO help the genera
course of speculation, among them being the
excellent report by the Union Pacihc for It's last
fiscal wear the decision favorable TO the Con-
solidated Gas Company in the SO-cent gas mat
ter distinct signs of stronger conditions III 'ie
financial world and the governments final re-
turns on the crops of 1907, the latter showing
that the country has gathered large harVesls
with plenty of grain for home consumption anu
for export purposes A sllght advance III oop
ner rrices on the metal exchange also was in
cIuded among the bull influences. and at times
the copper stocks exhibited a buoyancy that
suggested to some minds the lmprobaollty OF
the passing of the dividends on the ANAL
gamated and Anaconda issues Leading pro-
ducers of the metal report their business almost
at 2 standstiIl, and they do not look for sus-
tanned Improvement until normal conditions de-
velop in the money markets OF the country
which will cause a resumption OF activity IN
lines that are heavy consumers OF copper Inc
stringency in money has been most effective
influence in bringing about the current dulneSS
in the copper trade, and it Is therefore reason
able to believe that by the middle or end Oh
January,
far easier position. the domestic and foreign
inquiry for the metal viii show marked i'm
provement and will be followed by better quota
tions for the copper stocks on the e&change ana
on the curb.
Values were stronger in the last hour than
at any other time in the day, and at the close
the majority of issues were at their top figures,
realizing sales and the placing of new lines OF
shorts failing to check the advance, which was
encouraged by some of the best buying reported
in many days, without, however, an important
expansion in the volume of business. Advances
of points common in the active llSt While
Consolidated Gas, Brooklyn Union Gas, Ameri-
can Smelling, Amalgamated Copper, Missouri
Pacific and New York Central enjoyed greater
Improvement The Hartman shares were favor
ably affected by the Union Pacific report, which
was remarkable document in more ways than
one. not only showing record breaking results
for the last fiscal year, but presenting figures
that told Of the growth in ten years OF a bank
rupt corporation to position of aftuence and
power never before equalled in the history or
American railroads. Detailed results of the
company's earnings are printed elsewhere in
this paper Southern Pacific viii issue its re-
port next week, and it, too, will show remark
able earnings, which doubtless will increase in
vestment confidence in Union Pacific securi-
ties, large proportion of the dividends paid
by the Southern Pacific go into the Union Paci
fic treasury. The current earnings of the Har
Tinan properties well the earnings of all
the railroads in the country reflect the reaction
that is underway in trade circles, but investors
in American railroad securities have the satis-
faction of knowing their companies have passed
through several years OF prosperity and in
a strong financial and physical position to meet
a period of adversely.
According to the known movement of money
in the week the local banks have gained a
siderable amount OF cash as result of gold i'm
ports which more than offset the loss to the
interior on currency shipments. Little is known
of movements that do not figure in the prem-
mary estimate such as over the counter trans
actions and changes in the loan item, and
a consequence the probable showing In to- days
Clearing House return cannot be predicted with
any degree of safety. The course of the money
market however, does not suggest material i'm
provement in reserves. and the fact the demand
for funds in connection with the holiday re-
quirements has been heavy, while there has
been shifting of loans incident the prepara-
tlons for the first OF the year interest and divi
dend disbursements encourage the expectation
IN some quarters that general results will make
poor exhibit. II is well to note, however that
irrespective of the showing this week the posi-
| ton OF affairs in the financial markets is grow
ing stronger and a possible poor statement by
the banks VIII not reflect the underlying ten
dency- 1t is believed money viii remain AZ
sun ieVei Tor several weeks TO come, but early
IN the new year there should be release of
iuhuS at interior points in favor of New York
ana gradual disappearance of the deficit i'm
reserves and IN the premium on currency The
latter was easier yesterday. More gold has been
engaged abroad for shipment to this country
more than s2ooo,oO0 of the metal arrived here
yesterday by the Mauretania and further
amounts VIII reach this port next week AS the
urgent demand Tor money from out of town
points has subsided the bank showing for tho
last week IN the year ought to reflect to a
greater extent tian any of the statements of
tne last Few weeks returning normal conditions.