New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-08
OPERATIONS IN STOCKS.

with the exception of the railway equipment
shares, United Cast Iron Pipe and Metropolitan
Securities of the active list. stocks were weak
in the two hours Of trading a moderately ac-
tive volume of business. While there were no
adverse developments affecting the actual worth
Of investment securities, there was disposition
among the professional element to work for
lower quotations the theory that the bank
statement would make an unfavorable showing
and that there would be enough bear sentiment
created over to-day to bring about lower quota
tious in to-rnorrow's market Bank statement
figures carried out the predictions OF the bears,
and following its publication In the last half
hour further selling developed. although in the
final trading there slight improvement in
various parts of the list The strength in Amer
lean Locomotive and the other railway equip
rnent shares not explained by news factors
affecting the different properties. 1t was
thought that certain speculative interests, dis
covering large short interest in American Lo-
connective and knowing that certain interests
who have been somewhat damaged in the de-
cline in cotton interested In locomotive, de-
cided to bid up Locomotive on the theory that
the cotton bulls were short of the stock Cana
dian Pacific lost points. Colorado, Fuel and
Iron l. New-York Central l. Reading 1% and
United States Rubber is. Elsewhere in the
active list losses. when made, were confined to
fractions.
Bank statement figures, quite strange to re-
late were in accordance with the known move
ment OF money in the week, showing an in
crease In cash of over Ss.O00,0oO. which, with a
reduction In loans of nearly $12.0OO,000. ac-
counted for a decrease in deposits of over SOL
100000. The reduction in deposits caused de-
cline in the cash required against deposits of
over $5,000O00, which. deducted from the in
crease In actual cash holdings left a decrease in
reserve above legal requirements of So, 1913, $50.
Total reserve stands at S4,2S6, 175. COM
pared with So, 636 800 at this time a year ago
| and $16577. 125 in the same week in 1903. The
loan account of the Clearing House institutions
has been reduced over $700O0,O00 in the last
few weeks. and now stands far under the record
at this period last year and in the year before,
but cash holdings at present are well under the
amounts held in the two preceding years. A re-
serve of a trife over 100000 naturally ac-
counts for the high money rates that prevailed
last week, but despite the position of this item
the leading interests in the Street look for no
disturbance in the money market. their conf
dence in this belief being placed in gold, imports
and in the ability of the larger financial in
terests TO control the situation The latter so
far have given evidence Of their supreme con-
troll over the money market. and as they are
well loaded with stocks and are interested in
financial operations involving securities it is
not surprising that they are anxious TO maintain
relative ease IN money. Under ordinary circum-
stances d bank reserve of only 81, 2S6,175 would
be accompanied by much higher rates for loans
than those recorded last week and by liquida-
ton in the stock market.
Leading Wall Street commission houses in
their weekly advices to their customers, as a