New-York tribune., 1906-08-05
'Unlisted.
STOCK MARKET OPERATIONS.

Opening prices in yesterdays stock market
were under the closing figures Of the preceding
day. and while in the subsequent first hour
transactions there was some Improvement the
general tone Of speculation reflected the desire
OF operators TO take profits and a disposition
the part of room traders TO play for quick
turns on the short side. The reaction was moth
ing more. it was thought than an incident Of
bull market Since the recent decline culrni-
mated there has been material advance in all
the active issues and in many Of the usually in
active securities, and a pause in the upward
movement is neither surprising nor disappoint-
ing; indeed, a change OF this character is de-
sirable, inasmuch as it improves the technical
position of speculation. Expectation Of a poor
bank statement had something to do with the
bearishness Of the room traders, and the pub
lication of the figures showing a loss in reserve
of 81. .769.SO0. certainly was not factor encour-
aging activity on the bull side of the market
With this loss reserve now stands at S14, 4,122 675
compared with S12. .525 in the same week
last year and S56,3OS,s5O in 1904.
The market showed a feebly rallying ten
dency on the appearance Of the bank statement
but the downward course was soon resumed
the close witnessing net losses in the great ma
jority OF the issues dealt in. Among the weak
est stocks were Reading, which lost 2h points;
Anaconda, 4; Great Northern, 2k: Colorado
Fuel 21s: st. Paul. 11&: New York Central and
Louisville and Nashville. each IL points
The position Of the local money market does
not suggest the development of easy rates for
loans in the near future. while there are some
indications OF higher quotations before long, an
indication Of which was presented in the course
Of the market at the close Of the week, when
there was noticeable hardening in the call de-
partment- While there is little reason to look
forward to disturbance this fall, there are good
prospects OF stiff figures in the loan market
owing to the heavy demands which will be
made on this centre for funds incident to crop
movements and the expansion in the country's
industries. The talk that the interior will be
able to handle the requirements Of the crops
and trade this autumn without calling on New
York for assistance is being INDUCED in Just
as it has been in the past at this season OF the
year, but 1t doubtless will be found that New
York viii be compelled usual to send large
amounts OF money to the West and South,
representing Withdrawals Of interior balances
and sums in addition. The interior bank bal
ances at this centre are lighter than usual.
Foreign exchange rates in the week just closed
moved against this city, sterling advancing we'll
above the point at which gold could be brought
from Europe at profit There will be
siderable amount of the yellow metal in the
London market this week, but the chances Of
our bankers securing any Of it are extremely
slim. Were it not for the Russian situation
exchange undoubtedly would decline, inasmuch
as trade balances are heavily in our favor and
IL foreigners become convinced that there is to
be real revolution in Russia rates ought to
decline TO a point that would ATTRACT gold from
Europe.
Trade reports received at the end Of the week
furnished further evidence OF the strength of
industrial conditions in the United States. In
all departments activity is reported The iron
and steel business is e1joying a volume Of orders
before equalled in the history OF the trade.
while the same thing may be said OF outside
concerns, especially the plants in the South.
Railroad earnings coming to hand make
most gratifying increases over the corresponding
period in former years, improvement not being
confined 20 any one section of the country, all
roads showing the effect OF the tremendous
tivity in the various branches of the nations
industries. In Canada prosperity also is re-
f1ected in railroad earnings, the returns of the
Canadian Pacific. for instance, for the fourth
week in July presenting a gain OF s425.000,
making from July l gain by this company Of
S1,334. 600. In view Of all the favorable factors
in the situation il is not surprising that holders
OF American securities show supreme confidence
in their investments.