New-York tribune., 1906-04-19
suTnlisted
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

A combination Of outside developments served
20 bring about lower prices in yesterdays stock
market, declines in many of the active issues
amounting to more than per cent, with few
important recovertes before the close. The
lection by the mine operators Of the miners de-
mands, the earthquake in San Francisco and the
news from Washington regarding the determina-
ton OF the administration to root out the evils
which constantly coming TO light in the mat
ter of corporation management induced
tive selling movement throughout the list. the
movement not only representing professional
operations but heavy outside liquidation as we'll.
In Union Pacific and Southern Pacific large
amount OF stock Was sold on the theory that the
two properties would suffer serious losses as
result Of the earthquake, while for the same
reason heavy selling was recorded in the shares
OF the San Francisco traction companies. Read
ing and the other coal shares naturally were
weak, a result Of the latest development in
the anthracite coal situation, but with the ex-
ception of Beading liquidation in the hard coal
stocks was not extensive total dealings in Read
ing amounting on the basis of full stock to more
than 10000 shares. Probably the course Of
events In Washington OF greater influence
in affecting speculative sentiment on the general
list than either the disaster in San Francisco or
the refusal OF the mine owners 10 make conces-
sions 20 their employees. inasmuch as Wall Street
agitation regarding a closer government super
vision of corporations would tend to depreciate
investment values. Wall Street eventually will
learn that the efforts which being made to
compel corporations TO mend their ways will
increase rather than hinder operations in securi-
ties. In the active list the heaviest losses were
made by the copper shares, Atchson, Brooklyn
Rapid Transit. the Hill stocks. Reading, Union
Pacific and the United Railway Investment Sc
curities OF San Francisco.
The reserves of the local banks have been in
creased in the last few days TO an extent that
warrants the belief that rates for money IN the
immediate future will rule at a relatively low
level While II is not expected that quotations
for loans will go to per cent basis. It is gen
orally conceded that the price Of funds will aver
age in the neighborhood OF per cent for some
time to come. notwithstanding the fact that
sterling exchange has now advanced to a point
beyond the gold import figure. According to
last Saturdays bank statement the reserve
above legal requirements amounted TO upward
Of S5.0o0.000, and, since last Friday the local
Clearing House institutions have gained more
than Sl6,OOo,Oo0 on their operations with the
Sub-Treasury, this weeks bank return ought to
show a large addition to ths holdings Of the va
riOus institutions. The demand for funds from
the interior is less urgent, and large return
movement OF currency TO this centre doubtless
will develop.
Favorable comment the action Of the
Secretary of the Treasury In depostting gold
with the banks pending the arrival OF equiv
eIent amount from abroad continues to be heard
IN financial circles. but, Of course. the banking
community realizes that the action of the Sec
retary does not guarantee change in monetary
conditions which Will prevent disturbance at all
times in the money market Secretary Shaw has
done more than any OF his recent predecessors In
the Treasury Department in devisng ways and
means TO relieve the money markets in times of
stress but there always Will be recurring Pc
RODS OF trouble until Congress enacts laws
which will give to our currency system that
elasticity which will serve to prevent monetary
stringency. The supply OF money in the coun-
try is large enough for all the legitimate de-
mands OF trade. but II is impossible under pres
ent conditions 20 to regulate the supply that IL
VIII move In way calculated TO serve the best
interests OF borrowers at times when the de-
mand is most urgent.