New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-10-14
STOCK MARKET OPERATIONS.

In the two hours OF trading In yesterdays
stock market transactions were light in volume
on movement of values which generally tended
in the direction of lower quotations. Following
the publication Of the bank statement. showing
a substantial increase IN cash and reserve hold
ings. slight rallies were reported IN various
parts of the list. but there was aggressive
buying and no attempt on the part of the largo
interests to bring about higher quotations. The
figures of the Clearing House presented an IN
crease in cash OF more than SSO00.OO0. but
owing to g large gain in loans only a relatively
small proportion of the improvement in cash
was shown in the reserve above legal require
ments. Loans increased SIS. 500, 600. this in
crease. with the expansion in cash. amounting
for large gain in deposits. AS a result Of all
changes reserve increased So 601. 215 to S13 024-
400, compared with S1O211, 400 at this time a
year ago and S15,957.S75 in 1904. Loans of the
associated banks about S35OO0OOO
heavier than they We're at this period last year
cash holdings are SS.96SOOO larger than re-
ported in 1905, and compared with 1904 the
amount of cash shows a loss of more than $685.
100000. At this time in 1904 however loans
We're very much in excess OF those now out
standing.
Weakness In the market was ascrbed by
traders to reported lack of confidence on
the part Of the Republican party over the pros
poets for the election of Mr.. Hughes but the
real reason for the decline was the lack of i'm
portant interest in the trading by prominent
operators, Of which advantage taken by
floor room dealers to bring about lower QUOTA
tons The chief activity was in Amalgamated
Copper, ST. Paul. Reading. Union Pacific. United
States Steel. Northern Pacific. Colorado Fuel,
Southern Pacific and Brooklyn pid Transit
The Public Service stocks were weak features:
also Reading and Union Pacific. An ante-elec-
ton break in the stock market IS unusual,
and predictions now being made that pass
ing declines Of some importance may be re-
corded before November g. but the best informed
men in the Street believe that in spite Of such
decline and even in the event of the election Of
Mr.. Hearst prices for all securities eventually
will sell higher, owing to the splendid trade con-
ditions and TO the improbability of any unfavor-
able trade development OF sufficient Importance
TO upset the country's present Industrial pros
perity. number of brokers in their market
advices yesterday advised their customers to
sell long stock on all rallies between now and
Election Day. This advice, however. merely
refers to speculative accounts, and it doubtless
| will not disturb investment holdings
While exports Of merchandise from this coun-
| lIy are uedElly IN excess or imports, and while
the large crops in the United States foreshadow
| big shipments of grain in the next six months
We have no credit balance abroad, owing to the
enormous borrowings for American account in
| foreign capitals in the last year. New York
has been a heavy borrower in London and in
the Continental cities, and bankers believe that
a part OF this balance at least will be nquidated
| through enormous shipments of agricultural
products in the course of the next few months
| but IT is interesting TO note that the current
| strength in the foreign exchange market reflects
! a call by Europe this centre for repayment
| Of many maturing loans. The advance in for
eign discount rates last week was a factor of
great significance. the Importance of which so
| far has not been appreciated in Wall Street
| circles Money is In urgent demand abroad and
from all indications likely will continue active
| for long time TO come. SO that there is little
| proba bilty OF further monetary assistance to
| this country from London. Berlin or Paris While
| many members of the Clearing House are still
under the 70 per cent reserve limit. no uneasness
Is felt in banking circles over the situation but
In view OF the conditions abroad great ont
| burst OF speculation here might cause consider
| able trouble IN the money market Fortunately,
| operations for higher prices are being conducted
| IN an orderly manner. and from present ind-
! cations transactions on the Stock Exchange will
| be held in sufficient restraint to obviate the
necessity OF wholesale quida ton in loans From
| the ordinary Spectators point Of view the ont
| look Is extremely promising and II is a note
| worthy fact that there are few bears IN N.
| speculative community