New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-25
Closing prices OF chief active bonds dealt IN.
with net changes. follow:
STOCK MARKET OPERATIONS.


In the two hours of trading in yesterdays
stock market transactions were light IN the
greater number of issues. while. a rule, price
movements wero confined within narrow limits
In the early dealings strength was shown in
Union Pacific and in few other active shares
while with the exception OF Consolidated Gas no
important weakness developed. Selling in Con-
solidated Gas was heavy. and result Of the
days movement in this issue its final price
showed net loss OF nine points. the sales being
based on the action of the State Gas Commission
in esta bIshing an SO-cent rate for gas IN Man
haitian. Most of the business originated on the
floor OF the Exchange, commission houses being
unimportant factors in the days transactions
The publication OF the bank statement, showing
further falling of IN cash and reserve hold
tngs, was without material effect on prices al
though in number of stocks fractional reac-
tions from the best prices. which were made In
the first hour. were recorded. Loans showed a
disappointingly small reduction. the decline as
compared with the preceding week amounting
to $5,O1S,SOO. which with loss IN cash Of So
247.SOO accounted for the decrease In deposits
As result OF all changes the reserve above legal
requirement declined S6642oO to SIS 125 725
compared with S14646.O75 in the same week last
year, and So, 15O 200 in 1904 While loans OF
the associated banks now about STD 100000
less than they at this time in 1905 cash
period year ago, and about S24OO0OO0 less
than in the same week IN 1904. In this week IN
1904 loans were S49.OO0.0OO smaller than thew
are at present. At the close the general market
was heavy and inactive There was rnoder-
ate amount OF selling in the local traction
shares, also in Reading. The sales in the trac-
ton issues were based on the fear OF neeislatton
in Albany affecting adversely the local transpor-
tatton companies.
from the interior last week than they shtpped
the excess was small and it was not considered
likely that the movement OF currency TO New
York would continue heavy for any length OF
time II might be assumed that the high rates
at this centre would attract large amount Of
currency from out-of-town points. but It
should be borne IN mind that there is an active
inquiry for funds at all the interior cities and
that quotations for loans at those places are
level with the New-York market. In the
next few weeks there undoubtedly Will develop
an unusually heavy demand for money. and as
the New-YOrk bank reserves are at a low point
it readily may be seen that an extended move
ment of currency from here 10 the South and
West will serve to maintain rates at stiff
figures. which in turn may be effective in at
tracing gold from Europe. At the moment
Europe appears 10 be the only source Of relief
for this market Fortunately, supplies of money
abroad are large but In the event Of any dis
turbance a result Of a possible failure OF the
AIgeciras conference the European bankers
doubtless would net be inclined to part with
their gold for American account. The money
markets OF the world are in an extremely in
teresting position at present, and it viii pay to
watch them most carefully.
Reports received in the week from the com
nercial agencies presented evidences OF strong
conditions in the business world. although In
certain lines falling off in orders was noted.
This fact. however. does not foreshadOw a gem
eral setback in the country's industrial activi-
ties. although some OF the Wall Street element
may be able TO twist It into a bear argument
on securities. From advices received by vari-
Gus Western railroad companies the condition
OF the winter wheat crop is excellent for this
time Of the year. but. OF course. it is too early
IN the season 10 make any predictions as 20
the probable outcome OF the harvest Before
many weeks go by. however. the winter wheat
situation will begin 20 figure as an active
factor in stock market speculation. The
country has had several years of bountiful crops
habit of borrowing trouble now quite con-
hdent that a season OF famine is about 10 de-
velop in the agricultural sections OF the United
States. And the same element also is quite
convinced that the country Is TO suffer from
widespread labor disturbances. There are
many possibilities which, IL they should develop
into realities would bring about much lower
prices for securities. but at the moment there
are few factors in the situation which warrant
a pessimistic feeling over the future,