New-York tribune., 1906-07-14
STOCK MARKET OPERATIONS.

Movements Of values in yesterdays stock mar
ket afforded little encouragement for the inter-
ests who would like TO see an active upward
speculation in the near future. While there was
some strength displayed at times in the day, as
a result of covering operations there was
public demand for securities and no indication
of an intention on the part of the bear element
TO diminish it's efforts toward inducing further
liquidation Of long accounts The general mar
I1et opened at declines from the closing figures
of the preceding day, with new low records in
number of issues on the present movement. but
recoveries were subsequently made in the greater
number Of stocks. the improvement falling, how
ever, to attract any important support Specula-
ton became dull on the advance, and there was
especial sign of life until the last hour, when
liquidation and active bear pressure again de-
velOped throughout the list, particularly in the
copper shares, Great Northern, Reading and
United States Rubber In a few shares among
the active list. notably New York Central. Union
and Southern Pacific, Pennsylvania, Colorado
Fuel and American Shelters part Of the noon
time improvement was shown in the last quota
tions. but in the majority Of issues final figures
were at net losses. Secretary Shaw's action IN
making additional deposits with out Of town
banks was reflected in sharp rise in the price
of the government 2 per cent bonds. which will
be used as collateral, and incidentally suggested
the probability of the government receiving a
good price for the new Panama bonds. These
latter issues are in demand by country institu-
tions, but the chances are that the city banks
will get the greater part of the offering.
According to the known movement Of money
In the week. the local banks have gained more
than 100000 in cash holdings. but it is useless
to use these figures a basis for forecast Of
the bank statement to-day. Last weeks state
ment was wholly at variance with the estimates
made Friday, and It is not unlikely that there
will be a large discrepancy this week, owing TO
the cross movements under way IN the course
Of money and to the inefficient average system
employed in compiling the Clearing House re-
turn. Money rates yesterday did not indicate
any scarcity OF funds, but then there was little
demand for accommodation in speculative cir
cles, while it was not thought likely that a
special movement in this respect would develop
in the near future. Fortunately for the money
situation. there has been large liquidation Of
weak speculative accounts, with a corresponding
reduction in loans Of this character, and at the
same time there has been a practical absence
of inquiry for securities to be carried on bor-
rowed money. the latter factor being of con-
siderable Importance at a period of low bank
reserves and a crop moving demand for accom-
mediation coming on. Foreign exchange ap-
parently is working toward the point at which
~--h0-"NS "a SSANN a. VIII Do AlduS lfOua
the other side OF the Atlantic, and the fact that
there will be 100000 gold available in the
London market Monday encourages the idea
that our bankers may De able TO secure some
Of this amount. It is more probable, however
that the Bank of England will be the fortunate
bidder. Bankers are not worried over the
money market situation. especially as the Secre-
tary Of the Treasury has decided to leave in
national banks the proceeds from the sale Of
Panama bonds until the money is needed In the
construction OF the canal. And then it will be-
withdrawn gradually. according to the needs OF
the situation.