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

AFTER a Drlef period of weakness in the early
dealings prices throughout the list advanced
under the influence of covering of shorts and
pool manipulation, the improvement being we'll
maintained until the close, when net gains of
more than per cent were common. In num-
Der Of issues which recently were under bear
pressure recoVeTies to above 2 per cent
while in Great Northern preferred a gain of 8
points was recorded, and in Northern Pacific a
gain OF 512. the movement in these shares being
due 20 their speculative position rather than to
news developments affecting the properties. The
time stained rumor that the ancient Hill ore deal
was about TO be completed was brought FORTH
however, as excuse for the advance in the
so-caled Hill stocks, There was no increase in
public buying as a result of the rally in prices;
indeed, transactions were lighter than the daily
average totals Of the last few weeks amounting
to less than 100000 shares, against upward of
100000 shares in Thursdays market. The char
acter Of trading was wholly professional, but
there appeared to be more enthusiasm on the
bull side Of speculation than recently noted.
while at the close of the day there was such a
marked decrease in the pessimism that has been
so much Of factor for many weeks that COM
mission houses in their advices to their GUS
toners asia rule predicted further material inn
provement in the general quotation level before
the end of the coming week. Reading, st. Paul,
Union Pacific. Pennsylvania and Brooklyn Rapid
Transit were features among the railroad shares.
and in the industrial list the copper issues,
American Ice and American Smelters attracted
attention. The development Of duness on the
advance was, of course, disappointing feature,
but it failed TO change the current of quotations
According to the known movement of money
in the week, the local hanks have gained In cash
holdings upward of 100000, due entirely to an
increase in gold, the operations of the Clear
ing House institutions with the interior and with
the Sub-Treasury showing a loss. TO-day's ex-
hibit Of the associated banks is not expected to
present important changes from week ago. the
chsnces favOrng a small increase in reserve
though the loan account, through the financing
OF the July interest and dividend disbursements
may have moved in a manner that will offset
the increase in cash as an Influence on the re-
serve above legal requirements. The demand
for money in connection with the July pay
ments has been heavy. reflection Of which was
seen in the higher rates for call funds in the
early part of the week, but these operations are
now at an end, and, as a consequence, call loans
are back at the level which prevailed in the
greater part Of the month of June. In yester-
days market quotations enjoyed further cas-
ing off, but in the time department there was no
indication of easy rates in the near future.
Time money is strong in response to an active
demand for funds in all parts of the country in
connection with trade expansion, while call
money is inactive, owing to the absence of a
big speculative inquiry for accommodation in
Wall Street. Well informed bankers do not look
for much change in time funds in the balance of
the year. unless there should be a marked fall
ing off in the volume of business in the United
States of which there is now not the slightest
indication Trade reports received last night
from the commercial agencies were replete with
encouraging advices from all the active centres
Of business, particularly in iron and steel, in
which production and consumption are running
at a tremendously fast pace.