New-York tribune., 1906-04-08
STOCK MARKET OPERATIONS.

In the brief session in yesterdays stock mar
ket trading was light in volume a movement
of values which showed great irregularity. with
the final tendency in the direction of lower
quotations. Commission houses We're not active
factors in the dealings. while spectators in gen
eral appeared inclined to stay out Of the market
pending easier tone in money which they ap-
parently believe will develop in the near future
Bank statement figures made distinctly un-
favorable showing, cash holdings decreasing
over $7,OOO,OOo while the result of all changes
was decline in the reserve above legal require
ments to an extent which carried the reserve be-
low the 25 per cent limit. Compared with a sur
plus a week ago of $5,131275. yesterdays figures
showed deficit of $2,560 625. In addition to the
unfavorabe showing in cash and reserve hold
ings, there was an increase in loans Of over
$7,000000. this gain being unexpected, owing to
the liquidation which took place in stocks
throughout the week. Following the pubica-
tion Of the statement the general market sold
off, though the movement was not accompanied
by noteworthy increase in activity In the
Copper shares, Pennsylvania Reading. Union
Pacific and the Steel issues moderately heavy
dealings were reported, but elsewhere in the list
trading as rule was confined to small totals
while price changes were not large. Pennsvl-
vania was again active and firm, while there
was good market also for the company's con-
vertible bonds, and it thought that the
movement in the stock represented efforts TO
make a good market for the bonds, manv Of
which are still held by members Of the syndi-
cate.
Throughout the period Of high money rates
stocks have shown remarkable resistance to SELL
ing pressure, declines when made having been
small and as a rule easily recovered. Compared
with a month ago. the leading active railway
shares are higher by a few points notwithstand-
ing the fact that in that time rates for loans
have been as high 30 per cent with an aver
age Of about per cent, though in the last week
the average was IS per cent Securities appear
to be in strong hands, and offerings are taken by
substantial market interests in a manner which
indicates great confidence on the part OF the
financial community in the probability Of better
prices for stocks and bonds just soon as
money market conditions become more normal
The outlook however for easy money is not
promising A large amount Of funds is tied up
permanently in mercantile enterprises, while the
general growth Of the country is increasing the
demand for accommodation in connection with
industrial expansion at rate which is offsetting
the annual gain in the supply of money through
gold production. II there should be big reac-
ton in trade and II the countrys business should
become depressed money would begin to flow
into all the financial centres and the oldtime
easy rates would prevail, but such a situation
would not be bull factor in Wall Street, though
speculatOrs would be able to secure all the
money they desired at cheap quotations. Fort
unately. there IS no indication of an unfavorable
change in the position Of the country's indus
tries in the near future, the only unfavorable
feature at the moment being the coal situation
which, however, presents a moro reassuring out
look than It did a week ago, especially so far
as the bituminous strike is concerned, inasmuch
as the agreement Of the Independent operators to
accept the wage scale OF 1903 practically means
the end OF the trouble in the soft coal fields.
While local bankers believe that gold will be
shipped to this side of the ocean they do not
encourage the hope that imports will be large,
owing to the big financial operations which the
foreign bankers about to undertake in con-
nection with the fotation OF a. large Russian
bond issue and capital issues in European imam
cial centres, which, It is estimated, will aggre-
gate 500. 100000. Probably enough Of the pre-
cious metal will be sent TO this side Of the water
TO relieve the acute stringency here, while 1t Is
also probable that assistance will be given to
the local market by the government If the re-
ouirements OF legitimate trade demand such ac