New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-10-05
STOCK MARKET OPERATIONS.


ing showed great irregularity on a volume Of
business that reached relatively small proper
tons. Commission houses were not active
factors in the dealings, but the larger specula-
tive interests were disposed TO encourage buy
ing, their attitude being based on the somewhat
easier tendency IN money and the belief that a
decisive victory will be recorded in November
by the candidates Of the Republican party. not
only on the state ticket but on the Congress
slate in New York and throughout the country
The importance of the election of Republican
Congress is fully appreciated in Wall Street,
inasmuch the banking community now re-
alizes that the policies advocated by President
Roosevelt are working for the best interests of
the country. and that the election Of majority
Of Democratic Representatives would result in a
setback 10 the present prosperous condition Of
the nation. Perhaps the Presidents speech at
Harrisburg setting forth his views on federal
supervision OF railroads and other corporations
induced some pressure from the bear element,
the theory that investors would become uneasy
and sell stocks: but the character OF selling re-
fected no feeling Of this kind, and efforts to
bring about material declines were unsuccessful
There were speculative recessions from the early
high prices. and the absence of active public
support helped the shorts to get stocks in many
cases under the closing figures of the preceding
day. In Analgamated Copper, Reading, Union
Pacific, United States Steel, Southern Pacific
and United States Rubber transactions were ac-
tive but in these issues, we'll as in other
parts of the list price changes. as rule, were
confined within narrow limits United States
Rubber, which lost more than per cent being
the only important exception At the close the
greater number OF active shares showed small
net advances.
Money market rates. while showing a slightly
do moi oica
low level in the immediate future. The demand
for funds from the South is growing active and
Is likely TO continue SO for a number OF weeks TO
come. while the general inquiry for accommoda-
ton from mercantile sources shows sign OF
diminishing. Business conditions throughout the
country extremely sound, merchants are ex-
tending their operations and great confidence is
expressed over the future of mercantile activities
Unfortunately merchants have experienced con-
siderable difficulty in securing funds except at
high rates, but this situation is the result of
prosperity and of poor currency system, the
latter working against the commercial COM
munlty at the time when accommodation is most
needed In View OF the present position OF money
the report or the special currency committee Of
the chamber Of Commerce of this city doubtless
VIII be read with intense interest by all men who
are interested in the business prosperity of the
United States, and it is TO be hoped that the
10 action by bankers throughout the country
tending 10 send 10 Congress men who will be
able TO bring about currency reform on lines
best suited to the expansion Of our industries
There is large volume OF money in the country
ana through new gold production the supply
constantly is increasing, but under present laws
II is difficult at times for merchants to secure
funds ar reasonable rates. the chief cause of this
being the infexbty OF the currency system
Unfortunately the volume Of our money does not
vary with the demand. and. pointed out by
the Chamber of Commerce committee the bust
ness OF the country is exposed to the evils of
redundancy Recommendations for the cure of
this evil involve either the establishment of n
central bank OF Issue. which doubtless will not
mo particular favor with the greater number of
people, or law permitting national banks
whose bond secured circulation equals 80 per
cent Of their capital issue additional notes in
amount to 30 per cent of the capital these notes
TO be subject TO a graduated tax This tax Is 10
constitute guarantee fund in the custody Of the
government for the redemption Of the notes of
failed banks
That the laws regulating the operations OF
the United States Treasury should be amended
IN such a manner that they viii not as now in
'eiiete WIN the money market is admitted by
al BUSINESS men, and the suggestion in the re-
! port or the Chamber OF Commerce committee
mot Id" requiring all money in the general
| iuno or the Treasury above reasonable work
| ing balance be deposited In national hanks ~
do9otedly VIII be favorably received by bankers
anu business men In general. The Chamber of
ooilIi rec mas mace good start In the cam
palsn lot currency reform and the fact that the
conclusions reached by the COMMITTEES are the
result or months Of study and corresnondencs
with bankers In this country and in Furone en-
tlties mem 10 the serious consideration or our
lawmakers New York. being the great CONNER
cldl ana financial centre OF America naturaIl,y
should take the lead In work for currency re-
form, but bankers In other parts OF the TTntfad
States should benr In mind that permanent re
suits can only be ACCOMPLISHED hy a mnitv os