New-York tribune., 1906-05-20
STOCK MARKET OPERATIONS.

Stock market trading was extremely dull in the
two hours Of business. total sales amounting to
only l5l135 shares, Of which the greater part
was supplied by few of the leading stocks and
Disters' Securities. In the latter issue there
was a maximum advance of three points, the
movement apparently being due to speculative
move on the part of traders who discovered the
existence of a large short interest in it, Price
changes in the early transactions were confined
to uniTnportant fractions, while following tie
publication of the bank statement the general
market remained as dull in the preceding
operations. though in the last few minutes there
was feeble attempt to bid up prices A reflec-
lion OF the inactivity which prevailed was pre-
sented in the few stocks dealt in and in the first
appearance of st. Paul on the tape at 11:15 St.
Paul, however, was not an exception in this re-
spect, as first dealings in some stocks appeared
even later, while in number of issues there
was no trading at all Bank statement fiures
showed small increase in cash, but, owing to a
large expansion in deposits, which was due to a
big increase in loans the reserve above legal re-
quirements declined 81. $50. .325 to S1O129975
which compares with $S.219975 in the same
week a year ago and S13.OO4. .275 in the corre-
spending week in 1904. The increase in loans
doubtless was due to syndicate operations. prob
ably in connection with the Pennsylvania $50
OOoOO0 note issue. Last quotations showed as
rule unimportant changes, net losses predomi-
mating.
Easier money rates and heavier tendency in
quotations for sterling exchange were the i'm
portant developments of the week IS far as
monetary conditions were concerned Time
money declined under ; per cent, and several
large loans for long periods were made at 4sl
per cent on first class collateral. while consid-
cradle amount Of money was placed at ; per
cent a mixture of railway and Industrial
issUeE decline however in, rates fo, 4J,,,o
funds failed to stimulate active investment
buying Of securities. the recent advance in stock
market values evidently carrying prices to a
level which did not appeal to people with idle
funds. especially as in many cases the income
yield is not especially attractive to purchasers
a present figures. The weaker tendency in for
eign exchange at the close of the week apparent
ly was due to the report that the Pennsylvania
Railroad was negotiating for a large additional
loan in Paris, the short interest in the market
taking advantage Of this opportunity TO bring
discomfort to the opposing side, which is of
large proportions. There was heavy short sell
ing against expected offerings OF security bills
but the general opinion in Exchange circles did
not favor the theory that rates would rule at a
materially lower level until later on in the sea-
son. when there doubtless will be a heavy press
ure of grain and cotton bills. Notwithstanding
the renewed demand last week for San Fran
of gold apparently no longer exists. The urgent
needs of the Pacific Coast evidently have been
satisfied in great part, though it will be we'll
10 wait until the opening of the Frisco banks
next Wednesday before shaping in ones mind
the probable course of money in the next few
weeks. There are still number Of uncertaiu-
ties in the situation, which may develop into
positive factors, particularly in connection with
the financing of a large amount of maturing
foreign loans held for American account.
According TO the reports received from the
commercial agencies the more seasonabe
weather has exerted a most favorable influence
on retail and wholesale business. and in all parts
of the country the future is regarded with great
confidence notwithstanding the fact that I'm GER
tain sections of the agricultural community
there has not been enough rain to nourish the
grov,ina crops It is interesting TO note that
the recorder business for San Francisco account
&c Incoming an active feature In the jobbing
trade. while it is also encouraging to record the
largo business which is being done for the fall'
ard In the iron and steel industry the large
o-5ors for steel rails for 1907 delivery. Col
,ac4ious IN most lines Of trade are excellent.
railroads reporting earnings for the first week
&, Nav show for thirty-nine roads an increase
az compared with the same period year ago
90 moro than IS per cent in the aggregate "iiile
4o,,4,, roads reporting for the second week