New-York tribune., 1906-09-30
enlisted
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.
changes. follow:

In the two hours OF trading prices for securt-
ties irregular. except in the last half hour
when the entire list moved tn the direction of
higher quotations. Dealings were heavy. partic-
uarly in Reading. Union Pacific, United States
Steel and Amalgamated Copper, Reading sup
plying the biggest operations and exhibiting the
greatest strength. closing more than points
above the last quotation IN Fridays market
Most of the buying appeared TO come from the
shorts, public operators not being important fac
tors on either side OF the market The publica-
ton of the bank statement was followed by
activity among traders, the showing being bet
ter than expected, presenting an increase in cash
and reserve holdings, the latter item growing
despite expansion IN loans. Cash increased
So 926, 300, and reserve above legal requirements
81. .224.425 to S12.54O.350. which compares with
S7.44OO25 at this time year ago and S19,913.-
425 in 1904. An increase in loans of S7,290.2O0
doubtless was due in great part to operations
incident TO the preparations for the October in
terest and dividend payments ana TO syndicate
transactions. The Hill shares, after showing
early weakness. closed frrner; also Union Pa
cifc and St Paul. but United States Steel failed
TO share 10 any extent in the Improvement The
Hill companies will profit in ready cash, no
doubt, from the sale of the ore lands to the
United States Steel Corporation, but the earn
ings OF the latter will not be increased, though
the concern will come into possession OF an
amount OF which will insure it supplies for
years to come.
In the last week the local banks suffered
greater net loss TO the interior than in any
| responding week ever before reported. Not
only was the loss heavy. but there were indica-
tions Of further large Withdrawals from the local
institutions in connection with the financing OF
the crops. interior exchange at New Orleans for
instance, declining to point which encouraged
| shipments Of funds TO that centre. The move
ment Of money TO the South is quite likely to be
! increased through the damage done to certain
sections by the devastating Gulf storm, and in
/ the current week transfers of money to Southern
| points and Western points doubtless will be
active. unless the interior banks are able to take
| advantage OF the offer Of the Secretary of the
Treasury TO increase government deposits
| against bonds that legal investments for
| savings banks in New York and Massachusetts
1t hardly appears probable that the smaller
| banks throughout the country will be able TO
do this. owing to inability TO procure the proper
| kind Of security, and in that event the Secre-
| tary may increase the proportion allotted TO
| New York
| The monetary situation is not at ali clear yet
| II is hinted that the government may decide to
| refund pay Off a part of the government
| bonds due next July. and while in well in
| formed banking quarters II is known that Sec
retary Shaw has been seriously considering this
| plan. II is now felt that the Cuban developments
may postpone and perhaps make impossible such
action. Even a peaceful invasion of Cuba will
| increase to a great extent the government ex-
| penditures. but fortunately money spent inci-
dent to such an operation will find it way into
the channels Of trade. But If a long Occupa-
ton of the island is found to be imperative. and
warlike disposition should develop on the part
OF the Cuban people. our Treasury Department
would not be justified in paying off in advance
government bonds entering any refunding
negotiations. Viewed from the money side the
Cuban situation possesses elements of danger
under the present condition of money scarcity
Outside of the money market there are no fac
tors that cause uneasiness in Wall Street the
grave faces Of bear traders over the political sit
uation merely being assumed for speculative
| reasons