New-York tribune., 1906-08-11
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
light in volume in the greater number Of issues,
accompanied by irregular movement Of
values which showed many more net gains than
losses at the close. In the so-called Hartman
shares Amalgamated Copper, Reading, Penn
sylvania and st. Paul, fair advances were re-
corded on operations which represented cover
ing of shorts and buying for the long account
the latter including purchases by of the
more important houses in the Street. particu-
larly houses that have been uniformly bullish
in recent weeks. At times there were baby raids
on prices, but the influence of these speculative
excursions was not OF long duration. The gem
eral dulness in most shares was not considered
an indication of the development of a perrna-
nenty inactive speculation. nor were the periods
of irregularity in prices thought to foreshadow
a change in the near future in the movement of
quotations, which Tor the last fortnight has
been in the direction of higher figures. Com
mission houses, in their daily market letters are
bullish while the general trend of Wall Street
talk, especially in conservative banking circles,
is in favor Of advancing values. and in view OF
this attitude the part of leading interests IL
is difficult to find the slightest reason for en-
thusiasm among the few people who believe that
bull activity is over for the year. The Wall
Street tide is coming in. and. according to the
ideas of many careful observers Of market COM
ditions there may be something akin to a flood
before the ebb begins. In the last hour trading
was even duller than in the early dealings,
Southern Pacific being the only important ex-
ception. 1t may be stated on authority that
an announcement will be made within ten days
which Will account for the strength in Southern
Pacific shares-presumabIy the declaration of
dividend.
Money market rates We're strong yesterday,
with all indications Of further strength in the
near future owing to the active demand which
is beginning to develop in the West for funds at
this centre. According to the known movement
of money in the week. the local banks have lost
S256S,700 in casn holdings. and unless there has
/ been a big contraction in loans tO-days bank
statement ought to show large decline in re-
/ serve above legal requirements. In last weeks
! Clearing House return the reserve was some-
| thing more than $14,000,000. and if there is an
| important falling off in to-days figures the
chances will favor a stronger market for loans
in the coming week. Fortunately foreign ex-
change is now moving in favor OF this country,
| rates in the last two days having declined to a
point not far from that at which gold imports
| could be negotiated at profit, and it is not un-
likely that in the coming week local bankers will
| be able to secure some of the snetaI which will
/ be available in the London market Imports of
! gold will prevent stringency at this centre but
/ they Will not serve to bring about easy rates for
| loans. inasmuch as the demand for accommoda-
tiOn this fall, from present indications, will be
heavier than ever before recorded in the autumn.
| The loss TO the interior this week amounts to
| s619,7O0, and from now on Withdrawals for this
! account doubtless will show steady gain until
| the requirements of the crops and the general
! fall trade have been satisfied. Government fig
ures showing the condition Of the crops as Of
| August l indicate enormous harvests, and the
fiscal needs of the agricultural community in the
gathering and marketing of farm products there
fore VIII be heavy.