New-York tribune., 1906-11-10
sUnlisted. fEx dividend.
Closing prices Of active bonds dealt m. witt
STOCK MARKET OPERATIONS.

| On a relatively small volume Of business stock
| market values moved in irregular manner
| throughout the day, more net declines than ad-
| Vances being recorded at the close. Opening
| quotations as a rule were under the closing
| figures OF the preceding day, and the only I'M
portant strength at any time developed follow
| ing report that the bank statement would
| show contraction IN loans large enough 10
| offset the loss IN cash as an influence on the
reserve above legal requirements. This rally
was effective in helping a few issues TO Gloss
at net gains, but IN the greater number of stocks
the improvement was not large enough to over
come earlier losses. There was indication
| Of commission house buying. while there were
signs OF quiet liquidation in various parts Of the
list, this movement being similar to that which
has characterized the course OF trading in the
last few DAYS. With call money at its present
level. which yesterday high as Is per
cent there IS little incentive for public buying
OF securities, but offerings declines appear
to be taken by the substantial class Of operators
and n consequence securities are becoming
more strongly intrenohed in the hands OF people
who are able to protect their holdings IN times
of monetary distress. Among the active shares
the chief losses were suffered by American
Woollen. Brooklyn Rapid Transit, New York
Central, Great Northern. Delaware & Hudson
and Pullman stock
this week the local banks have lost SO O44 900 In
cash holdings. and unless there has been large
contraction in loans the Clearing House state
ment to-day doubtless will show a reduction In
reserve which last week amounted to only S3,-
O49,775. The course Of money market rates in
the last two days has been distinctly against
the theory that reserve will show Improvement
but Notwithstanding this bankers are not un-
easy over the situation, especially as speculation
in stocks is being conducted on a restricted
basis. There is an urgent need. however of an
increase in the amount Of money held by the
banks. At the moment there is no prospect OF
a heavy return flow of currency TO this centre
in the near future. though later on In the year
money ought to come to the East from the West
and South IN volume. and Just now the only
| source Of relief available must be found in the
federal Treasury. AS the government holds a
large working balance. outside Of its deposits in
| national banks. there is no reason why the Sec
retary of the Treasury should not pay in ad-
vance part ar least Of the national bonds which
mature IN July. 1907, end IT is confidently ex-
J pected that Secretary Shaw will take action of
this sort before long, especially as a continu-
i ance Of stringent money viii. undoubtedly, have
| an adverse effect on the country's industries
There is little disposition TO trade extensively
| in stocks with money at its present level but
| many commission houses are advising their Gus
toners TO buy the better class Of issues on all
declines believing that with a return Of normal
monetary conditions considerations involving the
strength Of the nations business and the pros
poets for a long period Of prosperity will carry
values 10 a higher level. And it is also believed
| by Wall Street that the President Will recon-
mend and insist on the enactment of currency leg
islation which viii make impossible the constant
recurrence Of periods Of monetary stTngency.
Some Of the speCulatoTs in the Street are uneasy
over the political results which have placed in
power the candidate for Attorney General on
the Democratic and Independence League tick
cts. the theory that he will wage war against
local corporations. Doubtless the new Attorney
General Will endeayor to discipline corporations
which DO not obey the law. just as Mr.. Mayer
has done but Wall Street need not become ex-
cited on this account, as the elimination of cor
porate rottenness VIII conserve rather than in
jure investment values Politics. money, the
heavy incr"aso . Pennsylvania expenditures on
labor and il iends and the concentration Of
mileage in the hands Of the Hartman interests
as reasons for lower prices for securities. and
in the absence Of public support they find no
oifhculty In bringing about small speculative de-
clines, but II Is noteworthy fact that there is
no great amount OF stock for sale