New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-04
Closing prices of chief active bonds dealt in.
STOCK MARKET OPERATIONS.

In the two hours of trading in yesterdays
stock market prices declined on an active selling
movement, losses of from to per cent being
common. while in some instances bigger depre-
citation was reported. Reading, Union Pacific
AmaIgamated Copper and United States Steel
were among the weak features OF the day. Read
ing, for instance. losing 37s points net on an
active Hquidating movement. Traders sold the
market on the theory that the advance following
the decline earlier in the week had been too
rapid and the fact that there was no important
support in the leading active shares naturally
encouraged aggressive operations on the part or
the newly formed bear element An unfavorable
bank statement served to intensity bear senu-
roent According TO the figures compiled by the
Clearing House on it's Anticipated average sys-
tenn the banks showed a loss IN reserve above
legal requirements OF ATOP 25. due to de-
cline in cash OF 81. $4,000. and an increase in
the cash requirements against deposits OF 3d.
572. go.
Contrary TO expectation loans increased to
large extent The decrease in cash was less
than the preliminary estimates. which indicated
q loss Of over S6OOoOOO. while the actual de-
crease as shown by the statement was only
81 100 600 In the last three weeks there has
raeu an EXPANSION In the loans or the associated
hanks Of upward of $5OOO0OO0 Reserve now
stands at S11 10, 625. compared with go
~ this time year ago, and 81, $40 775 in 1904
Final prices were not much above the lowest or
the dav. values in the last half hour showing no
disposition to rally. Total sales amounted 10
over SOOOOO shares, of which the largest part
was supplied by Amalgamated Copper, Colorado
re-, and IRON Erie Northern Pacific Reading,
e,,+terr Pacific. Union Pacific and the United
states steel issues. AS a result Of the days de-
Zine sentiment in commission house circles was
extremely bear1sh
In the month Of January the amount OF money
in circulation increased over S9OOO'oOV' ana the
figures Of February 1. compared with those OF
February l. 1895, showed an increase OF SILL
ESQ 767 This large increase in the amount OF
money in circulation in the country proves rnat
there Is an ample supply Of funds IN the United
c+.+es for ALL the requirements Of trade, while
- o1eo indicates that the expansion in the cir
cuIa+tnC medium has kept pace with the increase
In the Industrial activities Of the nation IAere
&c enough money in the country, but the system
of its distribution is poor, and the best informed
fnanciers believe that there should be a reform
in the currency laws which would give our cur
rencv greater elasticity rather than increase
its volume Money in the last week moved to
Nev-York in relatively small amounts. while
the local banks lost large sums their opera
+ions with the Sub-Treasury. The funds which
went into the Sub-Treasury practically went out
Of circulation, and IL the movement continues
the government will be able TO show a large sur
Dlus at the end OF the year. and, while this is
situation much to be desired, it is unfortunate
that so much of the country's money must be
locked I'D in the Treasury vaults. At the cur
rent rate Of government receipts and with the
rrospect Of larger Withdrawals of currency from
this centre in the spring for the West and the
South in connection with the demands Of trade,
there will be higher rates for loans in New
York later on in the year. especially if there
should be good sized shipments of gold TO
Europe
Foreign exchange rates continue to rule in the
neighborhood OF the gold exporting level in spite
of large shipments OF general merchandise from
New-YOrk. Exports of corn last week were
larger than IN any other week on record. and the
chances are that the movement will continue
TO be heavy throughout the next few months
owing 20 the large surplus supply in this coun-
try and the active foreign demand The United
states however has enormous obligations
abroad which Offset the favorable trade balance.
including large loans made by European bankers
for American account It was said yesterday that
a a consequence OF the high rates for exchange
foreign loans which are now maturing Will not
be renewed by means of finance bills, but
through the medium of sterling loans. which. or
course means a considerable risk on the part OF
the borrower, owing TO a possibility OF ad-
vance in exchange at the time these loans
mature.