New-York tribune., 1906-04-15
STOCK MARKET OPERATIONS.

Stock market values were faRorably affected
in the early dealings by the expectation OF an
excellent showing IN the bank statement while
subsequently quotations advanced under the in
fuence OF the announcement that the Secretary
OF the Treasury had decided to-deposit gold with
the banks pending the arrival OF the metal en-
gagged abroad for shipment TO this country. Fol-
lowing this announcement the bank statement
published. showing better results than gen
orally expected. While these factors 10
strengthen prices. they did not attract heavy
buying commission houses practically being
without orders. though brokers expressed the
opinion that a better demand would be recorded
IN to-morrow's trading as a consequence Of the
encourag aging Developments In the money market
situation Secretary Shaw's action Will facii-
tate gold imports, the banks which bring in
the metal will be able to secure from tho Treas
ury an equivalent amount TO be used until the
foreign metal arrives Bank statement figures
showed an increase in cash OF ovsr $1,000 900,
and This gain, together with the decrease In
loans Of over 100000. resulted in q reduction
IN deposits OF So, ,579 100 which was responsible
! for decrease in cash required against deposits
! OF S5304 $50. The decrease in the last named
item caused an increase in the reserve above
legal requirements OF over 100000. an amount
large enough TO restore the reserve which a week
ago was wiped out, and 70 leave balance OF
81 772 800 which compares with reserve OF
So 352AoO at this time year ago. and S27. BOA.
COO in 1904.
Activity IN stocks was confined IN great part
TO the copper issues, Union Pacific. Brooklyn
Rapid Transit Erie Reading and the United
States Steel shares. In the copper stocks buy
ing apparently was based on the strong statisu
cal position OF the metal and on the expectation
| OF an increase in the dividend on Amalgamated.
| At the close the greater number OF securities
! showed net gains. the only important exceptions
| being supplied by Baltimore Ohio Consoli
| dated Gas and Reading Further strength
/ reported in Pacific Coast on small volume Of
| business, and further reports were heard init
mating that powerful interests in addition to the
Great Northern and Union Pacific people were
| anxious TO secure control OF the property. AS
| a rule last quotations were at or near the best
\ Of the day.
| The money market IS mending and the fears
! expressed early IN the week that serious conse-
| ouences would result from the position Of the
| loan market are passing away. While II is
not believed that rates for funds will decline to
an easy basis tllis month. It is considered pr0ba
| BILE that there Will not be a return of the alb
: normal quotations which were recorded last
| week and which fortunately were not accom-
1 panied by disturbance tho Stock Exchange
The high rates for money were not due TO an
actual scarcity OF the circulating medium In
this country, but 10 the fact that money was
| poorly distributed and in relatively light supply
! in this city at a time when the demand from
borrowers was most urgent. An encouraging
sign Of the times IS the effort now being made
| by the Chamber Of Commerce TO secure views
| and suggestions currency reform from"bank-
ers and business men throughout the country
with the idea OF evolving a plan which. II
adopted by our national Legislators would do
away with the constantly recurring periods Of
monetary stringency such that which de-
veloped last week There IS doubt in the
minds Of men who practically have been born
| and brought up IN the banking business that
| there ought TO be some method devised which
| would give to the currency system greater elias
ticity thereby preventing the development of
| tight money at times when the demand for ac-
| commodation is most active. The United States
is the only important nation in which money IS
| under the control of system which makes
! nossible frequent periods OF disturbance in the
| loan market, and while the chances do not favor