New-York tribune., 1906-11-04
enlisted
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

In the two hours OF trading In yesterdays
stock market transactions we're light in voIums
on an irregular movement OF values. with mora
net gains than losses at the close. Declines.
when made. were not large, except in the case
of Reading in which there was point break.
the early selling IN this ISSUE well IN other
parts of the list. representing profit taking opsr-
ations and pressure from the room element IN
expectation of poor bank statement. Tho
Clearing House figures showed a decrease In
cash OF 81 342 400. but the effect OF this loss on
reserve above legal requirements modified
to some extent by the decrease IN loans OF So
542, 800. causing a corresponding decrease In de-
posits. which. result of the contraction in
loans and the falling OF IN cash. declined SIS
$4,000. From all changes reserve decreased
S2.623.9O0 to $3O49. .775. compared with S2S54-
2l5 at this time a year ago and S1O.112.4 400 IN
the corresponding period in 1904 Cash and
reserve holdings of the associated banks show
little change from the figures of last year. whiIs
the same thing may be said OF loans. but IN
comparison with 1904 the cash item IS S52O44-
200 smaller and the loans are SS7 OSS 500 less
Bank statement figures were without especial
effect on stock market trading. transactions In
the last half hour being light in voIuus with
prices showing improvement, however "a COM
pared with the earlier quotations Reading re-
covered its loss closing unchanged from FRI
days final figure.
In the month OF October there was an fncreas.
in the amount of money in circulation IN this
country of S54 749O92. while as compared with
year ago the increase in circulation amounted
to S213. ,2Oe. notwithstanding the large in
crease in the amount OF money in the country
in the last month. the cash holdings OF the local
banks declined more than S14OOOOOO and re-
serve above legal requirements was reduced
from S12,540.350 TO S3.O49,775 the latter being
the figures exhibited in yesterdays statement
of the Clearing House institutions The gain In
circulation was due in great part to receipts OF
gold from abroad at this port but these receipts
were offset by shipments of currency to the
interior. and in consequence the banks at this
centre failed TO enjoy the benefit OF the gold
imported, except that the metal served to pre-
vent an actual wiping out OF reserves and TO
make impossible acute disturbance in the money
market. 1t is interesting 10 note that in the
last month there was an increase in national
banknotes of more than S10O0000O and as COM
pared with November 1. 1905 an increase Of
S623O911O Actual gold coin in circulation has
Increased in the last twelve months $36 O41. .763
and gold certificates against gold held in the
Treasury have increased S95. .992, $50. The total
amount of money in the country outside Of
Treasury holdings is 50, SGT, $50 1856 which rep
resents a circulation per capita of S33 6S COM
pared with S33 OS a months ago. and $31 50 a
year ago. This Increase IN the country's money
has been large enough to take care Of the un-
usual trade requirements. and suggests that
there is little need for currency reform which
seeks TO increase the volume OF actual money
but the low position of reserves in New York
proves the necessity for currency reform which
will prevent stringent money rates at the lead
ing financial centres. More elasticity rather
than more money is what the country needs in
it's currency system.
Wall Street interests are confident that thers
Will be no adverse election results Tuesday. and
in consequence they looking forward TO
higher prices in the current week. The specu-
lative element rule is willing to place large
sums Of money in wagers on the success OF
Mr. Hughes, and this hopeful feeling. if not upset
by the unexpected. doubtless viii serve TO bring
about better quotations in Wednesdays market.
II Mr.. Hearst should be successful. prices may
run off, but there appears to be no expectation
that the market will go to pieces. even IL a
majority of voters. through the temporary i'm
pairment or their mental powers. should mistake
the star for the eagle.