New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-18
STOCK MARKET OPERATIONS.

After a fairly steady opening prices declined
throughout the list. and despite the publication
Of a bank statement which was much more
favorable than generally expected the selling
movement continued without important inter
ruption until the close of the two hours of bust
ness. According the figures compiled by the
Clearing House the reserve above legal require
ments of the associated banks declined only
$153,650, Notwithstanding a falling off in cash
Of So. 233, 100. The decline in cash, however was
much smaller than Fridays estimates and
loans contracted nearly 100000 making with
the loss in cash decrease of over $12000OOO
in deposits the amount of money required
against deposits decreased a tri1e over $3,000-
600, which. deducted from the actual loss in
cash. brought about the small falling off in re-
serve The last named item now stands at
S5,7s9,925, compared with $9,204. 425 in the same
period year ago. and S21. 506, 900 in 1904 While
the amount Of reserve is small. there is no occa-
sion for uneasiness. Money rates Of course will
remain at a firm level just so long as the banks
are carrying the burden of supplying the in
terror with currency, but these rates will attract
foreign money 10 this centre, a reflection of
which is already presented in the placing Of
loans in this market by foreign bankers
Although foreign exchange rates are not at
the gold importing point as yet the chances are
that quotations will go lower, and that if the
necessities Of the situation require the importa-
ton or the precious metal shipments will be
made from the other side of the Atlantic Heavy
hquidaton was reported in number of stocks
which recently have figured in POOL operations
as, for instance. American Smelling and Read
ing. while throughout the general list there was
a selling movement which represented the
throwing over of stocks by holders who no long
er We're able to protect their marginal accounts
There We're no concerted efforts to support the
market, but on the decline there was some fairly
good buying in Union Pacific, Reading Colorado
Fuel. the copper issues and the steel shares.
The decline in the day naturally increased bear
ish sentiment, which has been a feature in the
last week. but the fact that there was a large
extension Of the short interest led a number
of close observers of market conditions to be-
Heve that sharp rally might develop in the
current week. 1t is the general opinion how
ever, that values will reach a lower level before
an active resumption of bull operations deveIops
Reports received from the commercial agencies
yesterday presented further evidence Of the sub
stantial character of the industrial expansion
that is now under way in this country. Present
conditions are unusually sound. and there is no
sign that anything more than healthful reac-
lions viii develop for many months TO come
Bank clearings for the week showed a gain of
234 per cent for all cities. while the latest re-
turns of railroad earnings present an increase of
1888 per cent for forty roads reporting COM
PARSONS being made with the same period a year
ago. In iron and steel the current production is
exceeding all past records. yet it is not running
ahead OF consumption. and according TO the ad-
vices received from iron trade centres there is
no prospect OF a falling off in the demand for the
present, at least. Conditions in the business
world, of course would undergo unfavorable
change if widespread labor disturbances should
develop and If the crops Of 1906 should fail, but
whit far
which do not warrant encouragement at this
period. Additional evidence of the country's
prosperity is supplied by the statement OF for
eign trade for January. just received, showing
the largest exports and imports for any jan
nary record, the combined total amount
ing in value to S277. 1862 an increase of
500. 245,353 over the corresponding month in