New-York tribune., 1906-08-12
STOCK MARKET OPERATIONS.

| In few stocks trading was active in the
two hours OF business, but in the greater part
| Of the list the volume OF transactions was ex-
ceedingly small, though the general tendency
OF values was In the direction OF high quota
tions. The upward movement was especially
pronounced following the publication OF the
bank statement, despite the fact that the Clear
ing House figures showed a large shrinkage in
cash and a considerable reduction IN the re-
serve above legal requirements. Buying doubt
less was based on the theory that stocks are a
purchase on bad news. particularly when such
news fails TO bring forth liquidation. In Anal
gamated Copper, Atchison, Northwest. ST. Paul,
Consolidated Gas. Southern Pacific and Union
Pacific fair advances were recorded. purchases
OF the Hartman shares being accompanied by
further talk regarding increase in Union
Paciic's dividend and the establishment Of
Southern Pacific common on a dividend basis.
while regarding Atchison there also was more
or less sentiment favoring an advanced dis
tribution announcement at the next meeting Of
the directors. Increased dividends and the plac-
ing Of stocks in the dividend column which
never have paid anything to their holders are
more than probable in the course Of the next
few months and OF course, supply food for
active discussion in Wall Street circles, eSpe-
ciaIly in quarters where energetic efforts are
being made to bring about higher level Of
quotations.
There appears TO be little doubt in the mind
OF the average Wall Street trader that all con-
ditions working for better figures for stocks,
notwithstanding the low position OF the bank
reserves and the probability OF much firmer
rates for money. The prospects OF gold imports
are so promising that the fall In bank holdings
creates no alarm in speculative circles, but it
should be borne in mind that the gold imported
Will not furnish a large fund for stock market
purposes, but merely serve TO offset the with
drawals that must be made for interior
account. Domestic exchange is moving against
this centre. while sterling exchange is declining
IN manner that suggests the probability OF
shipments OF the yellow metal from Europe to
this side OF the Atlantic Ocean in the near fut-
ure. Imports may begin this week unless
there should be a big change in money market
conditions abroad. of which there is now no
indication While it is conceivable that Europe
may object TO heavy drain on its gold supply
for American account. there doubtless will be
little trouble in securing enough of the metal
TO prevent acute stringency at this centre
Money is easy abroad. and from current indica-
uons will remain so, barring distressing revolu-
tionary developments in Russia, and Just as
long as rates in this country are higher than
they are in Europe foreign bankers will be glad
TO place their funds here
AS a result OF all changes in the bank state
ment reserve decreased So S51, $50 to IS 27I 525
which compares with S12.s46,SOO at this time
year ago and S57. .7S1.475 in 1904. Loans de-
creased S8723. 400 while cash decreased 50, pa
800. the heavy loss in the latter item including
| figures which were not shown in the return of
the preceding week.