New-York tribune., 1906-07-08
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.
changes, follow:

Transactions in the two hours of business in
yesterdays stock market were moderately heavy
in volume a movement of values which tended
in the direction Of higher quotations until the
publication of the bank statement, when gen.
eraI selling developed. In many cases early inn
provement was entirely lost, and in the active
list number of net declines were shown at the
close. though in the majority Of issues small net
advances were recorded. with gains Of more
than per cent in Central Leather, st. Paul.
Great Northern, Northern Pacific and Norfolk &
Western. In the early dealings the Hill shares
were striking features Of strength, their advance
again being coincident with reports that the Hill
ore land deal was about to be closed, but, was
the case in the preceding day, there was no Off
ciaI confirmation Of the rUmor. Commission
houses were not active factors in the trading nor
did foreign houses evince much interest in spec
ulation, the chief part Of the business being sup
Piled by the professional element. both the
first hour advance and in the last period of the
session, when declining values were common.
Reason for the selling movement was found in
the unexpectedly unfavorable Clearing House eX-
hibit which showed falling off in cash OF near
" So 100000 as against estimated increase Of
upward OF $1.OOOO00
Reduced cash holdings doubtless were due to
the operations of the trust companies in con-
nection with increasing their reserves. as pro-
Vl0eQ Tor IN Lno law pdSSSO ny IAS AdSI StAIS
Legislature, compelling institutions Of this char
acter to establish Is per cent reserve. 3 per
cent Of which must be in cash; also to July in
terest payments Loans decreased more than
S6OOOOOO, due to the transfer Of loans to foreign
bankers through the foreign exchange market
and to the liquidation by the Baltimore & Ohio
Of a large loan at the National City Bank. AS
result Of all changes the reserve above legal re-
ouirements decreased $5590.615 20 $6.465. .615.
which compares with $7,957,S S25 at this time
year ago, and S36O17, ,725 in the year before. The
position OF the banks does not encourage the
idea Of a long period OF easy money rates, unless
there should be gold imports on a large scale.
and just at the moment there is no indication
that local bankers expect an important move
rnent of the metal to the United States. or
course IL there should be a sharp decline In for
eien exchange quotations In the current week
liberal engagements of gold doubtless would be
made. and it is quite certain that in the event
Of stringent rates for funds round amount OF
the metal could be secured abroad. There Is
nothing In the situation that encourages une@1si-
ness over the money market, but 1t readily may
ba seen that conditions DO not warrant an as-
o,ress1v,e hull speculation in securities. The re-
coverv IN stocks following the early week slump
was not due 10 the development of an OUTSIDE
vr,desnreaA demand for securities, but to profes-
s4onaI onerations based on the technical position
NJ the market. This movement may be carried
further in the present week. inasmucn as inc
short interest is still Of considerable magnitude