New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-18
STOCK MARKET OPERATIONS.


On a light volume Of trading, stock market
values moved In an irregular manner in the
greater part Of the two hours Of trading, with
the final tendency in the direction Of lower quo
tations. As compared with the preceding day.
however, last figures showed no extensive losses
fluctuations as rule being confined to insight
fcant fractions. Speculation was without the
support Of commission house business, transac-
tons for this account amounting TO an unusual
~ small total. while there was no indication OF
interest IN the course Of trading by the sub
stantial speculative leaders. Following the pub
LEGATION Of the bank statement. which made an
Unexpectedly poor showing, there were efforts
to bring about lower quotations. and though
prices declined there was no important Hqulda-
ton and no selling pressure outside Of the opera
tions of the board room element. which appar-
emily went home short Of stocks. While there
was an increase in the cash holdings Of the as
ISOLATED banks, the gain was not large enough
TO offset an expansion in deposit, which brought
about an increase in the cash REQUIRED against
deposits. which, in turn. resulted in a decrease
in the reserve above legal requirements. The
chief factor in swelling deposits was an in
crease in loans Of nearly 100000, This ex-
pansion IN the loan item was wholly unexpected,
and II created a most unfavOrable impression on
Wall Street sentiment, especially as total loans
are now almost as large as they were at this
+ir,7a aDn- u-I7i1a nash holdings ara $40
100000 less The actual decrease IN reserve
amounted to S59S,575. bringing that item to &c.
765 125, compared with S5.154175 in the same
time last year, and S27,31O.575 IN 1904.
Trade reports received by the commercial
agencies for the last week present further
evidence Of health and stability IN the posi-
ton Of the country's Industries and indicate
the maintenance Of such conditions for
long time TO come. A seasonable falling off
in the demand in certain lines IS not consid-
cred a sign Of the development Of adverse
factors in the general situation; indeed, it
Is taken as encouraging evidence Of the general
strength Of the trade position. Business con-
Germs throughout the country are loaded with
orders involving contracts for the second and
third quarters OF the year. and quieter period
now. as far as new orders concerned, is
welcomed by business men IN general. That
there has been no real setback in the nations
industrial activities is reflected in the record OF
! railroad earnings and in bank cearings, which
continue in most cases TO break all past records
for this time Of the year. railroad gross receipts
/ for the first week in March, for instance, show
ing a gain Of over IL per cent for the companies
/ reporting.
| Factors Of this character make for increased
/ value IN investments, though at the moment
they are not being used TO bring about a bull
| boom on the Stock Exchange. Stocks advanced
for many months in anticipation Of Just the
/ favorable conditions that now exist throughout
| the country, and speculation at present is TAX
ing a breathing spell, and doubtless under the
influence Of firm rates for money viii continue
TO move in q quiet manner for number o.
/ weeks TO come There is no immediate pros
uect Of material change in monetary condi
| lions favoring lower rates for funds, but II Il
encouraging to note the fact that shipments O
currency last week TO this centre from out o
town. sources were heavier than in any week fl
| a month or more. At this season Of the yeal
however, a big flow Of money TO New-Yor
| cannot be counted on, owing 20 the sprin
| demand for accommodation incident to tn
spriug trade and the beginning Of the plantin
p season in the agricultural section Of the Unite
: States. Europe shows willingness to len
: money IN this country through the foreign eX
|. ! change market, but a distinct Discrimination
! send gold to this side Of the Atlantic Oceal
| Russia is about TO put out a large loan, and q
| II will be financed by German and French banA
ers, and perhaps by English bankers also, thel
: | Is Of course, need Of keeping gold reserves IL
- tact at the foreign financial capitals. There
, | no danger Of financial trouble in this COuntI
d | and no chance Of acute stringency in the none
1 market.