New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-28
Closing prices Of chief active bonds dealt in.
STOCK MARKET OPERATIONS.

In the two hours Of business in yesterdays
stock market transactions were heavy on an
irregular moI ement of values. which ended the
day with net losses in the greater number OF
securities. Heavy selling pressure in Reading
was an effective influence in attracting sales in
other parts Of the list, while the publication OF
the bank statement showing an unexpected loss
in the reserve above legal requirements con-
trIbuted to the weakness that was reported in
all parts OF the list in the last half hour OF
trading. Although the statement OF the Clear
ing House institutions showed increase IN
cash, the gain was much smaller than prelin-
mary estimates indicated, and as loans increased
TO a large extent. making with the gain in cash
a big expansion in deposits, the amount Of cash
required against deposits increased TO a degree
which brought about reduction in the reserve
Of nearly S1.OOOOOO. This item now stands at
SIS. SOS. $50. compared with S269T9.5JO IN the
same period a year ago. and S25.129.OJO in 1904
In the last two weeks loans Of the associated
banks have increased more than S36OOOOOO
but they are we'll under the record OF this time
q wear ago. At the close the biggest losses in
stocks were shown by American Sugar Refining.
Brooklyn Rapid Transit St Paul. Colorado Fuel,
Louisville and Nashville. Missouri Pacific.
Southern Pacific. Union Pacific and Reading.
The last named stock lost 81. making decline
from the highest price OF the week OF Is points.
METROPOLITAN Securities was fractionally higher,
while elsewhere among the active issues the only
important strength shown by the copper
shares. Amalgamated and Anaconda both clos
ing at net gains. The days decline did not re-
fleet a change in the market position OF the
leading interests. Reading went down because
it had been too heavily bought by people VINO
were unable to hold it on the appearance OF
pressure.
According to the reports received by the mer- |
camille agencies trade conditions IN all parts OF
the United States are extremely sound. and |
while in some parts OF the country wholesale /
and retail opera lions have been checked by the !
weather conditions there IS absolutely no indi-
cation of weakness in any department OF IN |
dustry In the iron and steel trade new orders |
keep coming in at a rate that Is beginning 10 /
tax the capacity of the various mills, orders l
fr,r, the railway companies being especially |
heavy for new rails. while the contracts which /
are being received by the car building companies |
from, the railroads are larger than ever before
reported Fortunately prices are being main
+aira1 at n reasonable level. and just as long as
trIs situation prevails there viii be big profits
in iron and steel and desire on the part or con-
srr,ors to be active buyers en- all lines OF iron
and steel products. Earnings OF the United
states Steel Corporation are, perhaps. the best /
ir6tcation Of conditions in general trade. and the
fact that tho income Of the big corporation is
,o,,, heavier than at any corresponding time IN
the history OF the concern naturally creates
,rraat confidence in the belief that the current
wear will be one Of record breaking prosperity
in all departments of the countrys business.
Railroad earnings received last week for the
third week in January presented additional evil
dence of the remarkably favorable industrial
situation I'm the United States. while the reports
Of banl, clearings at the cOuntrys leading cities
also served to emphasize the splendid business
situation. Total clearings amounted 10 $685.
600 900 an increase Of 40 per cent. as COM
,,orad with the corresponding week in 1905, the
LARGEST gain being furnished by New-YOrlS. with
pos+oD coming second. Speculative operations,
= course have been responsible. in part. for the
1,r~a volume OF clearings. but the greater part
Of the increase represents legitimate business
axraneton Railroad earnings reported showed /
O. gatn Of over Is per cent. following a gain OF
over 90 per cent for the second week IN January.
Rates in the foreign exchange market con-
tinua 70 rule in the neighbOrhOOd OF the level at
which gold can be exported TO Paris, and II the
Rank NJ France was IN actual need OF the
metal II could now secure II here by Offering 20
nav the interest on the metal while In transit
I- "a believed in exchange circles that Paris
does not care TO increase its gold supply at the
moment. but II is thought nevertheless that
conditions in the exchange and money market
gradually viii bring about shipments OF the
metal The supply OF cotton bills was small |
last week but the demand for remittance was
not heavy, although rates for sterling closed the
week at an advance OF so points as compared
with the closing level OF the preceding week
Many foreign loans viii mature in the near
future, and the hint has been given that some
ot these loans may p9S Re xsas8s4 AZ .suZZess-l