New-York tribune., 1906-10-07
STOCK MARKET OPERATIONS.

Transactions in the two hours OF trading ID
Yesterdays market were moderately active On
a movement of values which showed great II
regularity in the first hour and decided WEAKNESS
IN the final trading. The publication OF the
hank statement was followed by a general SELL
ing movement throughout the list. the ngureS
being Disappointing inasmuch as In FrfdaSA
estimated movement or cash large gam was
renorted while the Clearing House compilation
exhibited q decrease IN cash Of S3,IeI'SOV ana
reduction in the reserve above legal requirements
NJ So TT 225. The reserve now amounts 70
50 423 125 compared with S4.2S6.175 at this time
a wear ago and S126S6eO0 in 1904. Cash hold
ings Of the associated banks are slightly less
than the total at this period in 1908, while as
compared with 1904 they show a loss OF s4o'-
6qS 100 Loans, however, as compared Win lhls
week IN 1904, are S93.65S.OOO smaller. Heavy
selling was reported In St Paul and In Reading
the liquidation In the former being due TO sales
bv room traders who based their operations on
the announcement of the proposed large m
crease IN the stock Of the company. Many Of the
larger operators were not factors In the Gays
dealings. owing to their presence at the Van
derbnt Cup race
r-he idea that the signing OF the papers IN the
so-caIIe5 FIiu ore deal is an event Of great eco
nornic value to the United States Steel Corpora
ton is fully warranted by the facts OF the oper-
alton This transaction prolongs the lie OF tn9
steel CORPORATION as miner OF iron ores oy oO
nav cant and gives enormous future return to
the stockholders Of the Great Northern Railway
Though Great Northern already Is selling al
high figure, 1t is predicted that Its price VIII
enjoy further material improvement WINE SIM
liar predictions are made FOR Northern Pacifc'
which also figures IN the ore transaction Peo-
ple who are interested in high class stocks are
+el,tpe these issues, and they likewise are buying
Ca,e6tan Pacific which in the last few weeks
hos bAa, a nrfuns investment favorite- Canad1as
raotAc's assets are estimated to be as valuanIe
as those Of the Great Northern Closing prices
IN the general list showed more net losses tnan
gains. with the chief weakness IN ST. PAU. COL
orado Fuel Great Northern, Northern Pacino'
pAadins Union Pacific and United states Steel
dacltnes representing nothing beyond traders
operat,ons. Erie and General Electric were
strong features.
Tn. demand for currency from the South is
Increas sing. but the urgent needs Of the West.
snnarentlv for the present have been satisfied,
+bouqb of course further heavy shipments
r,ay ba made from New York for Western
account Business is so active all over the
country that the inquiry for accommodation
,ilxeIv will continue heavy throughout the bal
ance Of the year. and the chances. therefore,
Of easy money not at all promising; but II
sbo,,Id he horne IN mind that the nations
credit Is good: that the Federal Treasury IS
we'll supplied with funds and that the fnan-
cial powers are in a position to prevent none
tarv disturbance. Probably the crop demand
for runds will continue for six weeks or more.
hut the very fact that the agricultural COM
rornitv IS able to borrow money IN New YORK
o,,.b+ n encourage enthusiasm among business
,,ar IN general as these operations in the money
-,arl,a+ Indicate sound conditions in the great
Farm, section of the nation. With prosperity
among the farmers there is always an accom-
panving good time In all lines OF trade
Conditions in the cotton belt are not quite
so satisfactory as planters and brokers wouio
like 10 see, but notwithstanding the fact that
the cotton production and cotton exports OF
tbis country are important factors IN our indus
trial and financial progress. the nation viii not
on into baukrllptcy because Of q relatively
small croD. which has been injured by the ter
r,ec gulf storms of recent days. The cotton
oro, is late and has been further retarded by
The adverse weather conditions OF the last few
weeks and as cotton exports are great makers
~ foreign exchange the marketing OF the crop
eorIv Is most desirable. especially this year.
when we have so many finance bills maturing.
FINANCE bills represent foreign loans for Ameri-
can account and II American borrowers are
unable TO Iquidate this Indebtedness now they
will receive an extension from the foreign
lenders. Foreign capitalists believe in this
country II they did not they would not lend
us money or buy securities.