New-York tribune., 1906-07-29
STOCK MARKET OPERATIONS.

On moderately active volume Of business
stock market values in the greater part of the
list moved toward higher figures, the advance
being due more to board room operations than
TO any outside demand for securities. A some
what disappointing bank statement failed to
encourage selling pressure and at the close the
majority of issues were at or near their best
prices with the chief Improvement in the copper
shares, American Smelling Baltimore & Ohio,
Canadian Pacific. Northwest, Delaware & Hud-
son. Northern Pacific, National Lead and Read
ing. Sentiment was favorably affected by the
fortunate change that has developed in the Illi-
nois Central situation, particularly as it is
an assured fact that the present conservative
and highly efficient management will remain in
control OF the property-a property which is con-
sidered one of the most substantial Of our rail
road corporations. Interests who are anxious to
control the entire Western railroad situation are
meeting with we'll deserved defeat and it is
becoming more apparent every day that certain
railroad fnanciers are not conducting their Oper
ations In a manner which. il successful. would
tend to add to the intrinsic value Of the securi-
ties involved. Bank statement figures showed
large expansion IN loans and a much smaller
increase in cash than foreshadowed In Fridays
estimates. the latter placing the gain for the
week at more than $S.OOOOOO. while the Clearing
House return presented a gain Of only So $40 900
bringing the total cash holdings Of the Clearing
House institutions to 1888, 200. which COM
pares with S315, ,242,200 at this time a year ago.
AS a result OF all changes reserve above legal
requirements now stands at S1S,S924 475 against
S15, ,305 975 in the corresponding period in 1905
and S55, ,0896 600 in 1904. Expansion in loans was
due to syndicate operations in connection with
the Panama bonds and to the increased activity
in the stock market.
Reports received from the commercial agencies
in the last week were similar in character 10
those Of the last few preceding weeks, showing
uniform Improvement in the country's various
industries and suggesting further expansion in
most lines Of trade. The progress Of the crops
Is excellent. Iron and steel trade conditions are
becoming more active, collections throughout the
country good, retail business was never
better at this period Of the year than it is at
present, bank clearngs are large and railroad
earnings are breaking all past records for the
summer season. Factors Of this sort naturally
increase the confidence Ct investors in their hold
ings Of American stocks and bonds, but they
fail to attract a widespread demand for securi-
ties at current prices the public doubtless argu-
ing that quotations too high in proportion to
the price Of money. and that better profits may
be secured by using their funds in the channels
Of trade. There are number Of small commits
0-- $4,000 N'-N-N "-'O e'S DSSAAAAAlIlB 10 HlDDle'
their appetites having been excited by the
strength shown in quotations in the last few
days, but there is nothing in the character of
buying which suggests the probability of a long
sustained advance The investment business is
poor at the moment Wall Street bond houses
are still congested with issues for which they
cannot find ready market, and the chances
are that they will not secure important inquiries
until time money returns to an easy level. There
appears little prospect of such development in
the near future. owing to the tremendous de-
rnand for funds in trade circles and the approach
Of the crop moving season