New-York tribune., 1906-06-10
'Unlistsa
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.
langes, follow,

On a. moderately active volume of business
stock market values were weak in the greater
part Of the two hours Of business the movement
representing little beyond the transactions of
board room traders. The decline appeared to be
a continuation Of that which developed in Fri
days market, and it was thought IN speculative
circles that IN view OF the recent strength IN
quotations the reaction might run further in
the current week. though no important nquida-
ton is expected. The selling pressure was most
pronounced IN Consolidated Cas- Union Pacific,
Colorado Fuel and Reading particularly Con-
soldated Gas. which suffered a net loss Of three
points, sales Of this issue apparently being based
on the idea that the litigation over the S0-cent
gas law will last over an extended period, and
that IN the mean time the company will not pay
more than per cent on the stock. The failure
Of steel common to respond 10 the efforts Of the
bull operators TO advance It has created con-
siderable disappointment in the Street. particu-
larly as conditions in the iron and steel trade
continue unusually prosperous with every indi-
cation Of further material growth in all depart
ments Of the industry in the balance Of the year.
Probably the reason why the stock does not go
up in response 10 bull operations is the large
amount Of the security which is offered on every
attempt TO put the quotation higher, $4,000
shares, for instance, being offered few days
ago when the bull operators tried to advance the
crop report served to depress the granger shares,
although the advices received from the crop
region were more encouraging than they were
Friday. Bank statement figures showed a
slight increase in reserve above legal require
ments, a material increase in cash and a large
expansion in loans. the latter being due TO syn
dicate operations. Reserve now stands at ST.
| 162,050, compared with $685., 800 a year ago
and $50. So. 400 in 1904.
| According TO the belief of a number Of well in
formed bankers, the present relatively easy ten
| dency IN the money market VIII not continue for
| any length Of time, the expectation Of higher
rates being based on the present industrial ac-
/ uvity in the country and on the belief that
! business expansion in the balance Of the year
Will proceed in a manner which will make heavy
demands on the loan market. Higher rates for
money. therefore, Will merely reflect the increas-
/ Ing wealth OF this country, and while they may
! serve 10 restrict operations in securities. they
| VIII In no way be bear factors actual invest
! ments. The chances are, however that the
speculative community will become so accus-
! TONED 10 firm level for loans that it will not
rush to sell stocks when the price Of money.
under the influence Of a trade demand for ac-
commodation, advances to better figures The
general monetary situation In this country is
sound 1t is encouraging to note the fact that
governments finances are IN an extremely
healhful condition, with the indication Of a SIR
plus for the twelve months Of upward of $40 =
100000, against a deficit in the preceding wear of
! $2S'00O.OOO The current fiscal year has been one
OF extreme activity in all lines of trade includ-
ing our foreign commerce, which shows an
aggregate for the first ten months Of $25O9 243.-
352 If the figures for May and June amount "a
as much as in the corresponding time last year
Tl,lr 3.
s296,OO0000 more than in the fiscal year ended
June 30, 1905. The supply of money in the conn
try in circulation IN the last two months has in
creased over $135.OOOOOO. every cent of which
has found It's way into the channels of trade and
at the present rate Of increase In gold produc-
ton the prospects favor a still greater gain ir
the circulating medium in the year to come
Increasing activity IN industrial centres and
the growth in the countrys population hav,
been important factors in compelling railroad
companies to increase their facilities and extenC
their lines. and this fact should be borne in ninc
when criticism is made of the present tendenc,
among the railroads 10 add to their capital obi
cations The railroads need more money in or
der 10 meet the growing transportation require
Tnents Of the country. and a consequence
they are compelled to put out new stocks am
bonds which of course. will call for Increases
interest payments by the companies. But tn
growth that viii develop in the railroad bust
ness as result Of large expenditures Will it I
! believed, more than offset the greater fnteres
and dividend chargest There may be some com
panies. notably the Pennsylvania. which are Dor
rowing too much money, but as a rule the ap
piications for funds justified by actual con
dittons and future needs Stocks continue to b
held by strong men. and notwithstanding effort
by professional spectators 10 reduce price.
values exhibit remarkably firm tendenc,
Some people apparently are surprised becaus
OF the failure OF securities values TO decline a
result Of the investigations OF the Meat Trus