New-York tribune., 1906-12-02

In two hours OF trading in yesterdays stock
market transactions were light in volume on
movement of values which showed fractional
gains in the greater number of issues COM
pared with the closing figures of the preceding
day. The expectation of poor bank statement,
however discouraged operations on the bull
side Of the market while the absence from town
of many of the leading dealers also was an
important factor in restraining speculative ac-
tivity In the case of many of the substantial
Wall Street interests the Thanksgiving holiday
included the greater part of the week. and as a
consequence the chief business the Stock
Exchange was supplied by board room traders,
whose dealings, a rule amounted to insig-
nfcant totals. There was fair demand for
Atchison common. Chesapeake & Ohio and Ma
tional Biscuit, the last named stock selling at
its best price on record Buying of Atch1son
based the company's splendid exhibit
of earnings for the month Of October and on
the generally improved condition of the prop
erty which warranted the belief that the direc-
tors of the road would be justified at no remote
period in increasing the dividend on the COM
mon stock. The Atchison, Topeka & Sante Fe
has made a remarkable record since its re-
organization from bankruptcy number of
years ago. its progress being due both TO excel
states in which the company's lines are oper-
ated. The system has a. mileage from Chicago
to San Francisco, running through some of the
most productive sections of the United States,
and in these states the character Of industrial
expansion suggests permanent business stab
ity Although bank statement figures We're just
about as bad as expected. stock market values
did not move actively following the publication
of the weekly return. last quotations in the
majority of issues practically being unchanged
from the figures recorded in the first hour Of
trading. The reserve above legal requirements
decreas-d d s. 954 90 to 81. .449,125. compared with
50, $50, ,375 in the same week a year ago and
IS, ,539,O75 in 1904. There was loss in cash
of 50, 7S6, 800 and an increase in loans Of $50S4
000 Loans of the Associated Banks
considerably larger than at this period in 1903,
while cash holdings are smaller and in many
respects the Clearing House figures the
most unfaVorable ever recorded at this season.
Notwithstanding the weak position Of local
bank reserves stock market operators appear
be confident that there will be no material
decline in prices of securities in the near future
though the greater number of people in the
Street do not expect active bull speculation
in the remainder of the year Monetary condi-
tions distinctly opposed to expansion in
Stock Exchange operations at present, but as
stocks rule in the hands of strong peo-
pie there is little possibility of severe break in
quotations despite the high rates for funds and
the recommended tions which President Roosevelt
doubtless will make in his message to Congress
regarding further legislation affecting large cor
porations. Holders of securities recognize the
strength of fundamental conditions governing
the intrinsic value of American investment is
sues. and consequence they not willing
to part with their possessions at current quota
tions, especially they believe that in the new
year they will be able to dispose of their hold
ings at quotations much higher than those now
prevailing It is generally known that high
money rates due to the prevailing prosperity
uneasiness in financial circles the position
of money and disposition to encourage short
sales of stocks or selling actual investment
account. OF course, the banks may find II nee
essary before the end of the year to make an
extensive readjustment of their loans and this
accounts the Stock Exchange, but such lqui-
dation will indicate any unfavora BILE change
in the situation governing the real worth of
securities. While there is little chance of easy
rates for funds in the year, quotations
doubtless will rule we'll under the current level
will be able to increase their reserves to a point
which will help out current holders of securities
who anxious to sell their stocks at higher
prices.