New-York tribune., 1906-06-24
Closing prices Of active bonds dealt IN, WIZ
net changes follow:
STOCK MARKET OPERATIONS.


On a moderately active volume of business
stock market values declined in the two hours
OF trading under the influence Of selling. encour-
aged by the announcement that the government
would proceed against the Standard Oil Com
many for violations of the Interstate Commerce
act Declines ran from to per cent in the
active issues the heaviest pressure being IN
AmaIgamated Copper American smelters. Ana
conda, Brooklyn Rapid Transit, Colorado Fuel.
St Paul Louisville & Nashville. Northern Pa
cific Pennsylvania, Southern Pacific, Union Pa
cifc and Reading Selling of Reading was ex-
tremely heavy, while Amalgamated Copper also
was one of the leading features in making up
the days total OF business. Opening at lOZ1s
Amalgamated Copper declined to par. ending the
day at a loss, as compared with Fridays last
quotation, Of 31s. while Anaconda sold down
from 244 to 240. There was no attempt to sup
port prices on the decline and Notwithstanding
a favorable bank statement last quotations. as
q rule, were at or near the lowest of the day
Clearing House figures showed an increase in
cash Of more than S4000000, which well
above Fridays estimates, while loans decreased
S23lSOOO the decline in the latter item and the
increase in cash accounting for the gain in de-
posits. which was responsible for an increase in
cash required against deposits Of $500, 500. AS
a result OF all changes, reserve above legal re-
quirements increased So, ,839, $50 to S1O.912,925.
compared with Sl5094,675 at this time a year
ago and S3S,45 675 in 1904. Selling in the two
hours of trading represented in great part the
operations Of the professional element. On the
curb Standard Oil declined 101a points.
The demand for old securities for investment
account is not active, a reflection Of which is
-l,o y5r,1,, u
sequence the outlook for the successful fotation
Of new issues is not promising. The market al
ready is in a congested condition. Absence Of
demand for public account is shown by the fail
ure Of the Burlington syndicate, which was or
ganized in 1904 10 handle a $24000,0O0 issue OF
the company's Illinois division per cent bonds
TO find a market for these securities; by the in
ability of other syndicates to dispose of their
holdings. and by the difficulty experienced by
brokers in attracting even an ordinary specula-
tive following for outside account. These factors
however, do not mean that there has been any
change for the worse IN conditions beyond Wall
Street. The Street finds in government activity
against corporations which are violating the law
reason for the unwillingness of investors to take
an active part IN the daily dealings and the cry
is going forth that the aggressiveness of the ad-
ministration in its campaign against railroad
batting and other offences against the common
interest is driving business from the Stock Ex-
change. Investors naturally are timid about
sending their money TO Wall Street when dis
closure upon disclosure of rottenness and graft
meets their eyes in the daily reports Of nvesti-
gators; but the country's general business is
not being affected, and the elimination Of abuses
which will result from current revelations will
eventually tend TO increase the intrinsic value Of
American investments and induce greater conf
dence at home and abroad in our stocks and
bonds
Trade reports received in the week by the
various commercial agencies covering all parts
OF the country presented no feature warranting
uneasiness over the condition Of business in the
United States. Railroad earnings continue to
exceed all records for corresponding periods
while bank clearings also are unusually heavy
Roads reporting for the second week in June
show an increase IN gross returns of about u
per cent, the largest increases being supplied by
Canadian Pacific. Denver & Rio Grande Louis
vile & Nashville Minneapolis. St Paul G. Sault
Ste. Marie. Missouri Pacific, Southern Railway
and Wabash Clearing House returns show total
clearings OF all the cities in the United States
in the last week OF s2.S41.011 0S6, an increase
Of p per cent compared with the same week
last year Money rates at points outside of New
1Oth are ABOVE lne level quoted at this
centre. and as a consequence a large movement
Of currency to New York is not probable in the
immediate future. This, however, does not
worry local financial circles. owing to the fact
that New York will be able 10 secure large loans
OF foreign capital through the foreign exchange
market. while drawing of bills against the Penn.
sylvania loan in Paris will supply another feat
ure Of strength for the monetary situation in the
East Rates for funds doubtless will rule at a
nrrner level in the balance of the month. and un-
less there should be tremendous falling off in
| the volume Of general business in the country
rates for accommodation doubtless will be
quoted at firm figures in the remainder Of the
| year. with the exception. perhaps, that call
money may be had at a relatively easy leve,
until the active fall demand develops