New-York tribune., 1906-07-15
STOCK MARKET OPERATIONS.

Traders worked for a rally in yesterdays
stock market and successful in bringing
about higher prices throughout the active list,
failing, however. to attract any public interest
in speculation The volume of business was
light, though there was a slight increase in deal
ings after the publication OF the bank statement,
which made an unexpectedly good showing, the
result Of all changes being an increase in the
reserve above legal requirements Of more than
S6,000,000. This expansion due to in
crease in cash of So 262 800 and decrease in de-
posits Of S12411, 100 the reduction in the latter
being accounted for in great part by contrac-
ton in the loan item Of SABA, 700. Decreased
loans affected by liquidation in the stock
market and by the transfer of loans to trust
companies and foreign bankers Reserve now
stands at $12S3O SOO compared with S19,523.250
at this time year ago and S44, ,563, $50 in 1904.
while cash holdings show decline from 1908 of
$40 10000 and loans a reduction from the cor
responding period Of 100 Bank reserves
cannot be called strong for this period Of the
year, but they are improving, and it is not un-
likely that there viii be considerable increase
before the beginning Of active shipments OF cur
rency to the West and South, particularly as
there is now no important speculative demand
for funds in connection with stock market op-
erations. Activity in the stock market sup
piled by the copper shares. Pennsylvania, Read
American Lo .omotive. the last named on mod
erately heavy dealings advancing points Else
where in the active list gains were confined to
fractions. while in the case Of Amalgamated
small net loss was shown.
Money market conditions show Improvement,
and the prospects do not favor disturbance as
a result Of the demand that soon will develop
in connection with the financing of the crops
and the inquiry from mercantile circles incident
20 the fall trade. The banking community is
preparing for the drain that will occur later in
the season. and with the assistance Of Secretary
Shaw, gold imports and inactivity in the stock
market it will be able to handle all requirements
without the accompaniment OF acute stringency,
though it need not be expected that rates for
loans will rule at an easy level. Liquidation
in securities has been good thing for the finan-
cial situation, and a further movement of this
| character on the Stock Exchange would not be
unwelcomed by the conservative interests in the
| Street. A readjustment between the price of
money and the quotations for stocks is under
way, yet there are many people who insist that
the decline in stocks is due TO the discounting
Of setback in business conditions in the near
| future. There is absolutely no ground for such
a theory Stocks have declined because Of money
market considerations and speculative condi-
! tons at a time when spectators have developed
needless fright over their ideas of the influence
upon the industries Of the country of the ad-
ministration's activity against corporations
which break the law and over the drastic pro-
visions of the Rate bill. Wall Street chooses to
blame President Roosevelt for the decline that
has taken place in stock market values, but the
business world at large is not concerned with
the picayune policy of spectators in ascribng
to the President the fault of their losses Wall
Street is suffering from grievous distemper
which, however. will not be attended with fatal
results, nor will its illness extend To the indus
trial community, which is now enjoying the
kind of prosperity that gives intrinsic value to
American investment securities.