New-York tribune., 1907-08-18
STOCK MARKET OPERATIONS.

After further sharp declines in the first part
of the short session on the Stock Exchange prices
recovered early losses and in the greater num-
Der of active shares closed at fractional i'm
provement as compared with the final figures OF
the preceding day. Declines of from l TO B
points were recorded in the first hour of trad
ing due to short selling and some liquidation CT
weak accounts. while the subsequent advance
represented almost entirely buying by the bear
element, it's purchases being based on better
bank statement than expected and on a disposi-
fion TO take a more conservative attitude on the
market owing to the failure of adverse r1Inors
of the last few days regarding concerns and IN
dviduals to develop into facts. The Hartman
shares, Reading and the local traction issues
were under heavy pressure until the last half
hour of business when q better tone was re-
ported, with complete recoveries in all but the
traction shares which ended under Fridays iast
quotations. though above the lowest of the day.
Pennsylvania and Canadian Pacific also were
among the few active shares that did not close
at net gains Owing to the weeks heavy liqui-
dation on the Stock Exchange, the associated
banks were able TO reduce loans TO an extent
that more than offset the loss in cash as an in
fuence upon the reserve above legal require
rnents which increased s1,533525. to s9,294.075-
This compares with 500 at this time a
year ago and s9.355.675 in the corresponding
period In 1905 In cash resources the banks are
stronger than they were last year. but loans are
now much larger than in 1906 while compared
with current deposits tfley SNOW an excess tA
s37.7s4 800 The banks are in a sound position
and the monetary situation is not as bad as
some people appear to believe, but further
liquidation of loans would strengthen reserves
Gloomy talk in Wall Street finds no indorse-
ment in the condition of the nations industries
as reported by the commercial agencies. There
are few weak spots in the business world and
the fact that many concerns are beginning TO
prepare for quieter period does not foreshadow
the development of trade depression. Some con-
Germs have gone under result of trying TO
do large business on a small capital at a time
when liquid capital has been scarce, and doubt
less there will be other failures for the same
reason, but business mortality has been light
and is likely to be light in the future in COM
parison with the number of companies in the
country and the volume of business handled.
In all parts of the United States encouraging
advices were received in local mercantile circles
last week. Crops showed Improvement rail
road earnings above those reported at this
time a year ago, bank clearings were heavy,
production not running ahead Of consump
tion, iron and steel trade conditions pointed
toward another twelve months of prosperity,
though perhaps on smaller scale than in the
last year, and in fact, all signs in the business
world suggested many more days of activity in
the industries of the country. Indications OF
lower prices in many lines are not dscouraging
symptoms. The deadlock in the copper market
between producer and consumer will soon be
broken by the adjustment of prices for the
metal 10 a lower basis, the very best thing that
could happen for the copper market. Wall
Street has suffered heavy losses, but the public
has not been affected. is il upset over tho
frantic efforts of certain interests to make the
world believe the policies of President Roose-
welt in making the corporations obey the law
and in advising legislation for government reg
ulation of the railroads and industrial concerns
will drive the country into bankruptcy. Wall
Streets efforts to discredit the administration
with the country at large will react in favor of
President Roosevelt and his advisers.