New-York tribune., 1907-06-23
STOCK MARKET OPERATIONS.

Transactions in the stock market were made
I'D of the dealings of a few room traders who
were unable TO cause more than fractional price
variations in the greater number Of issues. There
was no commission house business for pubic
account and the larger speculative interests
were entirely out of the market. as far as new
business was concerned; indeed, the majority Of
big dealers were not in the Street, while the
attendance on the floor Of the Exchange was
smaller than recorded on any day this year
Total transactions also were lighter In volume
than on any preceding day, the operations for
the two hours representing a full days business
of only a trife than 100000 shares the
actual trading in the short session amounting to
54722 shares, of which the greater part was
supplied by Union Pacific and Reading. lrregu-
lar changes were reported in prices final figures
showing more net losses than gains The pub
liCation of the Clearing House statement show
ing an increase in the reserve above legal re-
quirements when a loss had been expected
served TO encourage just a faint suspicion OF
activity in the general list, but there was no
indication that the favorable bank return would
excite speculative enthusiasm to the point Of
exhilaration.
1t apparently Will need something more power
ful than an increase in bank reserves to slim
ulate widespread demand for securities. and
until something of this sort develops the market
is apt to drag along in its current liieless and
uninteresting manner. Bank statements as COM
piled under the average system often show queer
results and at times are worthless as an accu-
rate reflection of existing money market condt-
tions In yesterdays statement a decrease In
cash Of $710600 reported, While the week 5
known movement of money as estimated Friday
presented a loss Of more than $4,000, 000 due 10
large gold exports the discrepancy being ac-
counted for by the movement of money in the
week and probably indicating some special oper-
alton between the banks, and the Inconsistencies
Of the method employed in figuring the state
ment Loans decreased s5,40310O and deposits
decreased s729O.3OO. the falling off in the latter
item accounting for a decrease in the cash
Quired against deposits large enough TO bring
about increase in reserve Of $I111,975 TO
$5626,600, which compares with s10912, ,526 at
this time a year ago and $15O94,676 in 1905. The
reduction in loans was due chiefly TO the frmer
rates for money which induced trust companies
to take over loans hitherto carried by the banks
There was practically money market yes
terday but more gold was engaged for export
70 London, bringing the total on the current
movement TO more than $19000.000.
Though reserves of the local banks are low
Tor this period Of the year there is nothing in
the situation affecting the money market that
need cause apprehension. Rates funds will
advance in the near future. particularly if for
elgn centres continue to draw gold from the
United States but the hardening tendency is
not likely to last for any length of time al after
the end Of tho ascal year a large amount Of
money will be thrown into the market through
the redemption Of the government As Of 1907,
while there doubtless will be the usual move
rnent Of currency from the interior TO this point
The situation abroad is being strengthened uy
the shipments Of gold from here, and the fact
that we are able TO help our foreign friends
and still have an abundance for our own needs
ought to encourage all people who believe in this
country. Our GOLD supply will receive material
aodltlon from the production of the mines this
summer, and as a consequence the amount that
is lost now on exports of the metal will be more
than Offset by receipts from Alaska and the
western states The absence Of the public
from the market for securities is hurting COM
mission houses, and there are a few small con-
Germs that quite likely soon will retire from
business, not voluntarily: but the position Of
most Wall Street firms is sound and despite
the inactivity on the part of outsiders and the
recent heavy losses a result Of the prolonged
decline in stocks. there is, II Is believed no
chance OF failures among the leading Stock FIX
chanse connections. In August, and perhaps
before that time assuming that the crops make
good progress, there may be little bull mar
ket August generally is bull month and IN
view of the cheap prices which stocks are
selling, and the strong position Of the countrv's
industries, improvement ought to be recorded In
that month this year.