New-York tribune., 1907-07-28
ENLISTED.
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market made
up in great part of the operations OF the pro-
fessional element. commission houses being un-
important factors In the speculation. The ma
Jority Of the business originated the floor
Of the Exchange. room operators dealing in a
moderately active manner in the Hartman
shares, Reading and Amalgamated Copper, in
which the general tendency of values was in
the direction Of higher quotations. though clos
ing figures showed but fractional improvement.
In most issues values We're firm, but unfa-
vorable bank statement served to weaken many
shares in the last hour, while talk Of gold ex-
ports also created some uneasiness on the part
of traders. In Fridays estimate of the known
movement Of money an increase Of more than
S4O00,O00 in cash holdings indicated, while
in the figures of the Clearing House institutions
an increase of So 500 900 was shown In this item.
This gain, however, was offset influence
on the reserve above legal requirements, owing
to large increase in loans, the latter bringing
about large expansion in deposits which in
turn caused an increase in the cash required
against deposits of an amount nearly as large
as the gain in actual cash AS a result of all
changes the reserve increased only S10O0T6, to
SO 25S,675, which compares with SIS. S92, AIS at
this time year ago and S15 800 075 in 1903
Naturally the large expansion in the loan item
Of the associated banks at a time when active
demands for cash soon VIII develop account
OF interior requirements creates an unfaVora BILE
impression in Wall Street circles, and discorr-
ages the idea that the time is ripe for an active
upward movement in securities.
Sterling exchange was again firm. the rate
advancing to point the gold export level,
and the movement suggested the possibility of a
further demand for gold from Paris, though in
many banking houses il not thought an
active inquiry for the metal would develop. In
q few weeks the market ought to be well sup
piled with grain and cotton bills, which OF
course will serve to depress sterling rates Bank
reserves are unusually low for this period Of the
year, and the prospect Of ma terial improvement
Is not at all promising especially as bond re-
demptions are nearly over, while on regular ac-
count the treasury Is again gaining money from
the local banks. The demand from the interior
this year may not be heavy II was a year
ago. but the chances are large sum OF cur
rency will be shipped from this centre not only
in connection with the crops, but also with the
necessities of interior merchants and manufact-
urers Trade reports received at the end of the
week indicated healthful conditions in Industrial
centres with no signs Of an unfavorable change
in the immediate future. Merchants look for an
active fall season, and a consequence their
monetary requirements viii be heavy. The fact
that the country is not going TO the dogs as re
Gently predicted in certain Wall Street quarters,
Is now more fully appreciated by the financial
community, but as yet IL has not been effective
in creating a public buying movement on the
Stock Exchange. AS frequently pointed out in
this column, the public has its money so well
employed in trade channels that ii has no sur
plus available for speculative operations ana
according to all current indications, there Will
be little change in this respect for long time
to come.
Missouri. Kansas & Texas stock was one OF
the leading features Of strength in the two hours
! Of trading, closing at net gain Of II. Another
! low priced issue that enjoyed marked advance
! was Texas & Pacific. which appeared TO be taken
/ by a good class Of buyers Earnings OF both the
/ Missouri Kansas & Texas and the Texas q
/ Pacific are making handsome gains over CORE
! spending periods in other years, the properties
/ are being brought TO a condition or physica
| efficiency that compares favorable with more
| promising companies and the intrinsic value OF
| the securities Is growing greater every day