New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-05
STOCK MARKET OPERATIONS.

SIUCh Market UPERAIlUNS.
Stock market trading made up in great
part OF the operations of the professional ele-
ment, commission houses practically being out
Of the market far public orders were con-
cerned while the more substantial speculative
interests We're not active factors in the dealings
except in Union Pacific Reading and Anal
gamated Copper. In the first haf-hour prices
generally were under the closing figures of the
preceding day. Subsequently some strength was
reported in many parts of the list while In the
late trading the entire market declined under
the influence of pressure from the room ele-
ment which sold stocks a result OF the
favorable showing made in the weekly Clearing
House statement. Owing to a large increase in
loans and a decrease IN cash of about So 600 600
deposits We're increased net S14, GOO and as a
consequence Of this gain there was an increase
in the cash required against deposits OF SO Goa
80. which. added TO the decrease in cash.
brought about a decline in the reserve above
legal requirements of 50, 90, $50 TO So S24, CD
This compares with $5,S99,525 in the same week
a year ago and SIS 100 425 in the corresponding
time In 1905. In the last four weeks there has
been expansion in loans the amount OF
SGI,63l,5 800, but this amount does not represent
actual new borrowing entirely. loans having
been transferred from the trust companies and
local banks TO Clearing House institutions be-
cause of the decline in money, while in the last
week the increase reflects TO some extent book
keeping operations in connection with the May
interest payments and other special financial
operations, There has been considerable foreign
borrowing in the local market and the fact that
our banks are strong enough TO fill foreign de-
mands is no cause for anything but satisfaction
The banks not in business for their health
and they are putting out their funds ap-
proved collateral wherever opportunity develops.
The banks in business TO lend money, and
increasing loans show general business activity.
Final prices in stocks were at net losses in the
greater number of issues though the changes
rule unmportant. New York Central
was one of the weakest features. on sales based
on the roads poor earnings in the first quarter
Of the year.
Money market conditions at this centre do not
suggest the development in the near future Of a
material change in loan quotations. and. accord
ing to the belief of the best posted bankers call
and time funds will rule at relatively easy fig
ures throughout the month and probably until
the time arrives for the preparations for the
July interest and dividend disbursements. which
will be larger this year than ever before in the
history Of the country. The high rate for call
money in May year ago was u per cent. The
movement of money then, however was influ-
enced to a great extent by the San Francisco
requirements, and the probable course OF lend
ing rates IN the next few weeks should not
therefore be based on the fluctuations OF 1906.
In 1905. 1904 and 1903 the May call money quo
tation did not go above 81 per cent. and there
is no reason to assume that higher figure Will
be made in the present month. especially as
stock market speculation is inactive while the
Secretary of the Treasury stands ready to in
crease government funds in depository banks in
case OF need. London cable dispatches indi-
cate the Paris demand for gold at that centre
is about over and suggest the possibility Of
of the metal to the British capital
from other centres IN the near future, this idea
probably including New York The course of
the local foreign exchange market at present is
governed to a great extent by the difference be-
tween money rates here and in London, and as
quotations in New York are relatively easier
than London discounts exchange probably will
continue to rule against this point, though there
is no immediate prospect of gold exports
The outlook for stocks in the next few months |
does not indicate great speculation on either |
side of the account. May markets as a general
thing are irregular and inclined to dulness |
owing TO the uncertainty that always exists in
this month the crop situation. Since the
first of April there has been certain amount |
of deterioration in winter wheat and bad re- |
ports are now coming in from the cotton belt, |
ports. which will be Issued by the government !
on the 10th OF the month. before assuming that |
the damage has been great enough to make a !
material reduction in this years harvests as /
with the large yield OF 1906. Trade |
reports received by the commercial agencies |
covering all parts Of the country show q back
ward spring business owing TO the recent adj |
verse weather but they indicate nothing mo,
which any one can base the prediction that the |
industries OF the United States are about 10 |
enter a period OF adversely. There are signs NJ |
a healthful reaction. Reaction does not smell |
bankruptcy. The country is in strong posi- |
ton TO meet business troubles and the pessim
ism that is developing in some quarters because |
OF the possibility that the current wear NAV
not be as prosperous 1906 IS not warranted !
by any known factor in the general situation
IL Is interesting TO note that the iron and steel
markets have developed extraordinary strength
In the last two weeks, and it is encourage to
record continued strength in "copper" PRODUCERS
and sellers of copper believe that buying OF con-
per soon will be of largo proportions And in
cidsntally 1t ts observed on the Stock Exchange
that brokers VINO represent substantial market
interests are buying AmaigBInated and Ana
conda- These issues are good diuadsna ytaiders