New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-20
BONDS.
STOCK MARKET OPERATIONS.

In yesterdays brief session OF the stock mar
ket prices moved in irregular manner in the
first hour while in the late dealings the whole
list exhibited strength under the influence of a
buying movement based the unexpectedly
good showing of the weekly statement of the
ISOLATED banks In the face OF an estimated
loss of cash by the banks OF over S4,50O,OOO and
a week of great activity in the stock market
the Clearing House institutions were able to re-
duce their loans over S12,0OOOOO and increase
their reserve above legal requirements nearly
100000. Bank statement showings beyond
the comprehension of the ordinary man. They
are made up on absurd and Anticipated sys-
tenn that fails TO show actual money conditions
and for this reason we'll informed Wall Street
men take little interest in the weekly exhibit of
averages that is waited for so anxiousy by the
commission house traders in stocks. AS far
the condition of the money supply in this city
is concerned. associated bank statements should
not be taken as an nfallible guide to the amount
OF money available for the loan market as there
is a vast amount of loanable funds in the city
that does not figure in the Clearing House fig
ures. AS a matter OF fact, the monetary situa-
ton at this centre is much stronger than indi-
Gated by the bank statement. and there is alb
soutely no cause for alarm over the position OF
the money market
AS a result Of all charges reserve above legal
|
which compares with S3,911 $50 at this time a
year ago and S19529915 in the corresponding
period in 1902. Cash holdings are largely in ex-
cess of the amount held by the banks year
ago. and, although lOans are large, there is no
reason to suppose that this factor is menace
to the financial situation. Loans of the New
York lending institutions are well secured, and
depOsitors need have fear over the outlook
Doubtless the loan Contractions in last weeks
bank statement represented the shifting of loans
to other institutions. and perhaps the sale of
securities held by the banks and carried in the
loan account. The market for stocks developed
great vitality in the last half hour. prices ad-
vancng throughout the list on a large volume
of business. All of the popular issues were in
demand, while the low priced industrial and
railroad shares We're taken by a good class of
traders. At the close sentiment was intensely
bullish and higher quotations were predicted
for the current week. Although further en-
gagements of gold for export were made, with
the practical certainty that more OF the metal
will be taken before the European demand is
satisfied, Wall Street spectators not
alarmed as they comforted themselves with the
thought that as heavy shipments already made
had failed to affect the money market future
exports would also fail to bring about higher
level for loans Wall Street will enjoy cheer
ful THANKSGIVING this week. and, while 1t be-
ueves that prices for securities may suffer
actions in December 1t is looking forward TO a
bull boom in the year.
The heaviest dealings yesterday were supplied
by AmaIgamated Copper, American Locomotive,
American Sugar Refining, Brooklyn Rapid
Transit Mexican Central, Missouri Pacific,
Pennsylvania, Reading, Rock Island. Southern
Pacific, Union Pacific and the United States
Steel shares. OF these issues Brooklyn Rapid
Transit and Reading showed small net losses
Net gains OF i per cent and above were re-
corded in the active list by American Locomo-
tive Sugar Refining, Mexican Central Missouri
Pacific and Union Pacific. On smaller opera
tons General Electric enjoyed net gain Of
over points. Great Northern 10 points and
Western Electric points.