New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-27
BONDS.
STOCK MARKET OPERATIONS.

transactions in Yesterdays stock market were
Tight In volume on an irregular movement Of
values IN which price changes in the greater
number OF issues were confined TO small frac-
tons In the Southwestern Railway shares ana
the iron and steel stocks advances Of over l
per cent were recorded in the early dealings.
and despite reactionary tendency in the gen
eral list In the second hour they showed great
resistance TO the selling pressure. maintaining
most Of the advance, with an excellent class OF
buying to their credit. Foreign houses were III
the market for Missouri. Kansas and Texas
issues for Amsterdam account, while there was
p good local demand for St Louis Southwestern
Texas and Pacific and Missouri Pacific The
last named stock is slated TO sell at 100 IN the
current bull movement if Wall Street gossip Is
correct in its predictions but friends of the prop
erty appear confident that the shares VIII sell
much higher than 105 although they are not
willing to say that a materially better quota
4ion Will be reached before the market suffers
rood sized reaction. The reaction that set in
IN the second hour yesterday did not hold. as IN
the subsequent dealings there was just enough
buying power TO create firner tone through
out the list. The decline brought out no stock
and traders evidently made up their minds that
the time for big liquidating movement had not
VET arrived DESPITE the advance Of the last
few weeks there is still little stock for sale IN
commission houses Probably more stocks have
been taken out Of the Street and locked up than
roost people In the financial community imagine
Buvine Of the iron and steel shares repre-
rented a retreat of the shorts rather than an
increased demand from commission houses. while
there were few stocks dealt in in which the
public was an important factor. United States
steel preferred advanced over a point, and SIM
liar strength was shown by Republic Iron and
Steel and Colorado Fuel and Iron. There was
no news development encouraging higher prices
in these issues. Indeed, reports from iron and
steel circles regarding the trade were more
favorable TO the short side Of the steel shares
than the long side. Rumors Of further price
reductions were heard and trade authorities
noticed disposition on the part Of consumers
10 stay out of the market in expectation Of
lower quotations for steel products. Strength
IN Republic Steel was helped by the report that
the company will be absorbed by the United
States Steel Corporation. Doubtless the owners
OF the Republic Company would be glad to sell
their property to the big corporation, but the
United States Steel people discain any inten-
ton Of buying the company that is responsible
for the current war of prices in the steel trade.
The copper stocks and American Sugar Refining
huctuated within narrow limits; also the Amer
lean Smelling stocks. which recently have been
active features. The demand for ST. Paul in the
s~-S~---oS4A
speculation for higher prices in this issue but
the dealings in Union and Southern Pacific were
not significant Of aggressiveness on the part Of
either market faction.
Owing 20 the beginning Of the usual crop de-
nnand for money. to-days bank statement will
be examined with especial interest but there
VIII be no uneasiness If the cash and reserve
items show large decreases from the preceding
week According TO the known movement Of
money IN the week, the local banks have lost
upward Of 100000 in cash holdings due In
shipments OF currency 10 the interior. payments
10 the suo-Treasury and gold exports to Cuba.
The banks will be able to lose several millions
every week for many weeks to come before the
money market Will be materially affected. as re-
serve above legal requirements. on the basis
Of last weeks figures stands at the large sum
OF S5s6l3.073, as against a little over SCI 900
900 in the same week year ago. Reserves have
not been so large since 1894. when business
throughout the country was depressed and
money lay idle in the banks. A reduction u,
The present reserves will be welcomed nv The
money lenders.