New-York tribune., 1904-09-25
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays brief session Of the
stock market were light in volume. but prices,
as a rule exhibited firm tone with more net
gains than losses at the close. After a moderate
show OF strength at the opening Union Pacific
and Southern Pacific developed heaviness, and in
this respect they supplied the chief exceptions
70 the strength that was exhibited In most parts
OF the list. In view of the manipulated advance
OF Union Pacific in Fridays market, the reaction
yesterday was not unnatural. but the Street had
the idea that the decline in this stock was due
selling induced by the report that the Union Pa
cihc Company had bought heavily of Atchison
stock. the assumption that holders were selling
for this reason being based on the theory that
the Union Pacific Company would be compelled
TO DO some new financing in order TO pay for its
purchase Of Atchison. There is no official au-
thority for the statement that Union Pacific in
terests have taken over large block Of Atchison
stock. but that something OF the sort has oc-
CURED is believed in some Wall Street circles.
While Union Pacific declined, Atchison exhibited
q moderate degree Of strength, both the common
and preferred being among the days active feat
ures. Ball enthusiasm again broke out in the
steel stocks. especially the preferred which ad
vanced over per cent on a volume of dealings,
large in comparison with the dulness in the
greater number OF securities. Recent reports
from iron and steel centres have placed the
Street in a more optimistic frame of mind re-
garding the outlook for improvement in the iron
and steel trade, and It is confidently expected
that United States Steel preferred will work tow
ard a higher level, irrespective OF what course
other securities take.
The publication Of the bank statement was
not followed by increased activity In securities.
but the fact that the loan item showed a de-
crease, while the reserve above legal require
nents presented a comparatively small reduc-
tion, created q favorable impression IN banking
circles. Loans contracted S2454. 0o0 while
deposits decreased $40 123 800 The decline IN
cash holdings near the figures Of Fridays
estimates, the actual loss amounting 10 S5, ,632,-
600. As result OF all changes reserve above
legal requirements decreased S3, ,102 125 TO S26,-
25L 025. compared with s1456o 800 IN this week
a year ago and S3 253625 in 1902 In this
week last year The contraction in loans amounted
TO S500S.100, while there was an increase in
reserve OF S1,395,675. AS against loss IN cash
this year Of S5.633O0o the decline at this time
a year ago amounted 70 only $6SS.oOO. The de-
cline in loans in the week reflects in great part
stock market liquidation and the reduction in
the volume of speculative business. II the drain
from the interior was about over stock market
traders would have reason to worry over the
money market. but as the outflow OF currency
has only just begun and doubtless will be heavier
this fall than it was year ago. there is every
reason TO expect higher rates for money There
was practically no public demand for securities
last week, and there is no prospect of an in
crease in this sort OF business in the current
week, but stock market manipulators appear
confident that they VIII be able to bring about
higher prices without the assistance Of the pub
lie. Manipulation may he successful for time,
but without genuine buying demand for stocks
there is little prospect Of sustained improvement
IN the market. Outside of a few issues, notably
the steel shares. closing prices were under the
best Of the day. Some selling was induced by
the weakness in Metropolitan.