New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-04
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy in volume on g. movement Of values that
generally moved in the direction Of higher quo
tations. Commission houses were moderately
active buyers, while the substantial speculative
interests apparently were engaged In further
operations for higher prices, especially in Anal
gamated Copper, the anthracite coal shares,
Illinois Central. Pennsylvania Southern Rail
way. United States Leather and the United
States Steel securities. In these issues advances
ran from substantial fractions to per cent and
above, gains of over per cent being recorded
by Ontario and Western. Reading, Illinois Gen.
trail and Delaware, Lackawanna and Western.
the advance in the last named amounting 20
per cent Active buying OF the anthracite
coal shares was reported for the account Of
Philadelphia interests, and IN the Philadelphia
market there was good demand for Lehigh
Valley, which. according to Philadelphia sos-
SIP will sell at materially higher level. In
Reading, the United States Steel issues and
Southern Railway transactions amounted to
over one-third OF the total dealings In all is
sues OF ST, 524 shares. In Louisville and Nash
Vile heavy realizing sales were responsible for
a net loss In the issue, while in st. Paul similar
dealings were effective IN bringing about lower
price for this security. With the exception of
tho two stocks named there was no evidence OF
st. Paul and Louisville and Nashville exerted
adverse influence sentiment, which, at
the close of business, extremely bullish over
the outlook for further appreciation In prices
IN the current week.
While cash holdings OF the associated banks
presented a loss Of upward Of S4.000O00 as
compared with the preceding week, reserve
above legal requirements increased $751; 100 to
SS,539O75. which compares with S6.305,300 at
this time year ago and 50 97S, $50 IN the CORE
spending period In 1902. The gain In reserve
was due TO the decrease IN deposits Of over S16,-
100000, which IN turn due to the contrao-
ton Of loans OF over S11OOOOO0 and the loss IN
cash holdings. The decrease In cash OF nearly
100000 compares with estimated increase
of over 100000, which was made Friday, based
Oh the lIno movement OF money between the
banks the interior and the SubLTreasury. In
Guiding the reduction in loans last week Of
over S11. 100000. the loss IN this item since the
last week IN October amounts to S51, ESQ TOO
and the fact that the banks have been able to
reduce their loans TO such large extent In a
time Of speculative activity on the Stock Ex-
change reflects the transfer Of loan obligations
to the trust companies and the sale by the
banks Of securities which are carried In their
loan account. In the foreign exchange market
sterling rates were weak. declining under the
influence of the sharp decline IN cotton prices
which followed the publication OF the govern
ment's report on cotton, indicating q total crop
of over 100000 bales as a result of the cot
ton harvest of the current year. The decline
In cotton IN the last week has brought the price
to level which will attract active buying for
foreign account and, as a consequence the
foreign exchange market doubtless will move
toward a lower level and eliminate the posi-
bility of further exports Of gold. Cotton has
long been held at artificial prices, and the de-
cline that is now taking place will have most
beneficial effect on the cotton goods industry
IN this country and on the oountry's foreign
trade