New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-27
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
In the two hours of trading in Yesterdays
stock market transactions were heavy in volume
on a movement of values that generally tended
in the direction OF higher quotations. Further
substantial strength was reported in the United
States steel shares Amalgamated Copper. Erie.
Colorado Fuel and Iron, Pennsylvania, Ten
nessee Coal and Iron. Rock Island and Chicago
Great Western. while throughout the list prices
generally exhibited strength, Notwithstanding
the expectation OF a poor showing in the weekly
bank statement. Although the associated banks
suffered large loss in cash holdings, amounting
TO over S5O00OO0. the decline IN reserve above
legal requirements was only trife over $1,000.
600. this result having been brought about by a
further contraction in loans and deposits. Loans
decreased s1O,2s9. SEQ. while deposits decreased
S15. 100. the latter item being accounted for
by the decrease IN loans and cash. which Just
about balanced the decline IN deposits. In the
last four weeks the associated banks have re-
duced their loan account over S39000OO0 the
decrease representing In great part transfer of
loans from the banks 10 the trust companies and
out Of town institutions; also sales by the banks
Of securities carried as loans. Reserve now
stands at SS3S1. 375. which compares with
Sc 125 200 in the same week q year ago and S15-
$4,000 in 1902. While reserve is only triie
above last years record at this time. actual cash
holdings are nearly STS.OG0000 heavier; but of
course. the increase In the last named item has
been accompanied by large expansion in loans
and deposits. the gain in the latter in the last
ov,,rr, tf,A
loans to over SOD 10000. 1t would be inter-
esting 10 know what proportion of the Increase
IN loans is supplied by bank holdings Of secur-
ities
Foreign houses were active buyers in Union
Pacific and Southern Pacific while in the Lon
don market the United States Steel stocks were
again in active demand The general under
standing that amicable settlement regarding
tonnage has been effected between the United
States Steel Corporation and the Lackawanna
Steel Company IS an influence in the current
dealings in the steel shares, but the main cause
OF the upward movement is the buying based
on The BELIEF that developments of greater i'm
portarce are pending as for instance, the re-
sumption Of the preferred stock conversion plan
and the sale Of the balance Of the bonds held
in the treasury by which the company will Sc
cure S290000O0 in cash. an amount which will
be OF material assistance 10 the concern at this
period. People who are well informed on mar
ket movements are still confident that the price
Of the preferred stock and the price OF the sink
ing fund bonds viii go TO par and from the
course Of the two issues in the last week It ap-
pears safe TO believe that the level named VIII
be reached. The company, if ii desires 10 sell
the bonds held in the treasury. naturally would
be anxious 10 have the outstanding issues adj
vsnced 10 par, as the bonds in the treasury
cannot DC sold for less than par.
Although the weekly bank statement showed
falling Of IN reserve above legal requirements
the speculative element in Wall Street analysed
the exhibit as extremely favorable. owing to the
large reduction in loans and. following the pub
LEGATION Of the figures, further vigorous efforts
were made TO bring about higher prices for
securities As consequence of the activity IN
the last half hour the bull side of the ac-
count. final prices generally were at the best Of
the day, the most important gains being
corded by Amalgamated Copper the railway
equipment shares, Colorado Fuel and Iron Del
aware and Hudson. the Erie issues. Illinois Cen
trial. Pennsylvania. Rock Island. Southern Pa
c.fc. Union Pacific and the United States Steel
shares. In the stocks named net gains generally
reached per cent and above. with even a larger
advance IN Amalgamated Copper which closed
IT $685. gain Of ~ per cent as compared with
Fridays Fnal quotation With the exception Of
the United States Steel issues, trading in Anal
gamated Copper was heavier than in any other
stock the list. In the bond department
transactions were again enormous in the Steel
sinking fund bonds but the sharp advance of
the preceding day attracted heavy realizing
sales and a result the final price slightly
under fridays last quotation
There was further evidence of excellent buy
ing I'm Chicago Great Western. and IN well in
formed quarters IL reported that active
negotiations were still under way for the pur-
chase Of the property by some larger company.
hiIe :: also reported that the Green Bay
and Western road might be secured by the same
interests who anxious 10 acquire Chicago
Great Western. There has been quiet buying Of
the Green Bay and Western bonds, and people
who arc Interested in the properly are quite
coufdert that prices Of these issues will sell at
q materially higher level. While Missouri Kan
sas and Texas. which recently has been an ac-
tive feature. was not traded IN TO a large ex-
tent In yesterdays market. friends Of the prop
erty continue To express bullish opinion on the
future Of tie company. and IL was reported that
Interests identified with the Illinois Central had
been active buyers of the Katy" issues At the
close sentiment IN commission house circles was
extremely cheerful. and higher prices were pre-
dicted fer the current week