New-York tribune., 1904-09-24
SEX dividend
BONDS.
STOCK MARKET OPERATIONS.

Stock market trading was light in volume on
an irregular movement OF values with net gains,
however, in most issues at the close. In the
early dealings moderate selling pressure was
noted IN various parts OF the list. but the ae-1
companying declines were small. while in the
greater number OF cases full recoveries were
made IN the afternoon operations. especial
strength being shown by Louisville and Nash
VILE Atchison. Union Pacific Southern Pacific
St Paul and Pennsylvania On smaller vol
unae OF business substantial improvement was
recorded by a number OF the so-called special
:les including the American Smelling stocks
North American and Pacific Mail, in which
maximum advances averaged more than per
cent. Commission houses were not active fac
tors in the days transactions while the lead
ing speculative interests apparently were not
disposed TO deal actively on either side OF the
account the advancing tendency in the after
noon being due. In great part, TO covering Oh
shorts. The upward movement in the Western
railroad stocks was helped by the more favora-
ble reports regarding the conditions in the corn
belt and by a rumOr that a large block Of
Atchison stock had been transferred to the ac-
count OF Standard on interests. Traders bid up
this ISSUE ST. Paul and Union Pacific on the
theory that a greater concentration Of control
in the Western railroad situation slowly
Developing although there was no basis for this
ieea beyond the rumors that were put in circula-
ton by Wall Street spectators. The heaviest
dealings were supplied by Amalgamated Cop
per, AtchisOn, St Paul, Ontario and Western
Pennsylvania, Reading, Southern Pacific, South
egn Railway Union Pacific and the Steel shares
These issues furnished over one-half Of the total
transactions in all shares. Union Pacific alone
being dealt in to the extent OF more than sew
enty thousand shares. against total in all
1-al ov,d @o-eTy
thousand shares.
According to the known movement Of money
In the week the local banks lost larger amount
OF currency on interior operations than in any
week this year. but the net loss on all accounts
vas somewhat smaller than that Of the preced-
lg week. amounting TO more than S4O00OO0
It is generally believed that the reduction in
stock market activity this week viii be re-
1ected In q much smaller expansion in loans
than recorded a week ago. while In some quar-
ters Il Is thought that the loan item viii show a
small decrease, In the event Of which the re-
serve above legal requirements ought not TO
suffer large decline Call money continued 20
rule at 2 per cent, while sterling exchange rates
sdvanced under the influence Of a better de-
1nand for remittance and a lighter supply Of
bills. Sterling quotations are still well above the
point az which gold imports could be made at a
profit and according to the opinion of foreign
exchange bankers. a movement OF the yellow
metal from Europe 10 New-YOrk VIII not begin
in the course OF the next two weeks. Discount
rates abroad exhibit a irmer tendency. while
the price Of gold in London IS advancing. and It
IS therefore evident that foreign bankers will
place an the obstacles they can In the way Of
shipments OF gold % this side. In the current
week large number OF finance bills have been
drawn by local bankers, owing TO the firmer
rates for time money, while there have also been
heavy drawings OF exchange against bonds and
stocks placed IN Europe II may be said
authoritatively that an unusually heavy place
rnent OF American securities abroad has recently
been under way.