New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-19
BONDS.
STOCK MARKET OPERATIONS.

Wall Street traders were not at all upset by
the weekly statement of the Clearing House In
stitutions which showed a total decline in re-
serve above legal req Iirements OF over $4,000
OOO reducing the reserve to So. 154,1I5. And the
fact that the exhibit was really better than ac-
tual conditions owing to large Withdrawals Of
government deposits on Thursday, which fig
ured under the average system for only two days
In the statement also failed to create alarm in
in holdings is so we'll known and so fully APP
preciated by stock market operators that the
Street refuses to rush into panic over the re-
ducton in reserves to the low level presented
in yesterdays showing Of the associated banks.
In the stock market an irregular movement OF
values on a fairly large volume of business
marked the course of trading throughout the
two hours OF business, final quotations present
ing few more net losses than gains. The local
traction shares were in good demand; also Cana
dian Pacific New-York Central, Ontario and
Western, Union Pacific, Reading and Amalga
mated Copper. Buying of the last named stock
came from excellent sources, and according 10
Wall Street gossip accumulation was under way
for the account of inside interests, purchases be-
ing based the solid condition of the copper
trade and the bright prospects for further
pansion in the course OF the current year. All
the metal trades are in favorable position, and
as a consequence of tae wonderful increase that
is taking place IN earnings. the iron, steel and
copper shares ought to sell higher their
merits. Present prices of the first class indus
trial shares not dear. Indeed. in this
ton OF the market there are many excellent
chances for profitable purchases at current quo
tatons.
The weakness in Union Pacific in the last few
days has been due IN great part TO operations
based on the knowledge of large stop loss orders
in the stock In the neighborhood OF 130 and il
is not unlikely that this price may be reached
before the upward movement is resumed. In
yesterdays trading this issue went low
1873 closing at 1919. 1t may be that
stop orders at 1870 are in considerable danger.
although 1t may come to pass that the buying
In to-morrow's market will be heavy enough to
carry the price we'll beyond the danger point 1t
may be said the best OF authority that the
Morgan holdings OF Union Pacific have been
largely increased in the last few weeks and that
the Morgan-Ei interests will have considerable
to say in the future regarding the traffic bust
ness in the Union Pacific territory. Apparently
the various interests in the Northern Securities
Company are now working in harmony; indeed
1t appears evident that the railway men Of the
United States are more in accord at the present
time than before in the history of the
American railroad business. The "hig men are
working together fact that ought not to be
lost sight of by operators In securities. While
the stock market exhibited weakness at various
times in the week just closed. sentiment in Wall
Street circles bullish for the long run. and
among the best informed men in the financial
community opinion at the end of the week
favored the theory that quotations would work
to better level in the current week. notwith-
standing the probability of SITTER rates for
money. There is enough money in the country
to provide for the demands of trade and specu-
lation and 1t is, therefore, extremely unlikely
that there will be any disturbance in money or
stocks at present at least. Trade reports pub
lished yesterday furnished further evidence OF
the strong position of the nations industries
and people who are uneasy over the position Of
affairs in Wall Street advised to study care
fully the advces received by the correspondents
of the commercial agencies in various parts OF
the United States