New-York tribune., 1905-03-26
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market wer.
active in the two hours of trading on a move
nent of value that generally tended In the direc-
ton of higher quotations. Commission houses
were important factors In the dealings. their
orders for out Of town customers being un-
usually heavy for a half holiday. while the bull
pools were again buyers In various parts Of the
list. Realizing sales in many stocks by operat-
ors who bought at the low level in Thursday s.
market served at times TO check the advancing
tendency but the final level nevertheless showed
net gains in the greater number Of securities.
A bank statement that made an Unexpectedly
favorable showing helped values in the last half
hour, although board room traders were in
clined to take profits on stocks bought earlier
in the day London an active buyer, arbI-
TRACE houses taking upward OF 10000 shares OF
various international issues. including large pur-
chases of the Southern Pacific and Union Pacific
shares, in which there appeared to be strong
bull following abroad. Strength in Union Pacific.
NewYork Central and Chicago and Northwest
ern revived the runors OF Vanderbilt merger
which would include the Union Pacific, while
further buying Of Tennessee Coal and Iron was
accompanied by strong intimations in well in
formed circles that the Southern iron properties
would be brought into combination under the
management of the interests who the domi-
nant factors in the Tennessee Coal and Iron
Company. rather than under the management
of the people who recently were unsuccessful IN
carrying out their ideas OF. Southern iron con-
solidation. The Hanover Bank element Is in
absolute control OF the Tennessee Coal and Iron
Company, and it is not likely to turn it's owner
ship over to the Hoadley interests
\: Although cash holdings OF the associated
banks decreased in the week S4.61S,90O. the re-
serve above legal requirements Increased $1.325.-
100, owing to a big reduction in loans that
caused g. heavy falling off in deposits, thus low
ering the amount required against deposits to
extent that brought about gain in the re-
serve item. Loans decreased nearly $4,000. 900,
and, with the decrease in cash of more than
S4 100000. effected decline in deposits of $23.-
76,200. The contraction in loans was due to
the transfer Of loans from New-York to
European account through the medium OF
the foreign exchange market, and to, the
liquidation that took place in the securities
markets in the early part of the week. AS q
result of all changes the total reserve now
stands at $6,47e.825, compared with S27. .46SS75
in the same week in the preceding year and
Sc, ,2S0 900 in the corresponding period In 1903.
Now that the banks able to reduce their
loans through the difference in the quotation
for money at this centre and foreign financial
centres. rates here being under those in London.
Paris and Berlin, there is no reason for uneasi-
ness the immediate future OF the monetary
situation at this centre. There will be all tho
money needed for the legitimate requirements
Of business and speculation, factor that doubt
less will be a powerful influence in the stock
market in the course of the next few weeks.
The spring demand for money may not be as
heavy for interior account as expected, IL the
movement of funds last week may be taken as
Indication Of the course of money in the
balance of the season.
Sentiment in Wall Street circles at the CLOSE
of the week was extremely bullish and further
improvement was predicted for the stock mar
ket in the coming week, especially in the shares
of the companies in which active accumua ton
of the various securities has been under. way
for many weeks past 1t is also thought quite
probable that the shares that have been COM
paratiVely neglected IN recent weeks will enjoy
greater speculative attention, particularly the
stocks of the Southern and Southwestern rail-.
roads. the earnings OF which have recovered
the losses made through the interruption 10
traffic by the severe winter weather. ST. Louis
Southwestern preferred has been taken by a
good class of buyers, and apparently it's price
will be advanced to. a much higher level while
the same thing may be said of Missouri Pacific
and Southern Railway. The talk in we'll in
formed quarters OF the Street continues as bullish
as ever on Canadian Pacific, Union Pacific and
New York Central. ~