New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-15
STOCK MARKET OPERATIONS.

Stock market values were strong in the greater
part of the day on volume Of business that
amounted to 731, 64S shares. Advancing prices
were not accompanied by important buying by
commission houses or by the leading speculative
interests, the upward movement being due to
covering of shorts more than to actual ac-
emulation of securities. Outside of the leading
issues transactions were confined to small totals
In St Paul, American Smelling. Missouri Pa
ci1c. Pennsylvania, Erie. Reading. Balti-
more and Ohio. Southern Pacific, Union
Pacific, Brooklyn Rapid Transit, the United
States Steel shares and Analgamated Cop
per. operations moderately heavy, but
elsewhere there was little indication of specu-
lative interests. Missouri Pacific. which through
out the bull campaign of the last few months
has been a conspicuous exception TO bull ac-
tivity, now begins to show indication. of life,
and. according TO people who we'll informed
regarding market movements. the price of this
issue will sell materially higher before any i'm
portant setback develops. In view of the fact
that the stock of the company is a 3 per
cent basis and likely to remain there, it is not
surprising that SPECTATORS are now turning their
attention to the security. Moreover, the COM
pany this current year has brighter prospects
of large earnings than before in the history
of the road, owing to the wonderfully good crops
in the country served by the company's lines
and to the active expansion In the general in
dustrial activities of Missouri and neighboring
States. The Gould shares have been neglected
for many months. but there are now good rea-
sons for the belief that these issues will become
prominent market features. Among the active
issues the best advances were made by Anal
gamated Copper. American Smelling, Baltimore
and Ohio. Brooklyn Rapid Transit, ST. Paul
Erie. Missouri Pacific Rock Island and Union
Pacific.
Money lent for sixty days or any Intervening
maturity is at this particular season subject
to the same influences as call money since
it is embraced in the period covered by the ex-
tensive requirement. of currency for handling
the crops. Therefore, as the demand from the
crop regions for cash has expanded sixty days
and thirty day money has developed tension as
We'll as call money. hut money for extended In
tervals has not been and is not likely to he
materially affected. The closest attention is
being paid to the course of money for unde-
niabiy it is a matter of paramount importance
to business interests generally. The flow of
cash from the money centres to the West and
South has assumed large proportions hut 1t
has thus far resulted in smaller fluctuations in
money rates than might have been expected in
view of the unusual extent TO which the cir
culating medium is locked UP in bank reserves
The principal measure of relief up to the pres
ent time has been furnished by shifting loans.
so as TO Hibernate cash from the bank reserves
but by the importation of gold there Will be an
actual augmentation of the country's stock OF
money. which AT this period will be especially
beneficial The raising Of discount rates in
Europe appears 10 have been i'm expectation Of
requirements from the United States for gold.
This country is now in position where it can
bring in gold. and as the local market situation
demands easy for
banking powers in this city who are Interested
In maintaining strong market for securities
VIII exercise their influence in shaping tho
course of. the precious metal this way After
certain stock market protects have been at
tanned. which doubtless will not be for some
time TO come. there may be big change IN
money rates. In sterling and in stock market
values. There is nothing however in the
present situation or in conditions suggesting
future Developments in the business and inan-
clal world that should cause any uneasiness
among investors.
There may be further declines IN the course
OF the next few weeks but the best informed
men In Wall Street are not looking for material
reactions anything approaching demoraliza-
ton. The larger interests are still on the bull
side OF the market. for the very good reason
that they have not yet disposed of their securi
ties The public is not heavily loaded with
stocks, commission house accounts for the out
siders not large and there Is tendency
among the smaller operators 10 take an active
interest in speculation at the present time As
the big men are the largest holders OF stocks
IL Is therefore easy TO appreciate the strength
OF the argument that despite the advance that
already has taken place and the hrmer ten
oency In the money market. there will be no
important bear campaign on the Stock EN-
change just now For a brief period according