New-York tribune., 1905-02-04
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy in volume a movement of values that
generally tended in the direction Of higher quo
tations. There was a good demand from COM
mission houses, substantial operators were ac-
1ively identified with the long side, while fur
sher buying was reported for the account of
jHvestment interests. Bear factors, or rather
factors that in ordinary times might be classed
IS bearish were brushed aside as of no conse-
quence. as for instance, the rate disturbance in
s7e West and the report from Washington that
fhere may he extra session of Congress in
+he spring. Sentiment in Wall Street is dis
1inctly 5uliish. and it IS likely remain so just
s. long aS money stays at its present low level
Heading made one of the most conspicuous ad-
Tanccs among the active list rising from the
opening AT 927s TO above % and closing at 945s
There WAS no news affecting the Reading COM
Jany. the advance apparently being due to buy
5Tg based or the favorable financial condition
q tho company the splendid outlook for the
anthracite coal trade and the belief that at the
1eyt dividend period Reading common shares
will be placed on I per cent basis OF course
Il the stock is 10 remain on it's present dividend
basis its current price IS high enough. Through
out the list Of active stocks there were many
substantial gains. while in many of the usually
inactive and cheap priced issues decided i'm
TroVement was recorded Southern Pacific was
helped by the announcement regarding the re-
funding plans, which provide for an issue of
S160O00000 bonds, of which only $4,000 600
will be sold at present, this amount having been
taken by Speyer & Co. and Kuhn, Loeb & Co.
II is interesting to note that the demand for
these new bonds was so great yesterday that
the entire amount was sold soon after the fact
became known that the issues were on sale
record that ought to satisfy everybody that
an enormous amount GF money
investment. In the afternoon dealings there
were some attempts by the trading element TO
test the strength Of the market by putting out
stock, but there were few important reactions
even heavy realizing sales failing 70 exert an
unfavorable influence values. At the close
the chief improvement among the active shares
was shown by Baltimore and Ohio, Consoli-
dated Gas, Delaware and Hudson. Missouri Pa
cifc National Lead Ontario and Western Nor
folk and Western, Pennsylvania. Reading, South
ern Pacific, Texas and Pacific and Wabash pre-
1erred. In these issues net gains We're above
per cent the greatest improvement being made
b. Delaware ana Hudson, which gained nearly
points The foreign exchange market re-
raained firm, while there was no change in
money rates. according 10 the known move
ment of money in the week, the local banks
nave lost in cash over $5000O09, due TO the
large exports Of gold, receipts Of currency from
the interior being largely in excess of ship
nenls. The receipts. however, were not large
enough 10 Offset the outward movement of the
yellow metal which amounted 70 over $1,000
0G1 A factor of importance that ought soon to
have . favorable effect on the foreign exchange
market is the Increasing volume Cf corn exports,
the shipments il the current week being the
heaviest for any one week IL four weeks.
In the month of January the amount OF money
1n circulation outside Of the national Treasury
Showed a decrease Of $4,000 as compared with
ended January 81 there was an Increase of $Sl,-
06. Sti4. Notwithstanding that in that time the
country shipped nearly S4JDDJUf0 gold in eX-
of imports Of the metal. Of the increase
over S420G0000 Was in gold. end the rest in
national bank notes. with the exception Of a
IS heavier than ever before in the history of the
United States. and our gold production is in
creasi,-g- at rapid rate there appears TO be no
chance Of q period OF prolonged stiff rates for
money in q he future. Notwithstanding the de-
anands that may be made the country for
GOLD 10 satisfy foreign requirements. Business
IS good throughout the land there is an excel
lent demand FOR investments, and money is NOV
Ing into new lines IF trade: yet rates for loans
are easy, "ith no prospect Of an Immediate ad-
vance. The banks would welcome higher
level in the loan market, and II gold exports
vail; lest the outlook for monetary disturbance
IS very DOrr Conditions have changed and been
readjusted TO an extent in the last two years
that the money market IN this country is reach
ing the stable basis Of the London market. and
while from time time there may be moderate
fluctuations bankers believe that the time OF
money market panics has passed. Not many
years ago call money IN Eew-YGrk above
$50 per cent Probably il Will be quoted
at such rate again.