New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-02
BONDS.
STOCK MkRKET OPERATIONS.

Stock market values moved in the direction
of higher prices in the two hours Of trading IN
she greater number Of issues. with the chief
gains in the so-called specialties. as. for in
stance American Smelling Colorado Southern
National Biscuit. National Lead. Rubber Goods
and Twin City The activity in these securities
was based on expected developments affecting
the various properties. but in the course OF the
day there was little actual news bearing on the
companies. the Lead merger probability. as re-
ported in The Tribune, being the only important
live feature for the consideration Of stock mar
ket traders. Speculative sentiment. however.
was optimistic on the general situation affecting
the securities markets. and at the close OF bust
ness opinion favored the idea that higher prices
would be recorded in the current week. At the
moment there are many good reasons why the
bull element should he successful. Money mar
Ret conditions 90 rot foreshadow disturbance in
loans. the outlook for trade is extremely favor
able. the speculative and investment appetite
IS growing and the leading Wall Street interests
are committed 20 the bun side OF the stock
market
The demand Tor stocks in the last hour was
hoped by the publication Of the weekly bank
figures. which showed an increase in the re-
serves above legal requirements OF more than
S2j01o000. the expansion in this item being due
TO a decrease in deposits that was brought about
by a contraction IN loans ana 4 sllall loss Ia
cash holdings. IN the last two weeks loans
have declined more than S2I,OUO.080, while DE-
posts Iu lhe same time have decreased more
Than SO lS@Vo, bringing the latter item 10 a
Iotal oil 81 l3SG6l 80 compared with the high
deposits OF l9U& Of liza .2O6.COC. recorded IN
the wcCA ended September Il. Naturally a bank
Statement N this period OF the year showing
gan il reserve serves 10 increase enthusiasm
among tbe bull element Oh the Stock Exchange
as il means relatively easy rates for loans at
lime wien lie interior is calling on this centre
for funds 81 connection tyiil The demands OF the
spring frade Foreign money IS being lent in
Ibis market. lille the trust companies also
are ra5ir- advantage II the small rise In money
quote t"lis % employ their balances. the result
Of Nlieh IS a transfer Of loans from the asso-
ci81eG banks 90 other hands at The very moment
when such movement is of the greatest i'm
? rta1s@ e. t.e speculative community. After
dis. sting Saturdays bank statement advocates
O. lower prices for securities doubtless Will APP
pregiate tne reason for the cheerfulness in the
ban camp on yhe Stock Exchange.
While yczterda!s stock market presented
groat activity among the specialties, there was
also a good demand for The leading issues. and,
CesTife heavy profit taking sales NeW-York
inE. United states steel Preferred and Union
Pacific showed fair degree Of strength.
Broobiyn Rapid Transit, Consolidated Gas.
Pen. st-l}ania and Canadian Pacific closed under
Fridays last quotations, but there was no evil
c=nCe 81 important selling The pool in Cana
dian Pacific. which is operating on the merits
C The stock. IS still absorbing the issue while
The same thiDg may be said o. the greater num-
her ~ FIRST class securiii los the list The ma
10 believe that the general market will move
hfgher