New-York tribune., 1905-07-04
Closing prices YESTERDAY Of active bonds dealt
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock
market prices were strong on an active volume
OF business. but in the afternoon trading there
yas a slight falling off in transactions.
although quotations showed increased irmness
in the greater number of issues. Commission
Houses were moderately heavy buyers while
evidence was presented of further accumulation
Of good securities by substantial interests and
manipulation for better prices by leading specu-
lators and banking concerns that tied up
with stocks and bonds which they anxious
TO distribute among the public. The fact that
there better tone in foreign markets. de-
spite the serious internal situation in Russia,
naturally helped the local market. but traders
failed to notice the movement in Paris exchange
which presented conditions that indicated
newed demand for gold in the French capital
The movement of the Paris check on London
ought 10 be carefully watched at this period,
especially in view OF the large requirements
that St Petersburg viii call for after peace
terms have been decided upon. The local trac-
ton shares strong features; also Erie,
Pennsylvania Union Pacific Reading. Tennessee
Coal and Iron, United States Steel preferred.
American Steel Foundries. Atchison Canadian
Pacific, st. Paul. New-York Central and Rock
Island.
large volume Of business. while Tennessee Coal
and Iron distinguished itself by advancing
points on buying that came from sources well
informed regarding important announcements
that will soon be made favorably affecting the
company. There considerable manipulation
in various parts OF the list but in view Of the
anxiety OF many holders to get out of stocks
such a movement not at all surprising.
People who fighting the advance doubtless
will lose their money for the simple season that
the larger financial interests of necessity
committed 10 the bull side OF speculation. Prices
at the close were near the best figures of the
day. while sentiment favored a further advance
in to-morrow's dealings. Call money ruled at
31h per cent. The chief feature OF the general
markets the. violent advance in cotton. the
upward movement being due TO the government
report. which showed conditions that indicated
a crop OF less than 100000 bales only little
larger than the poor crop OF two years ago. when
cotton sold at IL cents.
Saturdays bank statement, with it's large in
crease in loans and it's decline in reserve above
legal requirements. furnishes little encourage
ment for the people who believe that New-York
is to enjoy a long period Of easy money rates
The demand for money continues large. while
the available supply is meagre. and
sequence the banks may soon be compelled to
at this time OF the year. but If gold exports are
20 continue it is hard 10 how 1t can be
avoided, especially the efforts TO draw money
from the interior only partially successful.
Ordinarily. from the first or second week in
July 10 the middle the latter part of August
call money rules in the neighborhood of / per
cent sometimes rising fractionally above that
figure. and occasionally falling below IT, but II
is seldom that It averages per cent IT, how
ever, there is ] per cent money this month or
next IL will be because OF a change in general
conditions. OF which there is at present sign
Japan has a large amount Of money deposit
in this country. part OF which may be recalled
at any minute. while that country has Just de-
cided TO place another loan in the United States.
England and Germany, for SI50OO0OO0. Then
and. OF course. French bankers will look TO the
United States for gold. which. in connection
with the japanese demands and the domestic
requirements I'm the money market. in connec-
ton with the gathering OF the haryests and the
expansion I'm business. will make for higher
rates for loan accommodation. That borrowers
beginning 10 be impressed with the unfavOr-
able outlook for money I'm the fall is reflected
In the increasing demand for money for pro-
tracted periods. At the moment six months
money is comparatively cheap and beyond much
doubt VIII prove profitable investment, as the
banks. from present Indications will not be able
build up their reserves materially this sum-
mer. thus entering the crop moving period with
small holdings. which naturally will cause higher
rates for call and short time funds People there
fore who horrOw noW for 81 rnonthS 3ouh.iess