New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-14
STOCK MARKET OPERATIONS.

1rausac tions in stocks in the two hours OF
trading were light in volume on a movement OF
values that showed small net losses in the
greater number OF active issues. Lower quota
tons in the London market Influenced opening
prices at this centre. but the decline brought out
no important offerings dealings representing as
rule the operations OF floor room traders and
few substantial spectators who are active
through commission houses. In Union Pacific.
St Paul. the gas stocks and Southern Paclhc
declines ran above l per cent. but in the ma
FORTY Of issues losses were unimportant' While
IN a number of stocks there were practically no
changes as compared with the final figures OF
the preceding day, transactions being too small
TO cause a material movement in quotations.
The publication Of the bank statement, showing
loss in reserve above legal requirements Of over
100000 naturally did not help the market,
although it failed 10 increase selling operations,
especially as the reduction in reserve was not
due TO a falling off Of any size in cash holdings.
The latter item decreased S436,400. the contrac-
ton in reserve being caused by gain in de-
posits Of Sc. 321 500 which IN turn the result
Of a large gain in loans. AS a result Of all
changes reserve now stands at S16712575
which compares with SO. S27. $50 in the same
week year ago and $500, GA in the CORE
spending period in 1908. There was no explana-
ton in the weeks stock market movements ac-
counting for the expansion in loans the increase
doubtless being due to transactions IN the money
market outside of the Stock Exchange.
Announcement that the St Paul company will
extend its line to the Pacific Coast RESPONSE
bic for some pressure from traders in Union Pa
cifc. on the theory that competition from new
source would hurt the Hartman property but
there was no investment sales either of Union
Pacific ST Paul. Fail Street apparently for
gets that the country is growing and that the
extension Of the ST. Paul company to the West
ern coast is justified by the increase in the pop
ulation and industries of the West, by the ex-
pansfon IN the transpacific trade and the pros
poets Of stil greater growth in the commercial
activities Of the Western States served by the
ST. Paul company. and of further growth in the
trade with the Far East. The proposed building
Of lire that Will take the st. Paul company to
The Pacific Coast ought to be bull factor on
the general railroad list, it means increased
railroad facilities which insure industrial
pansion. The West is enormous in extent and
its magnificent opportunities and distances are
NOT well appreciated by the greater number of
spectators. From the talk heard in some quar-
tiers of the Street one might imagine that the
distance separating the Union Pacific the st.
Paul and the Atchison is about equal to the dis
lance that separates the Third Avenue elevated
from the Broadway surface line and the latter
line from the Sixth avenue elevated line. Every
Spectator ought to travel over the United
States at least once year.
American Locomotive stock was a strong ex-
ceprlon to the weakness and irregularity that
prevailed in most parts of the list, advancing
over 1 per cent buying that appeared to
come from responsible sources; while Northern
Pacific and Great Northern preferred also We're
features, the two last named advancing buy
ing that apparently was based on the expected
retirement Of the Burlington joint Is against
stock issue, which would result in giving
large dividend to the shareholders in the form
Of rights. AT the close the heaviest net losses
were reported By Baltimore and Ohio, Canadian
Pacific St Paul, Consolidated Cas- Louisville
and Nashville, Peoples Gas, Southern Pacific
and Union Pacific. In these shares losses were
above l per cent, the largest decline being suf-
fered by Peoples Gas which lost 27s per cent