New-York tribune., 1905-11-19
sUniigted.
Closing prices yesterday Of active bonds dealt
fn with net changes, follow:
STOCK MARKET OPERATIONS.

Stock market values were strong In the two
hours of business under the influence of an ex-
eellent demand for the interests which for
many weeks have been behind the bull specula-
tion from the shorts and to a larger extent than
recorded In many days from the commission
house element, known as the public. A favorable
bank statement was expected, and results as
shown by the Clearing House compilation more
than carried out the views OF the speculative
community. Loans were reduced to the amount
of s272o4, 200. This with decrease in cash of
over IS 000 600 accounted for q contraction IN de-
posits of s2s 24e, 500, which effected reduction
in the amount of cash required against deposits
large enough to bring about an increase in the
reserve above legal requirements Of S5,343,s5o.
compared with decline in the preceding week
that wiped out the surplus While there was
some realizing following the publication Of the
statement, the general market was firm at the
close, with net gains In the greater number Of
securities. The heaviest operations were in
Amalgamated Copper, Brooklyn Rapid Transit,
Louisville and Nashville Metropolitan. Reading.
Tennessee Coal and Iron. Union Pacific and the
United States Steel shares. Speculation was
more orderly than recorded Friday, and senti-
ment at the close bulIish the outlook
for this weeks market. Brooklyn Rapid Tran
sits strength, the advance in Louisville, Atlantic
Coast Line. Colorado. Fuel and Iron and Sloss-
Sheffield were the chief features of the day.
Reports received by the mercantile agencies
yesterday covering all lines Of trade in all parts
OF the country encouraging reading for the
people who are interested in the material well
fare of the United States In the iron and steel
trade consumption has overtaken production. in
the general mercantile line orders growing
teavier, especially from the West, where
much money is being made by the farmers from
the big crops railroad earnings heavy on
showed gain of nearly 80 per cent, as COM
pared with the corresponding period in the pre-
ceding year Evidence Of prosperity is pre-
sented in all departments Of business, and it is
therefore not surprising that there many
bulls in Wall Street and so many people who,
while bullish would like to see lower prices on
the Stock Exchange in order to be able to &C
cumulate line of shares for sale at the higher
figures which are expected to prevail in the new
year. At the moment, however, 1t appears an
almost hopeless task to bring about a material
decline in values this being due to the fact that
the greater number of securities are being car
ried by pools and individuals who will not sell
at current figures, despite money market uncer~
tanties. That there is a large supply of money
In the country available for the loan market is
reflected in the fall in rates from the high level
of % per cent under the influence OF offerings
from institutions and individuals in all parts OF
the United States. Rates doubtless will rule
firm for the balance of the year, but the stock
,,arlet bulls do not believe that this factor VIII
Interfere with their plans for an advancing
stock market The strongest capitalists In the
country are bulls.