New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-22
STOCK MARKET OPERATIONS.

Tho stock market opened strong yesterday In
,os,onea 10 higher prices in London and in the
morning hours advanced rather sharply, despite
a rise in the call money rate toS4 per cent Inc
principal argument for the market advance was
tho decision Of the Bank of England not to
raise ITS ra te of discount After noon the tome
became irregular, and on rather extensive proht
taking the early gains in many issues were III
mart or entirely lost The market closed 1rregu-
lar hut moderately firm. The feature OF the
afternoon was the rapid advance in Atiahuc
Coast Line and Louisville and Nashville "hlch
made net gains of three points each on ruino'S
Of an issue of Coast Line bonds for the purpose
of acquiring the remaining Louisville ana NASH
willie stock The Metropolitan issues were strong
in the morning on the news of the North RIVER
tunnel plans but closed only fractionaHy ABOVE
Wednesday. Canadian Pacific touched IL 70
ne1, bieb record. closing however, only g per
cent above the preceding day. at 1903 Erie
common and second preferred closed fractionally
,o,,.er the Cincinnati Hamilton and Dayton pur-
chase not being regarded a bull point on the
nronertv at present however advantageous IN
+ba future the acquisition of the Cmclnnau'
Hamilton and Dayton system may prove Cdll
money, at the close ruled at : per cent, the
lowest of the day. While time money rates were
unchanged The demand sterling rate decilneo
25 points and recovered 10
stock market conditions at present naturally
suggest caution among the small traders VINO
danend on margins for carrying speculative dc-
oo,,r+s bu+ the larger interests apparently be
Iteve that outside of passing fluctuations III
favor Of the bears there will be no important
movement on the down side Of the market in the
naxt two months These passing fluctuations
nevertheless may be large enough to wipe out
overenthusiastic bulls who have been buying 10
a greater extent than warranted by their bank
accounts It is true that the general SITUATION
is most promising, and that the outlook faVors
. long period Of strength and stability in the
world of business but these facts however, DO
not preclude the possibility of downward moves
!, securities At the moment it looks as if there
would be sharp reactions on both sides of the
market. with the ultimate tendency toward bet
fer quotations especially in the case of the low
nriced issues which so far have not enjoyed to
anv material degree the improvement that has
haen 80 marked in the high grade shares Just
now there is not a large investment demand
outside of bonds in which the inquiry continues
heavy. but speculative absorption by pools and
rich individuals is active.
Fear Of monetary stringency this fall is no
longer felt in Wall Street for the good reason
thai this country is now in a position to import
gold while the bank situation has been so ar
ranged that despite low reserves there is ample
needs. Views differ somewhat in the financial
community as to the probable size of gold i'm
ports in the next few weeks, a number of people
contending that there is no reason TO expect
heavy shipments from the other side, while
others assert that the movement will reach a
very large amount of the metal One thing
however ought to be patent to all who study
the situation and it is that If gold imports are
not large it will be because the United States
does not require the money. This country can
obtain all the gold it wants abroad. Conditions
favor the importation of the metal, while 1t Is
not likely that foreign bankers will place any
effective obstacle in the way of the movement.
Money rates abroad are harder than they have
been hut they are still below rates in this coun-
try a situation which doubtless will prevail
for some time to come The fact that no trouble
is exDected at this centre is reflected in the
relative ease in call funds and in the willing
ness of the big speculative interests In Wall
Street 10 maintain a position on the long side
Of stocks.