New-York tribune., 1905-11-07
ENLISTED
Closing prices yesterday OF bonos oeai' III
sTncK MARKET OPERATIONS.

After early selling in the course OF WHICH
nrices for many issues sold well uhoei 'h0
closing figures in Saturdays market lihpiof
,oen+ deveIoped throughout the list. despite the
fact that money rates were hish anu uiiOei
-sinty continued to prevail over the outcome VI
to-day's municipal election. Uneasiness o't
r,o,.v increased rather than diminished. but
thi, fac. had little effect on sentiment among
, the interests who are actively working for pet
+a- ,uotations for securities. The favorable
earning. Of the Union and Southern Pacific tne
evidence of business prosperity in most parts
OF the land and the absence Of important lQul-
dation. according to the views OF the pools anu
large individual spectators, more than offset
the money markets position as an influence IN
| the stock market. Trading was heavy IN vol
| ume and the ease with which values recovered
converted mcny traders who recently nave
| been bearish to the belief that the market is
| on the upswing and that nothing can interfere
with its course at present In Amalgamated
copuer American Locomotive, American Smelt-
ing BROOKLYN Rapid Transit, Canadian Pacf1c,
Duluth South Shore and Atlantic Erie. Metro
politan, Kansas and Texas. pennsylvania
Reading, the Hartman shares and the steel is
sues dealings were active throughout the day,
and as a rule prices were higher at the close
as compared with the final figures last week
The people who have been the chief factors In
he hull
NOT worried over the position of the money mar
ket maintaining that bull markets have peen
conducted in the past with money at high hg-
IRE and that conditions in the countrv affecting
business are SO extraordinarily favorable that
Notwithstanding the advance which already has
taken place there will be further improvement IN
securities values. 1t must be admitted, as point
ed out in this column yesterday morning, that
the stock market has held remarkably firm. and
II must also be admitted that the men who are
back OF the present market are possessed OF
great means. The public is not In the market
to any great extent, and of course its absence Is
a factor working against disturbance Based on
ordinary conditions and precedents quotations
for many securities are selling for all that they
are worth. Great No-saern preferred, North
west. Delaware and Hudson, Delaware. Lacka-
wanna and Western and many other high grade
issues do not return much on the money spent
on them at prevailing figures, but there still are
a number OF good securities that are not high
when comparison is made with such SHARES DIS
those mentioned. Canadian Pacinc. winch mas
been advancing on its rapidly improving merits
is an example OF the stock that not yee has
measured its actual worth and It's prospects ior
further gain In its intrinsic value. and now
that the property has become one OF the most
important in the world. with as good position
- +,a Great Northern 1t is reasonable to as
s,rne that a further material appreciation Will
take uIace in its market quotation. 1t has been
nredicted for many months that its price would
sell at 300 and now the people who are inter-
estea I'm the property assert that the stock viii
sell above that figure.
In view OF the low position OF the New-York
hank reserves and the many Clearing House in
st,tuttons that are reporting less reserve hold
,nes than required by law. the outlook for a long
period of easy money rates is not encouraging.
There is a strong demand for funds in the
United States IN connection with the trade ex-
mansion that is under way while the inquiry at
aI the foreign capitals is urgent for various
purposes. Paris IS now offering to pay interest
on gold in transit II this country does not
ship gold II VIII be because Of high money rates
at this centre. otherwise the fact that all the
world wants the precious metal will result In
shipments from this side OF the Atlantic. AS
bank statements IN New-York are compiled by
system which generally fails to show actual con-
ditions last weeks showing Of the Clearing
House may not have reflected conditions as bad
as they appear the surface, but II is known
nevertheless, that the situation is not strong
and tha: money market conditions net such
as to warrant the belief OF easy rates for loans