New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-05
BONDS.
STOCK MARKET OPERATIONS.

Stock market values were firm in the greater
part Of the five hours of trading, with decided
strength In a few issues, notably Union Pacific,
which enjoyed a maximum gain Of nearly per
cent. and New-York Central. Trading. how
ever. was not active, representing in great part
the operations of the professional element. COM
mission houses having few orders for public ac-
count. The absence of a number Of we'll known
spectators in Washington and other cities
also factor in the general dulness. Notwith-
standing the publication of an unfavorable bank
statement in the last hour OF business, prices
remained steady until the close. the fact that
the reserve above legal requirements of the
Clearing House institutions decreased to SS,3S9-
700. loss of $685. 75 as compared with the
same time in the preceding week and a loss of
over $21O00OO0 compared with the CORE
spending week a year ago, failing to disconcert
speculative sentiment, which showed no DISPOSE
ton to grow bearish over so small thing as
the probability of higher rates for money. Cash
decreased So. 100. while loans increased S13.-
1439O0 the expansion in the latter item doubt
less being in great part due TO the operations
connected with the payments of subscriptions
to Southern Pacific bonds early in the week.
The increase in loans and the decrease in cash
about balance the increase in deposits. While
reserve above legal requirements is now over
S21OO0OO0 less than at this time last year, cash
holdings are about S15OOOOO0 larger. 1t is in
teresting to record the fact that since the third
week In August. when cash holdings Of the as
ISOLATED banks stood at the highest of the year
there has been a decline of 500 123 800 in this
item. In the same time reserve above legal re-
quirements has decreased $50 23, $40. while
loans have expanded over $50. 100000
The chief net improvement in the day among
the active shares was recorded by Atlantic Coast
Line. Sugar Refining st. Paul. Northwest, New
York Central, Reading and Union Pacific. The
local traction shares We're firm, and. despite the
report OF the New-York City Railway showing
a deficit after charges, for the December quar-
ter of S540944, an increase of 500. 800 as COM
pared with the same time in the preceding year,
the Metropolitan stocks closed at fractional
gains. While the company's actual receipts In
creased in the quarter. operating expenses were
large that the gain in gross resulted in
loss in net Of more than $31. 900. And then the
increase in charges of S599.97S made a heavy
inrOad on total income, accounting for the big
deficit. 1t is probable that in the current quar-
ter net earnings will also make poor showing
owing to the falling of in traffic and the large
increase in operating expenses as a result of
the severe winter weather. The encouraging
feature of the statement for the last quarter Of
the last year the gain in gross earnings in
the face of subway competition. Sloss- Sheffield
lost points in the days trading, while other
features of weakness were furnished by Colo
RADIO Fuel and Iron, Kansas and Texas issues
and Ontario and Western. The declines in these
shares. however. were unimportant. Canadian
Pacific was again taken by a good class Of buy
ers, the absorption of the stock suggesting the
probability of the development of a great scar
city of the issue IN the near future.
At the close of the week Wall Street senti-
ment favored the theory of still better prices,
traders basing their opinion on the development
at various times in the last six business days
of a reactionary tendency that improved the bull
position by placing stocks in stronger hands
and attracting new buyers to the market. More
over, there was no Indication the part OF the
lower quotations. The general trade reports of
road earnings in most parts of the country were
further indications of expanding tendency
increase, as compared with the same time a
year ago, of nearly 40 per cent. 1t is worth
noting in connection with the activity on the
pared with the same time in 1904. there was an
increase in dealings of 6.7S1 .991 shares 1t was
thought after the close Of business that the
Presidents inaugural address would exert IA
vorable influence on the securities market in to-
morrows trading.