New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-22
enlisted.
Closing prices Yesterday Of bonds dealt in.
STOCK MARKET OPERATIONS.

Stocks moved toward higher prices in the
greater part OF the two hours of trading. There
an aggressive demand from the profess
sional element, larger transactions by the
mission houses and active interest in the bull
side for the account of the leading speculative
dealers Expectation of favorable bank state
ment served to create bull sentiment while the
more reassurfng reports from abroad regarding
the money outlook in foreign countries naturally
helped along the campaign for higher quota
tons. Following the publication Of the bank
sttenent there were some realizing sales but
a rule prices closed well above the final fig
ures IN Fridays market The bank statement
showed a gain in cash and reserve and a small
reduction in loans and deposits and as a result
Of all changes reserve above legal requirements
advanced to S12,583. 150. compared with ST.
053925 in the same week In the year before and
$17 4,450 IL 1903 The gain In cash was less
than fridays estimates foreshadowed Cash
holdings OF the associated banks are about $50
100000 smaller than at this period last year but
loans, as compared with 1904 show a decrease
Of S1n,24O,3OO. The chief strength in the active
list was reported in American WoolIer BrookI,,n
Rapid Transit Delaware and Hudson, General
Electric. New-York Central, Pressed Steel Car
Southern Pacific, Tennessee Coal and Iron and
Union Pacific Trading was heavy and fairly
well distributed
All acuVe demand for currency for the South
developed in the current week, and Indications
point toward shipments Of large amounts from
THIS centre. This factor will offset no donht Tho
return flow that has set in from the West 40
an influence on local money rates. but from
present known conditions in the monetary sit,a-
tlon there appears to be little chance of serious
disturbance in the loan department of Wall
0treets activities. At least there will be no dis
'urDahce II the speculative element which Is
working for higher prices on the Stock Fly
change can be forced to restrain its enthusiasm,
for time The activity Of the last few DAYS IN
lne industrial section of the market is not A
sign OF heathful speculation. There has been
too much manipulation to encourage the idea
that this is good time to buy securities. and
the leading banking interests are not disposed
to advise people to take part in current mar
ket operations. Certain pools and rich indi-
Viduals who in the last few years have come
out Of the West are heavily loaded with Sc
curities which they would like to dispose Of IN
the public but fortunately the public shows no
great desire to accept the kindly offers OF the
Wall Street manipulators If the speculators
insist on pegglng prices toward a higher level
there will be at remote period some trouble
IN the camp of these philanthropic bulls by the
way Of the money market. Gold exports are now
considered a matter Of a short time only. FIX
and IT viii require only small further advance
to bring about engagements of the yellow metal
for shipment to Europe With gold exports in
prospect and with a big legitimate demand for
money the world over in connection with bust
ness and financial transactions. it does not ap-
pear wise TO endeavor to institute an active bull
market for securities Bull speculation depends
for its success on liberal supplies Of money and
willingness on the part of the bankers to ex-
tend credit. In view of the present high level of
stock market quotations and the urgent demand
for money for purposes other than those Of the
securities market 1t is not at all likely that the
banks will countenance aggressive bull specula-
ton Just now.
There have been number Of bank failures in
recent weeks in various parts of the country
These troubles however, do not indicate that
there is any radical weakness in the general
financial and business situation. and 1t is not
likely that the passing out OF existence of Ger
tain weak institutions will be considered bear
! card on stocks. Perhaps the elimination of these
concerns VIII help the situation, especially If
the failures serve to create more cautious
methods in banking and attract interest in ali
circles TO the danger of overwhelming credit
resources. Fortunately there is not in this
country widespread disregard Of the rules of
| conservative banking and in the chief financial
centres the tendency to curb the mad demand
! for money for speculative operations is becom
| ing more pronounced. There are Inanv good
reasons why at the present time stock market
| operators should be denied the privilege of the
| loan market. The business horizon it is true
has rev Clouds and all signs point 10 fair
weather IN the business world for many months
10 come put the demand for capital is growing
/ greater than available supplies and as conse-