New-York tribune., 1905-01-29
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy in volume in the two hours Of trading on
a movement of values that showed marked
strength throughout the list. with substantial
gains in all the active issues at the close. The
appearance of favorable bank statement was
an effective influence in the last half hour on
the bull side of the account. while the strength
in Chicago and Northwestern served to induce
bull enthusiasm in ell parts Of the list The
buying of the stock named came from Morgan-
Vanderbilt sources. and it evidently indicated
developments of the utmost Importance in the
railway world, although there were news an
nouncements accompanying the movement
Negotiations are under way that viii have a
most important bearing the trunk line sttua-
tion. and eventually it will be found that work
has been done lines that will insure peace
and harmony among the great railroad interests
of the United States Union Pacific Erie. New
York Central St. Paul and Northwest will be
directly affected and as a consequence the mar
ket values Of these companies securities doubt
less will enjoy further improvement. Traders
who took profits in yesterdays market reported
that stock was easily absorbed especially in
Union Pacific which the leading feature in
the best part of the short session at a net ad-
vance Of 2al per cent
While the Hartman interests have carried the
Northern Securities stock distribution case to
the Supreme Court the impression is general in
the Street that the affairs of the company will
be wound up on the plan proposed by the Nor
gan-TIilI people. and that the Hartman element
will agree to the settlement and be found work.
ing with Mr.. Morgan and Mr.. Hill for the best
interests OF the Northwestern railroad situation.
The weekly statement OF the associated banks
showed much larger gain in cash holdings than
was indicated by Fridays estimates. which were
based the known movement of money the
gain amounting to $9,749. 100, against the pre-
limnary figures of about S3.O0O.OO0. Loans in
creased $16,S31, 100 and deposits S26 ola, 400
while. as result of all changes. reserve above
legal requirements increased So 245. $50 to $26.-
97955O compared with $25 $50 775 in the same
week year ago and $27. .SSO.775 in the year be-
fore In the last two weeks the local banks
have gained 500 1S7. 400 in cash holdings. while
in the same period loans have expanded $751;
BOG 400 AS there is a large supply of money at
this centre, the increase in loans is not at all
surprising and in view of the low price Of money
it is natural for the trust companies to transfer
loans to the banks. a factor that was responsible
for much of last weeks gain by the Clearing
House institutions. Loan expansion doubtless
will continue just as long as money rates remain
at their current easy level. And the same thing
may be said regarding gold exports The move
ment of gold will be toward Europe until there is
an important advance in the money market. and
It IS likely that in the month OF February the
outward movement of the yellow metal will
reach heavy totals. especially as around the mid
die of the month there is generally a heavy de-
mand for remittance The situation in this
country, both as regards Industrial and financial
conditions. is sound that the shipments Of
gold fail to create a ripple Of excitement or any
uneasness in the Wall Street community. It is
encouraging to note the fact that the trade
agencies report progress of the most substantial
character in all lines of business in all parts of
the country.
On the curb Northern Securities made new
high record, the advance naturally suggesting
the probability Of important developments af-
fecting the railroad situation in the Northwest.
Buying came from people who supposed to
be well informed regarding Northern Securities
affairs and the same buyers took considerable
amounts OF Union Pacific and Chicago and
Northwestern. The latter issue advanced 131s
net while other noteworthy gains were made by
ST. Paul Union Pacific. Omaha, Colorado South
ern and New-York Central. Amalgamated Cop
per and Erie were the only heavy features of the
active list at the close. Total dealings in the
two hours of business amounted to 69O434
shares, compared with e45,OOO shares in Fri
days market.