New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-01
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market
showel an increase IN volume compared with
the preceding day. while. a rule. the course
OF values presented a much more encouraging
tone than IN Thursdays trading. In the last
hour pronounced strength was exhibited
throughout the list under the influence Of a de-
mand that came from the shorts and from sub
stantial bull interests. and. according to the
belief OF well informed market observers. the
character OF the afternoons business warranted
the prediction that efforts were being made to
bring about active resumption OF the bull
campaign that came to temporary halt fort
night ago. In Amalgamated Copper. American
Smelling. Brooklyn Rapid Transit. Colorado and
Southern. Pennsylvania, Reading. Republic Iron
and Steel Rubber Goods, Union Pacific, United
States Steel issues. Canadian Pacific and North
American purchases were heavy enough TO cause
pronounced improvement, the last named stock.
for instance. gaining over per cent. It was
said that accumulation OF North American was
for the account OF the Morgan interests. Colo
RADIO Fuel and Tennessee Coal and Iron closed
at net losses. but elsewhere among the iron and
steel shares advances were recorded. It is un-
derstOod that active work has been resumed on
the plans for a merger OF the Southern iron
properties under the auspices Of two Of the
largest banking houses in the Street. While the
Hoadley and Gates parties are large holders OF
the shares Of the Southern iron properties. it is
not likely that they win be controlling factors
IA any combination that may be brought about,
for the simple reason that there are other inter
ests in the properties which are much stronger
and better situated for the carrying through OF
a deal Of this character. Call money was hrmer.
ruling at AZ per cent There was no change In
sterling rates.
According TO the known rnovemen. OF money
more than 100000. but It is likely that to-
days bank statement viii show large enough
reduction IN deposits 10 Offset the decline in
cash holdings as an influence on reserve above
legal requirements. Doubtless the loan account
has been reduced. owing TO the transfer Of loans
10 European account through the foreign ex-
change market and 10 lending by trust COM
panies. and. as a consequence a contraction in
the deposit item should be recorded. Although
money rates much hrmer than they were a
few weeks ago, there appears no reason to pre-
dict stringency at this centre in the course OF
the spring and summer months: indeed, the out
look favOrs comparatively easy quotations for
loans in the greater part OF the rest Of the year.
after the usual spring demand from the interior
IS satisfied In the current month the disburse-
ments by the federal Treasury VIII be heavy.
the country demand for funds viii gradually
toward this centre Will develop owing TO the
payments for the Japanese bonds awarded to
investors outside Of New-York According to
the best information the small investor viii be
favored IN the distribution OF the bonds. rather
than the corporations. and in this connection
It is interesting TO note the fact that the in
quiry for the Japanese loan for the account OF
individuals comes from all parts OF the country
In this demand is reflected the large amount Of
money seeking investment. The fact that there
Sc 90 much money IN the United States ready to
be employed IN the channels OF trade and in
speculation ought not TO be lost sight OF by
Wall Street operators who are advocating lower
prices for securities.
The remarks OF the president Of the New
York, New-Haven and Hartford at Albany. in
timating that the proposed new route Of the
New-York Central from Danbury. Conn. to
Springfield. Mass. would be in direct opposi-
ton TO the plans OF the New-Haven. and that
the Centrals proposed new line would be built
as q reprisal for the action Of the New-Haven in
purchasing the Ontario and Western, served TO
encourage the bear element IN the stock market
on the theory that the supposedly friendly rela-
tions between the big Eastern railroad interests
were seriously strained. The acquisition Of the
Ontario and Western by the New-Haven was a
good thing for the latter company, and the
gradual increase OF the New-YOrlk Central's ter
Titory IN the New-England States is a good
thing for the Vanderbilt system. for the travel
ling public and for the shippers. and the moves
By the two companies VIII not upset the rail-
road business in the East lessen the value
OF the securities OF the respective roads. The
growth OF the New-England States in popula-
ton and manufacturing industries demands new
railroad facilities. and doubtless it win be found
-. 49, min la enough hrsiness for botb the
New-Haven and the New-YOrk Central. and
that both companies viii be able TO maintain
stable rates and current dividends.