New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-12
Closing prices yesterday of bonds dealt in
STOCK MARKET OPERATIONS.

Early weakness in yesterdays stock market
was followed by an advancing tendency in the
afternoon trading. initial losses in the greater
number of securities being recovered. particu-
Iarly in the case Of the leading issues, in which
final prices, as rule. closed at net gains. Re-
covery In values helped to a great extent
by the appearance of substantial support in
Erie. In this stock net gain Of per cent was
recorded volume of business that amounted
to over $4,000 shares. There was no news de-
velopment accompanying the advance in Erie.
but the character Of the operations In the stock
suggested a resumption Of interest in the market
by the larger Wall Street fnanciers. especially
as brokers who generally represent one of the
largest banking houses in the country were
active factors in the advance in the so-ca1led
Morgan security. American Smelling, Atchi-
son, Canadian Pacific, New-York Central, Union
Pacific and United States Steel shares were
among the issues which showed net gains at
the close. Commission houses were moderately
active throughout the day, while the ordinary
board element supplied fair proportion Of the
dealings. Sentiment was bullish than re-
ported in the closing days of the last week. and
it was thought that further rally in prices
would be recorded. An advance by the Imperial
Bank Of Germany in its discount rate was with
out effect on prices in the local market. while
in sterling exchange failed to exercise any in
fiuence on speculative operations. The advance
in time money, however, was too unimportant
TO cause any comment.
Notwithstanding the fact that Saturdays
bank statement showed reserve above legal
requirements Of less than S5,O00,000, I'M
usually small amount for this period of the
year, there was important change in local
call money rates yesterday and no indication of
a material advance in the near future. Bankers
are not worried over the money market situa-
ton for the very good reason that the position
of the foreign exchange market promises gold
imports from Europe in the course of the next
few weeks Higher rates for loans will be well
coined by the banks. An advance of several
points in the price of money will not mean
decentralization in the local financial situation,
although it may compel liquidation Of specula-
tive accounts in the stock market In the last
fortnight there has been large amount Of sell
ing for the account of speculative pools and in
dtvidual traders and as consequence Of these
sales the technical position Of the stock market
has been improved, but further liquidation Of
this character would tend to place stocks in an
even more safe condition. particularly in the
case of the issues which in the recent trading
have been strong active features According 10
+ba oninion of the men who best informed
COiANAANASA'0
erning speculative and investment movements
quotations in the greater number OF securlues
will sell higher in the course OF the next SIX
roon+bs Int they agree, nevertheless, that con-
siderable weakness may develop before the end
of the current month. There are too many
favorable factors in the general situation anect-
inc the intrinsic worth Of investment securities
n encourage the idea that long period OF bear
activity is about to begin. 1t is only necessary
"a s+udv the position of the crops OF the iron
,d s+Aoi industry and of the railroads to realize
+bo+ this country is in the midst of wonderful
a,n.nsion in most lines of domestic trade.
Government figures Of the position Of the
ro,e as of September 1 show almost unparal-
1.1ad conditions in the agricultural section OF
tho United States AS expressed in percentages
the corn condition is 500. compared with S4.6
~ +be same time a year ago, while spring wheat
stands AT Se3 per cent, against only &c. per
cent IN 1904 The indications are that the total
Weld Of winter and spring wheat will amount
IN over 100000 bushels. compared with an
actual Weld last year of 552. $4,000 bushels.
The corn crop probably will amount 10 over
. 100000 bushels as against 24674 10000
I'm the crop season of g. year ago. Big crops
mean an expansion in the wealth of the farm
ers. heavier railroad earnings and trade bal
ance in this country's favor abroad. The cur
rent demand for remittance in the foreign ex-
change market is not at all active. The supply of
commercial bills and finance bills is heavy, and
inquiry for exchange sterling rates are declin-
bring gold from Europe.