New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-21
Closing prices yesterday of bonds dealt IN
with net changes follow:
STOCK MARKET OPERATIONS.

Stocks were strong in the greater part OF the
day especially in the industrial department, in
which there was a good demand from an ex-
ceIlent class of traders. The railway equipment
shares were especial favorites, American Loco
motive for instance. being dealt in to the ex-
tent of more than $4,000 shares on an advancing
price movement. American Sugar Refining ad-
vanced . points, American Smelling more than
/ point. Tennessee Coal and Iron 15s, while
throughout the list Of industrial issues substan-
tiaI Improvement was recorded. There were no
news DEVELOPMENTS affecting the course of trad
ing IN this department of the market, the rise
being based on the favorable position Of the in
dustrial concerns in the country and on the
theory that prices for the larger number of in
dustriaI securities do not yet measure the growth
that has taken place in their intrinsic worth.
In the railroad list Canadian Pacific, Brooklyn
Rapid Transit st. Paul. Northwest. Delaware
and Hudson Louisville and Nashville, Metro
politan, New-York Central Reading. Southern
Pacific and Union Pacific were strong features.
The advance in the industrial shares attracted
some outside interest to the market, and while
commission house business was not heavy bro
kers reported a noteworthy increase as compared
with the operations for this account In recent
days An easier money market position abroad,
higher prices on the foreign exchanges and
lower rates for loans at this centre naturally
were influences that created bull sentiment
According to the known movement of money
in the week the local banks have gained over
So 100000 in cash holdings, but there is little
use in making any estimate as to the probable
showing of the farccal Clearing House state
ment which will be published to-day. One
thing is quite certain, and it is that the bank
position in this city is improving, and that there
is at present little possibility of disturbance in
the monetary situation Tight rates for loans
may develop later in the year. and firm
money doubtless will prevail throughout the
next few weeks. but as long as speculation
the Stock Exchange is held in check there ought
to be no trouble in the Wall Street markets.
There is no good reason for bull activity at this
time and the efforts of traders to bring
about bull enthusiasm at the current level of
values are unwise and untimey Stocks
high enough for the present. The market ought
to be allowed to enjoy a breathing spell Cor the
rest of the year. If general conditions
main favorable if there is no overspeculation
in the business world. and if money rates go
back to an easy level in the new year, doubt
less there will be period of further strength in
securities. Foreign exchange was strong again
yesterday. The strength in the sterling market
is not a favorable development for the operators
who believe that the money market is in a posi-
ton TO finance big bull campaign at this time.
If rates continue to advance there will be gold
exports, which naturally will weaken bank hold
ings, unless there should be return movement
Of money from the interior of unusually large
proportions.
Reports received from trade centres by the
local commercial agencies show healthful ex-
pansion in all lines of business. Both 'Dunn's''
and ''Bradstreet's' supply interesting reading for
the believers in the prosperity of this country,
particularly In regard to the iron and steel trade
There never has been such an active period in
the history of the iron market reported at
present, and the same thing may be said of the
railway equipment business reflection of the
activity in the latter branch Of the nations in
dustries being presented in the improving de-
mand for the railway and locomotive build
ing shares. The railroads swamped with
traffic. Their facilities not adequate to
handle all the business that is being offered and
in order to avoid a repetition of such con-
gested situation large contracts for new rolling
stock are being placed with all the big car and
locomotive building concerns Railroad man
ayers are justified in their belief that traffic will
continue heavy for many months to come