New-York tribune., 1905-07-22
sUnlisted. TEX dividend.
Closing prices yesterday OF active bonds dealt
in. with net changes follow:
STOCK MARKET OPERATIONS.

There were few important changes in yester-
days stock market while the volume of busi-
ness not heavy enough to suggest the pres
ence IN the Street Of the leading speculative in
terests or any substantial transactions for the
account Of the commission house element. AS a
rule, operations represented the transactions Of
the board room traders. Efforts to bring about
important liquidation were not at all success
full. despite the fact that prices generally tended
in the direction Of lower quotations. Losses
were not Of any significance as showing the SEN
timent Of the financial community. the declines
merely rejecting activity the part of the
traders who took advantage of adverse crop re-
ports TO hammer prices at a time when the
more important speculative interests were out
Of town. The reports of black rust in the spring
wheat fields doubtless were grossly exaggerated,
but they served, nevertheless, to bring about a
sh9 advance in the wheat market and profess
sio selling Of stocks 1t is well to note the
fact that the shares Of the railroads least af-
fected by crop conditions were the weakest
features, notably Reading which lost over 2
per cent, while the shares of the companies in
the agricultural section of the country as a
rule, lost only mere fractions St. Paul closed
at a net loss Of ~ per cent, and with Reading
supplied the only important decline among the
active issues. Exceptions to the downward
Hudson and the Republic Iron and Steel stocks,
which were strong in the greater part Of the
Day In the closing dealings the majority of
shares were at the lowest figures of the session
Efforts are being made to draw cash to the
nnanclal centres in preparation for the heavy
demands that will materialize thirty days hence
Tor money for handling the crops Results have
not so lar been especially successful notwith-
staholng that unusual means have been en-
ployed. for the disposition to maintain tight
grip on funds is widespread as ever The
situation in money has not improved to anv
material extent, and In New-York it has been
under extensive manipulation to avert interfer
ence with the japanese bond subscriptions and
other financial undertakings. Where practical
money is being transferred to the banks from
the trust companies and other fducary institu
tions which are not compelled to maintain cash
reserves Likewise in the endeayor to streng+b
en- the reserves Of the banks loans are being
shifted from the banks to the trust comnanies
and 70 the foreign exchange market Rates for
Time money are firm, and borrowers are taking
SIX months money with considerable freedom in
order to avoid trouble over their requirements
throughout the fall. 1t can hardly be otherwise
than that money will be more active than at
present III the course Of a few weeks and
throughout the last months In the year Offer
ings of commercial paper are still surprisinpJv
small reason for which may be found in the
good collections reported by the merchants Ac
cording TO the known movement of money in the
week the local banks have lost over 100000 in
cash holdings, and unless therefore there has
been a large contraction in loans or a movement
of funds from the trust companies to the banks
to-day's Clearing House statement doubtless will
show a decline in reserve above legal reouira
ments.