New-York tribune., 1905-02-12
BONDS.
STOCK MARKET OPERATIONS.

Transactions In yesterdays short session on
the Stock Exchange were made up In great
part of the operations of the professional ele-
rnent which traded on both sides of the
count, with the predominating tendency In IA
vor of lover prices. although there were no
important losses in the list of active securities
Even the bank statement which showed fur
ther large decline in cash and reserve ana a
big gain in 'oans failed to bring about note
worthy liquidation. Closing prices in the great
er number of securities were slightly Under the
final figures of the preceding day. The Colo
rado Iron and Fuel shares were strong, but the
rest of the iron and coal group after early ad-
vances, reacted, generally ending under Fri
days last quotations. There news in
the day affecting the actual value Of the vari-
Gus Issues traded in, and transactions were
without significance interest, the trading
being dull and stupid from start to finish The ex-
hibt made by the Clearing House banks natu-
rally suggests the probability of higher rates for
loans in the near future, as reserve above legal
requirements has been reduced to 11036,925.
loss of more than S., 500 600 from week ago
and a. loss as compared with the same time
last year. of nearly S10.000.000. Cash decreased
more than $7.O0OO00. while loans increased
$14.O19,3 800. In the last four weeks loans OF the
associated banks have increased upward of
S76,OOO,OOo.
MANY nrofninent operators have left town for
a month or more. and consequence there
are many people who believe that in the course
Of the next few weeks speculation will present
much quieter Tone although the idea that prices
will be allowed to sell off materially is not enter
tanned in the best informed quarters. decline.
however would help rather than injure the bull
position, and it is not unlikely that In the alb
sence Of the more substantial interests the local
professional element will work for lower prices.
especially in the issues that are now selling for
more than their intrinsic value. General condi-
tions, however are not in favor of an important
setback in quotations at the moment and IL
prices should be forced under the present Level
further buying for the account of capitalists
would develop. The market has enjoyed long
period Of strength, and reaction at this time
would be welcomed by many. people. who have
been waiting for a long time to accumulate
securities at cheaper quotations. Money and
business in the country are in extremely
satisfactory condition. evidence OF which Is re-
fected in the trade reports for the week, In rail-
road earnings and In bank clearings' In the
Southwest earnings are not at the moment as
favorable as in other parts of the country. but
in view Of the excellent results recently shown
by the roads in that part OF the United states
and the evidence of expanding industries IN that
section temporary falling off in traftlc receipts
is not at all dsquieting.
EXPORTS of domestic products still remain
light the showing for January figures OF which
were received yesterday. falling we'll under the
record of the same month in the year before, al
though the comparison was better than that
made In December with December, 1903. Owing
to increased exports of corn the decline in ship
ments of breadstuffs was only $1!O42,363. the
heaviest loss being made in cotton. exports Oh
which amounted in value to only S30'469,453,
compared with $463SOS55 in the corresponding
month last year. For the seven months ended
January 81 the decrease in the exports OF DO
mestic products amounted In value TO SI9So0.-
479 In view Of the lower price for cotton the
continued light exports OF the product cause
much surprise but the disposition Of the farm
ers to hold back their supplies for better prices
may explain the situation In the export trade
while the holdings abroad may be larger than
generally reported.