New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-23
STOCK MARKET OPERATIONS.

Stock market transactions were not large IN
volume in the greater number of issues, while
the movement of values was not at all uniform,
although at the close the majority of securities
showed net gains as compared with the final
figures of the preceding day. In g. few shares
the total Of business fairly heavy, as, for
instance, in Brooklyn Rapid Transit, Erie,
Canadian Pacific, St Paul. Louisville and Nash
VILE, Reading, Southern Railway, Union Pa
cif1c and the United States Steel stocks, but
even in these issues there was no remarkable
demonstration Of speculative activity. Com
mission houses had few orders, while the larger
speculative interests apparently were inclined
to do little in the market. this tendency doubt
less being based the slight advance in call
money rates and on the theory that the general
market was ripe for a good sized reaction.
There was. however, no sign Of bear activity.
The upward movement in St Paul was not
planned by any news development affecting the
property, although it reported that the d.
rectors Of the company would soon issue the
new stock authorized by the company long
time ago at price Of $50. In the last hour
the general market was strong. and in many
parts Of the list decided activity
hibited Closing prices, rule, were at
near the best Of the day.
Money market conditions do not indicate any
immediate change in the quotations for rates
for loans that is, a change Of sufficient i'm
portance to advance call money to a protibi-
tive level. It is believed that there will be a
higher rate before the end of the year, but It
Is not thought that this advance Will be large
enough TO cause any disturbance IN the stock
market. There is enough money in the coun-
try and excellent facilities for bringing in gold
from Europe to handle the mercantile and
financial needs of the United States and despite
the fact that the local clearing house banks
show low proportion of reserve to deposits,
there IS according to the opinion of the best
informed bankers in the Street, no cause for
11neasiness over the monetary situation. In the
current week the associated banks have lost
more than 100000 in cash holdings This
amount quite probably viii be offset as in
fuence on reserve above legal requirements in
to-day's bank statement by a further contrao-
ton in loans which, Of course will bring about
a. decline IN deposits. The banks are trans
ferring loans TO the trust companies and to the
foreign exchange market, and a consequence
the strain on the banks is being materially re-
duced. indeed, at the moment the banks are not
at all burdened with the handling Of the loan
department OF Wall Street. The larger inter
ests in the Street are not in favor of big de-
cline in stocks, and it is. therefore, not likely
that there will be any disturbance in the money
market at present. And, as a matter Of fact.
there Is no reason to expect trouble in tho
New-York money market at any time IN the
fall Naturally in the next few weeks the
money market will be watched with great in
terest by fnanciers and spectators. but It
hardly appears probable that there will be any
great advance Commission houses are not
large borrowers at present, for the good reason
that they are well supplied with time funds.