New-York tribune., 1905-08-19
unlisted.
Closing prices yesterday of active bondssdealt
IN. with net changes, follow:
STOCK MARKET OPERATIONS.

Stock market movements showed great frregu-
larity. with the general tendency in the direction
of lower prices, especially in the afternoon when
under the influence of realizing sales and bear
pressure the entire list declined, leaving final
quotations at net losses in most instances. The
reaction was helped by the publication Of the
estimated movement of money in the week.
showing large decrease in bank cash holdings
but there was sufficient cause in technical mar
ket conditions to warrant setback, and as a
consequence Of the downward trend the specu-
lative position was improved rather than in
iured The banks lost heavily in their opera
tions with the interior; indeed, the shipments of
currency were larger than in any corresponding
week record. rejecting an unusually early
demand for money from the West. The West
will need large amounts of currency from this
centre this year, but as the demand will repre-
sent the financing of bountiful harvests and
pansion in the country's general industrial
activities there will be reason for bearish-
ness because of the movement. Among the
active issues losses of per cent common,
the heaviest declines being reported in the Har-
riman stocks. United States Steel preferred,
American Locomotive, Atchison, St Paul,
Northwest, Great Northern preferred and New
York Central. Traders a rule were bearish
on the theory that good sized reaction
overdue, while they took advantage OF the un-
certainty over the outcome of the peace nego-
tiations\ and the weakness in the foreign mar
kets. London naturally did not like the unfa
voraile rumors from Portsmouth, although
prices at that centre did not decline materially.
At Paris Russian bonds slightly firmer.
According the known movement of money
in the week the local banks have lost more than
SS, 600 600 but owing to the unknown changes in
bank holdings and the uncertainty regarding the
Of iS 10 NAL
cast of to-day's statement of the Clearing House
banks. The large increase in speculative oper-
ations may have caused expansion in loans,
although it is thought h we'll informed financial
circles that the loan requirements of commission
houses were supplied several weeks ago in the
time money market and that there has been lit
tie pressure the call money market. outside
of ordinary day day borrowing. 1t is not un-
likely that liquidation of old loans has offset
! new loans. The course of the money market in
the next few weeks will be closely watched by
Wall Street, but in the opinion of the most care
ful observers there will be no material change
in the rates until the middle of September. at
least, and even then it is not believed that there
will be advance to a prohibtive level Higher
rates inevitable. but disturbance in the loan
market is probable. The larger financial In
terests have the situation well in hand they are
thoroughly alive to the necessities of the fall
market and they have made preparations ac-
cordingly. Everything will be done to prevent
trouble. especially the substantial Wall Street
men are working for higher prices in securities
Perhaps. when they find higher market for
their holdings. their philanttropic souls may
/ deem it wise in the interest of conservatism to
engineer a squeeze in money, the result Of which
| of course. would enable them TO reaccumulate
/ stocks at cheaper prices, but at the moment
/ such a suggestion finds little favor with the
powers that be. Serious minded bankers are
this fall with which TO cover finance bills which
have been put forth, and which still being
put forth i'm large volume, but il may come TO
pass that the supply vii! be inadequate. and
| then gold shipments will be udertaken
! Reports received last night from the CONNER
| cial agencies. covering all parts of the country
were filed with extremely encouraging facts for
| the believers in American prosperity In all
| lines of work Improvement is noted particu-
| arly in the iron ard steel trade the great
| barometer Of business. Retail and wholesale
| trades are in excellent shape, collections are
/ good railway earnings generally heavy and
| bank clearings large. The crops have made
splendid progress in the last week. and all indi-
cations point TO larger yield than estimated by
/ the government iu it's report OF August / In
view OF all the favorable features in the general
continues TO talk higher prices for securities,
despite the fact that there has been tremen-