New-York tribune., 1905-02-11
BONDS.
STOCK MARKET OPERATIONS.

Dealings in yesterdays STOCK hlaIheC "eto
poorly distributed. few shares supplying the
greater part Of the transactions, but as rule
prices were strong with substantial improve
,nent in a number of issues. The upward ten
5encv was especially marked in Tennessee Coal
and Iron. Republic Iron and Steel. Colorado
Fuel and Iron and Virginia-Caroiina Chemical,
sn which maximum advances ran from ABOVE
10 per cent on moderately active volume OF
business buying Of the shares being accom-
1nsuied by reports that developments Of the
Utmost Importance affecting the companies were
fr1nninept. There was. however. no news on any
Of these stocks. and little credence was placed
8n the runor that the Tennessee Coal and Iron
Company the Republic Iron and Steel Company
and the Sloss-sheffeld company would be COM
fined These concerns, like the United States
Steel CORPORATION are enjoying the benefit OF IN
creased orders. their earnings are expanding
and their future is extremely promising. 1t is
known that powerful interests have been buyers
Of Tennessee Coal and Iron shares, but at the
moment there appears little probability of an
amalganation of the company with any other
property.
Commission houses were poorly represented
IN the days operations in the general list, the
heaviest demand for this account being reported
in St Paul, the local traction shares. Union Pa
cihc, Steel preferred and Ontario and Western
Union Pacific was taken by good class OF
buyers, but realizing sales were heavy enough
10 prevent an important advance in its price,
while In Reading the volume Of sales was large
enough 10 carry the quotation fractionaly under
.ts closing of the preceding day
The fact that the estimated movement OF
money In the week showed a loss to the banks
OF more than 100000 failed to affect specula-
tive sentiment to extent inducing sales of
stocks, although It encouraged the hope in bank
hat fo a
higher market for loans. While the banks
gained in their operations with the interior the
loss Oh gold exports and TO the Sub-Treasury
was heavy enough to cause material reduc
tion in cash. and the average system may even
show a bigger decrease in the days bank state
rnent, as last weeks heavy gold exports were no:
fully reflected in last Saturdays exhibit. II ap-
pears safe therefore, to make the prediction
that reserve above legal requirements Will pre-
sent a falling of compared with the pre-
ceding week The reserve last Saturday
S19 S41 925. In the course of few weeks the
movement Of money from the interior to this
centre doubtless will cease, while New-York
may be called on to remit money to out of town
points. is customary in the spring, and in this
case a better level in the loan market viii de-
veIop, especially if gold exports continue. Ac-
cording TO the views of the best posted bankers
the foreign demand for the yellow metal is not
yet satisfied. and just as long as the metal can
be secured in this country Paris doubtless will
draw from here. This fact, however, does not
warrant any uneasiness over the future of The
money market in the United States. The coun-
try is well supplied with gold, and the amount
IA circulation is constantly increasing despite
shipments to foreign lands. Present indications
suggest relatively easy money market through
cut the year.
Closing prices were not far from the best of
the day, with the chief advances in the active
list in Anaalgamated Copper, st. Paul Colorado
Fuel and Iron. Federal Mining and Smelling pre-
ferred, Republic Iron and Steel issues Tennes-
see Coal and Iron and the United States Steel
Shares On lighter volume of business marked
strength was shown by the railway equipment
issues and American Steel Foundries preferred
Minneapolis, st. Paul and Sault Ste Marie CON-
mon, on dealings Of 5000 shares, advanced 81
per cent. Canadian Pacific was also well bought
The market supply of Canadian Pacific stock
and the issues Of the controlled roads is not
heavy al present, these shares being heavily
held by investors. Money remained easy aid
there was no important change in sterling rates.