New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-30
Closing prices yesterday of bonds dealt in
with net changes, follow:
STOCK MARKET OPERATIONS.

Notwithstanding a further advance in call
money rates stocks after early weakness
showed decided strength in most parts Of the
list, although the volume of business was light,
representing little beyond the operations of the
professional element Commission houses had
few orders for outside account, while the larger
speculative interests were not important factors
in the days trading, except in the case of few
issues, notably Reading, Erie, Railway Steel
Spring. Union Pacific, Wabash, Amalgamated
and Canadian Pacific Efforts being made
In certain local circles to bring about an i'm
portant decline in the price of the last named
stock on the strength OF reports which are
based solely on the imagination and desire of
the big short interest which is now known to
exist in the issue. The supply OF the stock IS
extremely limited IN London, and It is estimated
that the short interest amounts to over one
hundred thousand shares due on options at the
end of the month. Investors are absorbing the
security on the well founded belief that the
great possibilities of Canada, particularly in
the territory served by the Canadian Pacific, in
sure a price for the stock as high as that of
the Great Northern. There number Of
sror4s In about every stock in the list who
try1ng to convince the world that the time for
? stock market panic has arrived, but despite
their vigorous attempts to save the world in
general from destruction the majority of people
are quite we'll satisfied to remain cheerful, to
say nothing Of being hopeful of higher prices
than any so far recorded this year. One reason
for the afternoon strength yesterday in the
face of the strong money market was a sharp
decline in sterling exchange. which carried
rates to a point that suggested the probability
of further gold import engagements next week.
Last quotations were near the best of the day.
of1
IN the week the local banks have lost more than
s. 100000. but It is quite probable that, through
the shifting and calling of loans which have been
under way in the last few days, the reserve
holdings of the Clearing House institutions will
not show a material falling off in to-days state
ment of averages. The advance in money rates
on Thursday and yesterday naturally created
the impression that the reserve above legal re-
uurements had been materially decreased and,
as a consequence, there was more or less liquida-
ton of speculative accounts on the Stock Ex
change, but sales thus made were easily alb
sorbed, while prices were not affected to any i'm
portant degree OF course. a 6 or per cent
call money market is not favorable to aggressive
specuIatfon on the bull side Of the stock market,
hut it does not suggest the sale Of genuine hold
fngs or preclude the possibility of further i'm
provernent in prices IN the balance Of the year.
There are a number Of reasons for a pause in
speculative activity at the moment, there are
very good reasons for caution on the part Of the
small traders on margin, and there excel
lent reasons for the holding by investors OF their
security possessions. The big pools have not yet
liquidated to any important extent, and from
what may be learned from the men most init
mateIy connected with the large speculative
operations Of the last few months it is not likely
that there will be any material reduction in
pool accounts at present In connection with the
weeks money market changes It is interesting
to note the fact that In addition to the prepara-
lions for the October interest and dividend dis
bursements there have been large syndicate pay
ments, notably in the of the Atchison and
Pennsylvania bond issues. which called for pay
nents aggregatfng $37, 100000