New-York tribune., 1905-07-09
.Cnlisted.
Closing prices yesterday of active bonds dealt
in with net changes follow.
STOCK MARKET OPERATIONS.


market developed great irreguarity, with the
final tendency I'm the direction of lower quota
tions. operations in the last hour being adversely
affected by the unfavorable character of the
weekly statement of the Associated Banks,
showing a loss in cash holdings OF more than
S5,500,0o0. and a decline in reserve above legal
requirements of SO, 701 ,050. The loss in cash
was wholly unexpected and could be accounted
for only on the assumption that there had been
a large transfer of cash from the banks TO the
trust companies, as the actual movement of
money in the week between the banks and the
Sub-Treasury indicated loss of less than
100000. Reserve now stands at S195lS25
compared with S36617.7 .725 in this week year
ago and SSOOS475 in 1903 The low position
of the bank holdings naturally suggests higher
rates for money in the near future, but the oper-
ators in stocks who are working for higher
prices appear quite confident that they will be
able to sell their holdings at important profits
before a period of high money develops. There
are various factors in the situation that fore
shadow a better market for loans from the
lenders point of view, but in these factors there
is nothing that encourages the idea that there
will be disturbance of the kind that could bring
about acute liquidation in securities. Never
theless, people who want to operate on the bull
side of the stock market ought not to delay their
purchases as in the course of the next few
weeks prices may sell much higher. While IN
the fall they may sell much lower
Transactions were not heavy in the general
LIST the larger mart of the business in the two
hours Of trading being supplied by Amalga-
mated Copper, American Smelling. Baltimore
and Ohio. Pennsylvania, Reading, Union Paclnc,
United States Leather. the United States Steel
shares and Tennessee Coal and Iron. In the last
named issue there were further indications of
+fa iotar MhO been
inent in the stock for the last week, and there
were further well founded reports that in the
coming week the price would be placed at a
higher level Norfolk and Western also was in
favor on the theory that the coming dividend
increase will carry the stock to price nearer
par and the fact that some of the largest
operators in the Street were known to be heavy
holders Of the issue naturally encouraged the
smaller owners to maintain a tight grip on their
long accounts IN the shares. The government
crop report win be issued Tuesday, and 1t is eX-
pected that it will make a most favorable snow
ing for all cereals, as private information from
the agricultural part of the country In the last
month has been extremely promising IT, as
exnected the governments figures bear out
priyate estimates doubtless there will be further
active bull movements in stocks in the current
week
Canadian Pacific interests not at all
alarmed the reports that the Great North
ern people in connection with the Grand Trunk
Pacific propose to fight the Canadian Pacific
Company at all points, in the hope OF ousting
the latter company from much of the profitable
business that It enjoys. Perhaps one hun
dred years from now the descendants of James
]. Hill may become important factors in the
railway situation in the Dominion of Canada,
but it is not within the realm of possibility
that the Great Northern interests ever will in
terfere seriously with the traffic and the exter-
sion plans of the Canadian Pacific. Canada is a
growing country, is growing more rapidly than
the ordinary observer appreciates, and the
greater part of the current growth is in the
territory of the Canadian Pacific. The fact
however, that Canada is expanding in CONNER
cial activities means that there will be
enough traffic for railroads without interfer-
ing with the earnings of the Canadian Pacific
and it is. therefore silly for any holder of Ca
madam Pacific stock to worry over the much ad-
vertised reports that Mr.. Hill and his Great
Northern intend 10 work havoc with the big
Canadian Pacific