New-York tribune., 1905-01-08
BONDS.
STOCK MARKET OPERATIONS.

In the two hours of business in yesterdays
stock market trading was light in volume, while
the movement OF values was generally IN the
direction Of lower quotations. Selling repre-
sented the operations Of the professional element
rather than liquidation for the account OF sub
stantial holders of securities and, despite the
decline sentiment was not depressed, nor was
there any indication of change in the attitude
Of the big men" over the future OF the market
The larger speculative and investment interests
are committed to the bull side and as their
plans for railway and industrial financial oper-
attons depend for success upon an active ad-
vancing market for securities IN the current
year, 1t readily may be that unless there
should be developments of a most adverse nat
affecting the intrinsic value Of securities
prices will not be allowed to react to any ma
tertal degree. At the moment the market is
quiet and heavy. but this situation does not
foreshadow dull speculation and sagging prices
throughout the next few months. In the po-
sition Of affairs governing investment values
there is practically nothing on which the bear
element base a campaign for lower quota
tions. and outside Of passing attacks by the
board room tradersothe market is not likely to
suffer from prolonged periods of depression.
In the early dealings most of the active issues
sold down for a brief period, but the Declines as
a rule. were confined to small fractions. which in
great part were recovered before the end Of the
first hour, although IN the late dealings further
weakness developed Erie. Reading and Con-
solidated Gas were exceptions to the downward
tendency in the initial operations especially Con-
solidated Gas, which enjoyed maximum ad-
vance of over per cent on dealings of less than
five thousand shares. There was no particular
news affecting the last named issue. while the
general news developments Of the day were not
1s1.
selling buying of securities. The steel shares.
Union Pacific and Amalgamated Copper were in
fair demand. however. in the first hour, and In
the case Of the steel shares there appeared to be
accumulation for the account of interests who
are supposed to be well informed regarding the
iron and steel industry. The fact that the
weekly statement Of the associated banks
showed a moderately heavy falling OFF IN reserve
above legal requirements and a loss In cash. IN
spite Of an estimated increase IN specie and legal
tenders OF over 100000. failed to induce i'm
portant selling in the general list, and at the
close prices showed IN most issues only unim-
portant changes. as compared with the final fig
ures of the preceding day. 1t is useless to at
tempt to explain the changes in the bank state
ment, inasmueh as the operations of few banks
and the antiquated average system employed in
compiling the figures make the statement prac-
tiealIy worthless as a reflection of actual bank
conditions at this centre. 1t is sufficient TO know
that. Notwithstanding the reported loss in cash
and surplus holdings. local money rates and
rates throughout the country remain at ex-
trernely low level with immediate prospect OF
a change in the direction Of higher quotations.
There is a glut of money in the country, and just
as long as call funds remain at their present low
level gold will move to Europe. Doubtless trade
demands will soon make impression on the
lieve that trade in the United States in the cur
rent year will be large in volume and that the
merchants OF the country will be large borrow
ers at the leading financial centres.