New-York tribune., 1905-07-07
Unlisted
Closing prices yesterday OF active bonds dealt
in with net changes follow:
STOCK MARKET OPERATIONS.

Transactions in the five hours of business in
yesterdays stock market were moderately heavy
in all parts of the active list while there was
fair volume of trading in the low priced shares
and other issues which recently have not been
extensively dealt in. AS a rule quotations In the
morning at substantial advances. as COM
pared with the closing of the preceding day,
and. notwithstanding realizing sales in the
afternoon, a large part of the early improve
ment was shown in the final operations. Read
ing, Tennessee Coal and Iron, Brooklyn Rapid
Transit. Chesapeake and Ohio. Erie, Pennsyl-
vania. Southern Pacific, Union Pacific. United
States Rubber and the United States Steel
shares supplied the larger part of the dealings
among the active securities, while the chief net
gains were made by Union Pacific. Amalga-
mated Copper, St Paul. Colorado Fuel and Iron,
Erie. Illinois Central. Railway Steel Spring.
Reading, Tennessee Coal and Iron, United States
Steel issues and United States Rubber. Read
ing made a high record at 1O7, price that
more than measures the intrinsic worth of the
issue, while Union Pacific, on dealings larger
than in any other stock, advanced above 130,
showing at that figure a recovery of a large
part of the decline that took place early in the
spring. following the high figure of 1877 and
fraction. 1t is generally understood that this
issue will be placed a per cent basis in the
course Of the next few weeks. Tennessee Coal
and Iron was again in good demand and further
Improvement in its price was predicted. At the
close the majority of shares were under the best
of TIE day. No more gold was taken for export
but the movement of Paris checks London
suggested the probability of shipments in the
future.
Discount rates in London were hrmer yester-
day, the Bank Of England made poor return.
and there a further demand for gold for
Paris. Account These factors have a direct
bearing on the monetary situation at this
tire, although at the moment there is no indica-
tion that the local situation is being affected
by conditions abroad Money in New-York that
is, call money. continues to rule at a relatively
easy level, but in view Of the factors governing
the position Of foreign finances and the outlook
for large calls the city banks from the in
terror in the fall there is little encouragement
for the people who preaching the doctrine
Of easy quotations for money in the balance Of
the year. There will be foated in this country
S500O0,0O0 of the new Japanese loan at a time
when the local money market will be compelled
to look after the interior requirements in con-
nection with the financing of the crops while
at the same time there will be an active demand
on the part Of French bankers for gold, the
burden of which will fall on New-York This
brief summary of present conditions and Of the
outlook for the near future ought to discourage
the idea that the money market will go through
the fall with the easy rates that prevailed a
year ago. especially as local bank reserves are
about 100000 less than they were at this
time I'm 1904
According TO last weeks statement of the as
sociated banks cash holdings amount to $303-
16s600 against 1924. .352. 500 in the correspond
ing week last year, while current loans show a
gain OF $45 S37 800 over the same period a year
ago and gain of S203. .424 800 over 1903 The
New-York bank loans are too large in proper
ton TO the amount of cash and reserve holdings
but despite this fact the control exercised by
4 few institutions on the money market may be
effective for time in maintaining loan quota
tions at relatively low level. There are so many
tied up banking syndicates that IL is easy TO
appreciate the reason why the larger interests
In the Street are exerting every effort TO keep
money easy and TO place securities values on
a higher plane. From the course of the mar
ket in the last few days there is reason to
doubt the ability of the big" men to carry
through their plans, and consequence the
bull side of the market naturally appeals to
men who know anything about Wall Street. The
word has gone forth. that prices are TO move
higher, and there is therefore no use IN at
tempting TO move against the tide. The man
who opposes well defined stock market move
ments invariably loses his money.