New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-24
STOCK MARKET OPERATIONS.

Stocks were irregular in the two hours OF
business on moderately active volume OF busl-
ness for a half holiday, with the heaviest trad
ing in the shares which for the last week have
been the leading speculative favorites for in
stance, st. Paul. Louisville and Nashville, Union
Pacific Erie, United States Steel and Reading
ST. Paul was somewhat heavy at times under
the influence of profit taking sales, While the
general market showed in the slight extent Of
net gains the effect of large volume of real
izing transactions. Sentiment, however, was
again intensely bullish, being helped in the last
half hour by the publication of the bank state
ment, which showed a further contraction in
loans and, despite a loss in cash, an increase IN
reserve above legal requirements of nearly
100000 Loans decreased 93S1 O00 making
in the last three weeks contraction of upward
Of $685. 900 900, while cash was lower by S2,6S9,-
600 Deposits, as d result of the decline in
loans and in cash, decreased over $13OO0OO0
Reserve now stands at S5,235,O54, compared
with S26. 251, OPS in the week last year. and
S14. 569. 800 in 1903. The movement of currency
to the interior is beginning to show noteworthy
falling off as compared with few weeks ago,
and it is not unlikely that the greater part Of
the interior requirements have been satisfied for
tht present at least. London bought stocks IN
the local market, and commission houses were
moderately active as purchasers, but in the last
part of the session the general business became
very dull, with prices reactionary under the in
fuence of the usual week end realizing. Cana
dian Pacific was among the few Of the active
issues that closed at a net gain.
Reports from the commercial agencies furnish
cheerful reading for the people who are anxious
TO see stock market values maintain their pres
ent strength and stability. In all parts Of the
United States the fall trade is moving at a rate
seldom if ever before equalled in the history OF
the country, with every. indication of perma-
nency in all lines. The crops are heavy, railroad
| earnings are large, bank cIearings are breaking
ell records, the iron and steel business is in a
high state of prosperity of a most healthful
character, and the general distributive trade is
unusually promising for this early in the season.
These factors naturally encourage the idea that,
notwithstanding the advance that already has
taken place in securities values, there will be
further improvement before a material setback
develops especially the country is in
position to import gold in quantity in the event
| of a scarcity of funds for business and financial
| requirements. It is thought that. barring some
great catastrophe to the country's money and
business of which there is not the slightest in
dication in current conditions, there will be
! further bull activity in the local market, with
| greater interest in the low priced shares in
| which there has not been an advance in pro-
portion to the actual increase that has taken
place in their actual worth or to the improving
prospects for dividends The larger operators
in the Street of course believe that there will
be many opportunities to make profitable turns
on the short side Of the market but at present
they apparently are not taking the short side
with any idea Of more than quick excursions
with the bears.