New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-29
Closing prices yesterday of bonds dealt in with
STOCK MARKET OPERATIONS.

Money market DEVELOPMENTS in the local and
foreign financial centres supplied the chief topic
Of discussion in Wall Street circles yesterday,
and incidentally exerted influence on the
securities trading that not all gratifying to
the holders Of stocks borrowed funds. In
London the Bank OF England advanced its rate
of discount in Paris quotations for money moved
higher, while in the local market call loans rose
to the highest figure of the seasons per cent
Owing to the advance IN money in this city for
eign exchange rates did not respond to the higher
quotations for money abroad, except for a brief
period, the price Of sterling closing the day 10
points under the final figure Of the preceding
day. Stocks were weak at the start, while
throughout the greater part of the day prices
were heavy, with net losses in most issues, al
though the declines, as a rule, were not large.
The volume of trading lighter than the dull
business of Wednesdays market and poorly dis
tributed. AnaIgamated Copper, Brooklyn Rapid
Transit, Canadian Pacific, st. Paul. Pennsyl-
vania, Reading Southern Pacific. Union Pacific,
United States Steel and Chesapeake and Ohio
supplied a large proportion of the total transac-
tons, the heaviest trading being in Union Pa
ciic, which closed the day at a net loss of q.
after a maximum loss Of per cent In the last
Chesapeake and Ohio and the issue gained over
1 per cent, but the advance failed to inject life
or strength in other parts Of the list. The close
was dull and slightly above the poorest figures
OF the day
London evidently is anxious to transfer to
other quarters the demand for gold that has
been a feature Of its financial markets for the
last few weeks. reflection Of which is pre-
scented in the advance IN the Bank Of England's
minimum rate of discount from 3 to 4 per cent
and rise in the price of bar gold. IN the open
market in London there is a strong demand for
the precious metal for New York account; also
for the account of Egypt, Argentina and the
Continent, and It is therefore easy to see why
the governors Of the Bank of England have ad-
vanced the institutions rate Of discount. In
addition 10 the current demand for gold in Lon
don, the probability of Russian loan nat
urally suggests conservation Of funds IN the
British capital, but this fact ought not to en-
courage the Iuea that the United States viii be
unable to draw gold from abroad. If need
the metal it Will move this way. At the mo-
ment notwithstanding the relatively low posi-
ton Of the New-York bank reserves there IS
nothing in the financial situation at this centre
that warrants the theory that there is to be a
scarcity OF funds for the legitimate needs of
commercial and financial enterprises. The ad-
vance in call money yesterday caused no
prise to close students of the monetary situa-
ton as all indications for some time past have
pointed toward higher rates for loans at the
present time especially at this particular
period arrangements have to be made to meet
large October interest and dividend disburs-
ments.
A ) per cent money market does not preclude
the possibility Of further Improvement in securi-
ties, but the chances are that for a time at
least there will be a quieter tendency in stocks.
with perhaps. the development of frequent re-
actions in favor Of the bear element The stock
market has enjoyed long period OF advancing
values. There has been of course, a certain
amount of accumulation by people of slender
means and it therefore follows that any I'M
portant advance in money will, for the time be-
ing exert an adverse affect values owing to
the fact that the banks compelled to make
a readJustment of their loans involving the call
ing of many loans that represent speculative
accounts in the stock market. Moreover, It is
not unlikely that the larger interests are willing
to encourage lower prices in order TO buy back
at cheaper figures stocks sold at the high points
Of the year, which, a rule were made last
week. The general position OF the stock market
at this time does not present any features that
need worry the genuine holders Of American in
Vestment securities. but there are some good
reasons, chiefly money market reasons. wbv the
small operator on margin would better keen
well directed eye to the windward II is the
general belief that prices win sell bieb.r :, tho
course Of a few months but there are a ,,,,,,,
of we'll informed people who believe thai e.. 49,.
present there will be little pronounced a,t,,..-
ON the bull side Of the market