New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-10
STOCK MARKET OPERATIONS.

In the two hours of trading IN yesterday
stock market prices showed great 1rregulaIlIy'
although in the last half hour of business tne
croa+eT number of issues were strong, especially
T-nion Pacific which closed at a net gain OF
more than . per cent. Strength in the late
dealings was reported in the face of an IN
favorable bank statement showing decline III
cash holdings of 81 SAG, 100. reduction in loans
of 81 561. 500 and decrease in deposits OF S14'-
936 800 resulting in a decline Of S3'oll'9VV III
+ro so-caI1ed legal reserve. For the second time
.tis wear the % per cent limit has been Wlpeu
ont but this fact should not encourage the 'dea
+,o+ +ba hanks are in a weak position or that
there will be financial disturbance III lllls CITY
The actual cash holdings of the Clearing House
,,,s+i+,,+ions amount TO S246. S12.400, compared
with s2S8, S75,2 200 a year ago, when the loans
,r-ora 81 $50 OS9 400 as against $lOlb,5Zoooo at
rrasen+ The heaviest dealings in stocks Were
renorted in the copper shares, American sugar
Refining. Tennessee Coal and Iron' Union re"
ciac Reading the United States steer SHAFTS
and American Smelling. At the close Ihe lai ee0e
,rioa changes were shown by American sugar
Refining, which advanced more tfian '"o po4nNN'
Anoconda National Railroad of Mexico pre-
go Union Pacific National Lead winch de-
a1ir,ad mora than one point; Peoples Cas- winch
.rso 1,7as weak; Sloss-S Sheffield, and tennessee
C,oo1 and IRON The Southern iron STOCKS "ele
weak throughout the day, while the eIilel Ae9I
- of decided strength among the active issues
80 Union Pacific ana Sugar Refining Inc
general market acted wonderfully wen III VIC"
of the unfavorable bank exhlpt.
r,,a low position of the local bank reserves
T.. o,.,,e,r, M alarm in Wall Street circles De-
= = l,nouvn that the present stringency
=. -, ,ri1 not last for any length OF Time
80 bacause the larger operators on the STOCK
11-oto,,oa are supplied with time FUNDS Wnlch
Iii carry them TO period when loan quota
t,ors will seek a lower level There is no lack
IF finds in the country, but at the moment
o,, ;s noorlv distributed, owing to demands
from interior centres and special movements Oh
currency from New-York. The high rates tor
-. bo1,ever already have begun to at
tract out Of town capital to this centre ano'
while rates may prevail at high level through
ont the month. it will be possible TO secure ac-
communication as long as borrowers are willing
IN nav stiff prices Wall Street spectators ap-
7,arentIv are willing to pay current rates Tor
call money when their supply of time funds
is not adequate to meet their speculative Rs
ouirements and the fact that the present con-
ditions in the loan market fail to check bull
operations in securities shows that the market
is in stronger hands than ever before recorded
in the history of the country The men back
of the present speculation undoubtedly believe
that they will be able to carry stock market
nrices 10 much higher level. despite the
fact that there already has been a big appre-
citation in values, which in the case OF many
issues, has placed quotations g level well
above that warranted by the actual investment
return of the shares.
Trade reports received yesterday frona the
commercial agencies showed further heaithful
expansion in most lines of business throughout
the country. The iron and steel business con-
tnues active. and in all lines despite high prices
consumption practically has overtaken produc-
ton. Ordinary such high prices as are now
prevailing would check the demand, but present
conditions are extraordinary, the requirements
of the consumers are heavy and the material
increase in the wealth Of the country makes it
possible for buyers in all markets to execute
their orders without complaint against the high
quotations that are now ruling for all products.
Railroad earnings received IN the last week
showed gains for the greater number Of COM
panies In all parts of the country, the most
noteworthy being those of the Canadian Pacific
and of the Hartman lines Union Pacific for
the month OF October presented a gain of nearly
100000 in gross, while Southern Pacific in
| creased in gross $45S $50. IN the same time net
earnings of the Union Pacific, increased over II
| per cent and net earnings OF the Southern Pacific
! over per cent. All the great railroads in the
| West viii have for many months to come heavy
traffic originating from the large crops of 1905,
| not only from the actual grain traffic but from
| the heavy merchandise movement which will
] result from the increased purchasing power of
| the agricultural community through the bountl-
full corn and wheat harvests At the close OF
the week sentiment in Wall Street was bullish,
! ard Notwithstanding Saturdays had bank state