New-York tribune., 1905-08-31
Closing prices yesterday Of active bonds dealt
IN with net changes follow:
STOCK MARKET OPERATIONS.

Although prices in the London market were
strong at the opening of the local exchange quo
tations at this centre failed to respond to the
improvement abroad, speculative movements be-
ing influenced by profit taking sales to an ex-
tent that prevented enhancement in values. In
view. however. of the large volume Of selling,
the declines were not great. The reaction natu-
rally brought out large amount of commission
house stock but offerings were we'll absorbed,
and sentiment IN the leading speculative circles
was not bearish Indeed, predictions freely
made that better prices than any yet recorded
would be made before the end of September.
The advance was so rapid in Tuesdays dealings
that no surprise was expressed at the change
in tone yesterday, and In some circles where
conservatism is the watchword tho hope was
put forth that the decline would run further.
The elimination of weak accounts always is
good thing for bull market. In the last few
weeks there has been a large increase in this
sort of holdings, the result of which has been
the creation of an overloaded bull account.
Many pool stocks came on the market yesterday,
and IT is likely that the sales represented hand
some profits. The largest declines in the active
list were made by Amalgamated Copper, Amer
lean Snelters, ST. Paul Louisville and Nashville
Missouri Pacific. Pennsylvania, Reading, South
ern Pacific and Union Pacific in which net de-
was relatively firm. last quotations were not
much above the lowest of the day. Canadian
Pacific was not materially affected by realizing
sales, as far as its final prices were concerned,
while Brooklyn Rapid Transit closed above it's
last price Of the preceding day. In London the
japanese bonds were strong. but on the local
exchange prices for these issues followed the
course of the general market. Money was easy
and exchange was lower.
A slightly higher market for loans would be
desirable at this period. as it would promote the
shifting Of loans from the banks TO the trust
companies and the foreign exchange houses
True any considerable advance in rates would
not be welcomed by the speculative community
but there is immediate prospect. at least, of
rates moving up sufficiently to interfere with
bull operations in securities or with general
business. With call money at 3 per cent there
will be a strong enough incentive for the trust
companies and the exchange houses to become
active in the money market, which means be-
sides taking new loans, they will take over
from the banks outstanding loans. It is evil
dent that only by relieving the banks Of a part
Of the loans that they carrying can the cash
needed for handling the crops be provided
From the requirements for cash already made
upon New-York and the other money centres it
is plain that future demands will be heavy but
there is, however little prospect of disturbance
in the money market as a result of the ship
ments OF currency to the interior. The trust
companies have enormous resources. while for
etgn money is at the disposal of York, and
notwithstanding the possibility Of large Rus
sian and japanese loans there is no occasion at
this juncture to take pessinistic view of the
money market outlook. New-York bankers. it
may be authoritatively stated have assured
Russia that, under certain conditions a loan
TO almost any amount can be f1oated IN this
country. now that peace has been decided upon
while the same assurance has been given Japan
Furthermore. 1t is asserted by the leading bank
ers that loans of this character will be put out
without causing ripple in the money market
This. however does not preclude the possibility
Of higher rates for loans in the fall Calling Of
loans TO some extent is likely to develop at any
time.