New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-13
Closing prices yesterday Of bonds dealt in,
with net changes follow:
STOCK MARKET OPERATIONS.

That the larger financial interests do not in
tend to permit stock market Generalization at
present owing to the low position of the Clear
ing House bank reserves. is reflected in the ar
rangements that have been made by a promi-
nent banking house TO import gold. It was
stated yesterday that the gold engaged for ship
rnent to this country was a legitimate exchange
operation. but few IL any, well informed men In
the Wall Street community able to figure
profit on importations of the metal at prevailing
exchange quotations There is doubt that an
attractive proposition has been made for the
metal but the conditions in the exchange mar
ket warrant the belief that rates will be at
a. level that will encourag e a movement of gold
to these shores on a basis profitable to import
ers In the early dealings considerable trregu-
larity was reported in stock values, but on the
announcement Of gold import engagements the
general market advanced with uncertain
tone. retaining the greater part of the improve
ment until the close Speculative operations
were made up rule Of the transactions OF
the professional element, commission houses not
being important factors in the dealings. There
was an active demand from the shorts in all
parts of the list, especially in Union Pacific
Reading, the United States steel shares. Mis-
souri, Pacific, New-York Central. Erie St Paul
and Canadian Pacific. London bought stocks
balance in the local market. Trading in Cana
dian Pacific was again a prominent feature Of
the days operations; also Erie and Union Pa
cif1c. In the securities named there is a large
long interest for some of the leading capitalists
in the country. and 1t is generally known that
they have no intention of disposing of their pos
sessions at prevailing quotations. At the close
the greater number of issues showed about their
best prices of the day. Sentiment bullish;
naturally. the big want higher quota
tons.
The large size of the crops this year will entail
heavier transfers of cash from the money
centres to the South and West this fall than
originally was counted on, but the equilibrium
of the money market situation has been we'll
maintained up to date Loans are being ex-
tensively shifted from the banks to the trust
companies and the foreign exchange market.
and thereby cash locked up in the reserves of the
Clearing House banks is being made available
for use in the loan market. So very large how
ever is the requirement for actual money
throughout the country that it is believed that
good deal of gold must be brought from Eu-
rope in the next thirty to sixty days. Appar-
emily there is little chance of an important adj
vance in the rates for time funds but it is
likely that call loans soon will rule at ma
terially higher level Not only will an upward
turn in call rates promote healthful readjust-
ment Of loans. but it Will effectively facilitate the
importation Of the yellow metal. notwithstand-
ing the fact that money rates abroad show
advancing tendency. While call funds doubtless
will rule for a time at level that will cause
some further liquidation among speculative in
terests In wall Street It is not expected that the
fall season will be marked by actual stringency
in money or any lack of funds for legitimate
business purposes. Foreigners may endeavor to
place obstacles in the way of gold shipments to
the United States but the effect of the prospec-
tive large exports from here of grain and cotton
will force down exchange rates and move gold
from the other side
The highest prices of the year in the stock
market were made on August %, when the lead
ing active railway issues averaged quotation
of 1929. while the leading active industrials
averaged S279. Since that time there has been
an average net decline in the railroad shares
of less than 3 per cent and an average decline in
the industrials of over per cent. From these
figures it will be that the reaction from
the high figures OF the year has been extremely
small, and 1t may therefore. be concluded by
some people that further declines will be re-
corded before the downward tendency runs its
course, especially as period of higher money
rates is beginning. The larger speculative In
'terests. however. believe that the long side of
the market is the most attractive for the long
pull and consequence OF their confidence
In the outlook for higher quotations later on in
the season they not disposng of the bulk OF
their stocks It is true that many pools have
Sold and ii is likely that more OF this sort of
liquidation will be reported in the near future
but the larger financial interests are still hold
ing their securities and they win be found buy
srx all reactions