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

Stocks advanced in the greater part OF the day
on volume Of business that amounted to
go 2SS shares. The upward movement was due
entirely to covering of short contracts and buy
ing by certain speculative interests who believed
that the market had been oversold, particularly
in the case of Union Pacific, Reading, Canadian
Pacific. St. Paul and Amalgamated Copper, in
which transactions were heavy throughout the
five hours of business. AS rule. however,
business was poorly distributed. the dealings
being confined, as far as activity concerned.
to few issues while the chief gains were sup
Piled by the speculative favorites which recently
suffered sharp declines under the influence of
profit taking sales and bear pressure. as, for in
stance Union Pacific, Erie, Canadian Pacific.
the United States Steel shares, Reading, St
Paul Brooklyn Rapid Transit, Amalgamated
Copper and some Of the higher priced securf-
ties. There no important news in the day
having bearing the intrinsic worth of
stocks and bonds outside Of the generally ia
vorable reports from all sections of the country
respecting the progress of the nations indus
tries, but spectators apparently reached the
conclusion that the liquidation OF the two pre-
ceding days had cleared the market Of weak
accounts and that further operations for the ad-
vance would be profitable. The result OF the
days movement OF values showed that the
speculative element favoring an advance struck
the psychological moment for at least a tempo
rary upturn in values. The fact that the mar
ket became dull on the advance encouraged the
idea in some quarters that active resumption
Of the bull movement could not be counted on
at present, especially the money market
showed signs of hardening. Prices at the close
in the majority of issues were at the best figures
Of the day
Weakness in the sterling exchange market
rates encourage the idea that gold imports soon
will be negotiated. The demand fo- remittance
at present is not heavy while the offering of
cotton and finance bills is large the result of
which is lower quotations for exchange demand
sterling ruling about 20 points under the
level quoted at the beginning of the business
week. Thu fact that this country has raised
enormous crops this year naturally suggests the
probability of immense shipments of food prod
ucts to Europe in the next twelve months, and,
Of course this means material increase in tina
wealth of the nation and greater credit facilities
abroad, to say nothing of a big trade balance
in favor Of the United States. This country has
plenty of cotton breadstuffs and manufactured
articles to sell to the foreigners al profitable
prices, and its credit and resources are so great
that it can borrow any amount Of money in the
money markets Of the world. Hence 1t is that
the careful observers Of the financial situation
not at all alarmed over the low position of
the New-York bank reserves. According to the
known movement of funds IN the current week
the Clearing House institutions have lost
S7000000 in cash holdings, and unless, therefore,
there has been a big contraction in loans the
statement of averages which will be issued to-
day doubtless will show a material decline in the
reserve above legal requirements 1t is quite
likely that loans have been reduced through
stock market liquidation and the transfer OF
loans from the banks to the trust companies.
Railroad earnings in all parts of the country
continue to make most favorable comparisons
with corresponding periods in preceding years
both in gross and net, while, according to the
opinion of the best informed traffic managers,
the improvement VIII for many months
to come. OF the returns received yesterday the
most noteworthy Were supplied by the Union
and Southern Pacific for the month of July.
Union Pacific showed an increase in gross OF !
SI90,110 and an increase in net Of S451, 507 and
the Southern Pacific a gain in gross of 81 05S,- |
Gil and a gain in net of S591 ,036. At its cur
rent rate Of gain the Southern Pacific company
will soon be able to place its common stock on a
dividend basis.