New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-21
STOCK MARKET OPERATIONS.

stock market values were strong the greater
part Of the day on a volume of business tHdI
amounted to 749. 903 shares. Transactions were
not well distributed, the chief part or the Gay
activity being supplied by few OF the leaolhs
nopular favorites as. for instance, Canadian
Pacific, St Paul Reading and Union Pacific. In
the first three named maximum advances ran
a ove . per cent buying that apparently
came from good sources, although there were no
news developments affecting the different shares
There were. however, various Wall Street re-
ports purporting to account for the upward
movement AS far as Canadian Pacific is con-
cerned every one knows that the stock IS belng
bought for higher prices by powerful local, Lon
don ana Canadian interests, who believe that. on
its merits, the issue will sell az 200 while Read
ing it is also known, Is still being absorbed by
influential Wall Street houses in the confident
expectation that the prices will move TO a much
better level. St Paul. of course. has great in
trinsic merit and it's future is most promising.
The company's earnings are large. and 1t is not
unlikely that at no remote period there will be
made an announcement of considerable interest
to the stockholders. Great Northern and North
ern Pacific also were conspicuously strong feat
ures on small dealings, the advance being fol-
lowed by rumor that there would be dis
tribution of Northern Securities profits to Great
Northern and Northern Pacific It also re-
ported that there would be a Great Northern
stock issue of S25OOOOOO to which the stock
holders would be allowed to subscribe at par.
Despite realizing sales, prices retained the best
part of their early improvement in the first two
hours while in the afternoon further strength
was shown. Final quotations were near the best
of the day.
Not a little wonder has been excited by the
effectiveness, up to date, of the arrangements
for the regulation of the monetary situation.
Rates for money all things considered. are very
moderate. No doubt they will go higher, but
the belief is entertained that they will not adj
vance so far as to interfere with either
camille or financial operations. Money rates and
discount rates have been raised in Europe with
out much influence on the position of money
here but of course were not rates in the United
States kept somewhat above those abroad access
could not be obtained to European capital
through the. medium of the foreign exchange
market There is a limit to which rates can be
marked up in Europe, and it is not remote from
present figures. so that there is nothing in that
direction to any real concern. The price
of gold has been increased in London. but that
will not prevent the transfer of the precious
metal from that centre to New.-York. It may
he assumed that, whatever changes take place
abroad in financial affairs. conditions on this
side Of the Atlantic promptly will conform to
them The chances are that large amount of
gold will come from Europe in the next four to
six weeks while in the same interval it is
probable that there will in addition be further
extensive shifting Of loans from the banks to the
foreign exchange market. New demands from
borrowers are comparatively light and even in
the case OF the inquiry in connection with the
handling OF the crops a notable decrease in ap-
pIications for funds Is reported.