New-York tribune., 1905-08-05
Enlisted.
Closing prices yesterday of active bonds dealt
n with net changes follow:
STOCK MARKET OPERATIONS.

Stock market values i'm the greater part of the
day moved in the direction Of higher prices
without attracting a large public demand for
securities. Commission houses were not active
factors, far as buying for outsiders was con-
cerned. but there was. nevertheless. fair sized
movement for the account of the larger specu-
lative interests especially in Union Pacific.
Reading. American Smelling. Amalgamated
Copper Northern Pacific United States Steel
preferred and Brooklyn Rapid Transit. Northern
Pacific was a conspicuously strong feature at
maximum gain of d per cent, while on small
dealings Delaware and Hudson enjoyed marked
Improvement the advance in the latter doubtless
representing a readjustment of the price of the
issue to figure more in proportions to Lacka-
wanna's level. 1t is not likely that Delaware
and Hudson will reach the fictitious price at
tanned by Lacka wanna. but a quotation of above
200 appears probable. The splendid exhibit of
earnings by the Union Pacific and the Southern
Pacific for the month of June. the figures of
which were received yesterday, created more in
terest in the shares of the properties especially
Union Pacific which was one of the most active
features on the list throughout the day. While
there were some profit taking sales in the early
afternoon. accompanied by slight reactions in
prices the final trading showed an active room
demand for stocks particularly in the case of
the United States Steel issues. Net gains were
recorded by the majority of securities. Accord
ing to the known movement of money in the
week the local banks have lost over S30o00O0
in cash holdings.
So far in the current summer the control over
money rates has been maintained with fair
degree Of success. notwithstanding the existence
Of a number of conditions that making for
higher loan quotations. The shortage in avail
able cash must be reflected in higher rates for
the crop regions of the South and West compel
a reduction in the outstanding loans Of the
Clearing House banks. If foreign exchange
conditions then are as favora BILE as they
present it will be practicable TO shift many of
the loans from the banks to the foreign ex-
change market. but since that will be a
which will not create Hew money, the with
drawal Of funds for handling the crops will of
itself necessarily and naturally produce tension
in the money market. Hard as the banks have
found the task of enarging their cash holdings
the readjustment of their loan accounts may
prove difficult problem when the
Importance of avoiding disturbance in money
is considered. OF course, the banks have no de-
sire or incentive to precptate trouble. An act
ual squeeze in monex5yould impair business and
entail consequences that would be as bad for
the fin" ncia institutions for other interests.
and 4. q therefore safe to assume that there
will be no acute disturbance in the money mar
ket in the autumn months. Naturally the banks
wish TO see moderately high and steady rates
but not wildly f1uctuating rates. that upset cal
culations and disarrange affairs generally The
financial community a whole Including the
banks. is working to shape the course of money
for the common benefit. but circumstances sra
not the same as they were last year when the
banks were carrying large surplus reserves
and accordingly 1t is recognized that low ratios
for money this fall are out Of the question
Borrowers of time money are lending on call
such amounts as they have no need for which
helps temporarily to keep down the quotations
for call loans.
Reports received yesterday from the cop,,,er-
cial agencies covering all parts of the limited
States were extremely encouraging for tho
American business man and the holders of
American investment securities With the ex
ception of cotton. all crops have made splendid
progress. Railroad earnings are heavy through
out the land, bank clearings are large and the
iron ana steel industry, the great barometer of
trade. is unusually active for the summer sea-
son. Factors of this sort naturally serve tn
create confidence in the securities market and
even if there should be period of high money
rates this fail l. is not likely that there will be
any important liquidation on the Stock EIx-
change outside of the sales of purely snecu
latiye holdings. Although prices Of the greater
number of issues are selling at an advanced
level, generally above the actual Investment
worth OF the security. II is believed that before
the fall season arrives quotations will move to
higher range The big" men have vast
amounts of speculative accounts which they
would like 70 transfer 70 other hands. and n, I