New-York tribune., 1905-08-16
Closing prices yesterday Of active bonds deal
I'm, with net changes follow:
STOCK MARKET OPERATIONS.

Transactions In stocks were large in volume
on a movement of values that reflected the
presence in the market of substantial speculative
interests whose operations were conducted on
both sides of the account. There heavy
profit taking throughout the day. There We're
active inquiries for securities from commission
houses and professional manipulation in various
parts of the list the result of which further
Improvement in the greater number of issues.
although much of the early advance was lost in
the afternoon. Final prices. however, showed
more net gains than losses The low priced Sc
curities were more in evidence, and in well IN
formed quarters it thought that this class
of stocks soon would move to a materially
higher level. Such issues Missouri, Kansas
and Texas. St Louis Southwestern common and
preferred, Wabash, Colorado Southern and Chit
cago Great W estern have been idle for long
time past and as in that time the actual worth
of the properties represented has steadily gained
in value it is natural to look for Improvement il
the market value of the securities Among the
active issues the chief advances were recorded py
American Locomotive. American Smelling, Great
Northern preferred, Metropolitan and Mis-
souri, Kansas and Texas preferred. The last
named stock enjoyed net gain of 2ss per cent,
the advance in the issue being accompanied by
the report that the company would soon de-
clare a dividend The roads earnings in the last
prospects for the next twelve months are most
1romisug especially as the crop situation and
the general condition of business in the terri
tory served by the company's lines are un-
usually encourag ging. dividend on the pre-
ferred naturally will help the common stock
Many of the shares which recently were strong
features closed at net losses under the influence
of realizing sales. The general market was
heavy at the close.
Receipts and shipments of money nave heall9
,,o,,cad ar NeU-York recently, but in a short
time the demand for money for hahdhNs ''''S
years big harvests will greatly expand, and
tba, the cash holdings of the banks will rapidly
dacline unless the Treasury Department has
some new method of relief for the monetary SIT
nation Of which no inkling has yet been con-
vowed The actual shipment of currency Ior
crop purposes began on Monday, when SJoo'ooV
was sent to Chicago 1t is quite lhkeiE IldI '"0
interior demand this year will be uhusuaHS
heavy owing to the big yield of grain ana TO the
general expansion in the country's industrial
activities and while some way VIII be deNlseu
TO prevent disturbance in the money market III
~ a,,t,,r,n II is evident that higher rates for
loans win develop There has been no develop
ment IN the foreign exchange market up to the
present time to interfere with the issuance OF
finance bills by the exchange houses. Further
r,ore there is no indication when the supply of
those hills will he cut of even Curtailed. and
the presumption is that for some time yet the
hills will be available for borrowers who are
unable to obtain accommodation in the money
market Not only in the last six weeks but in
the last six months, finance bills of exchange
have more than anything else. served to pre-
vent tension in money and they may continue
TO be more or less potent in that direction for
several weeks TO come However, as finance
bills do not create new money there is limit
10 their usefulness
Notwithstanding the natural conditions affect
ing money market considerations, ii is the belief
among the powerful Wall Street financial inter
ests that there will be no disturbance in the
market this fall, prominent banker going
far as to say that call money viii advance
beyond ; per cent. The same banker is au-
thority for the statement that If a Russian loan
should be put out in hurry it could be financed
I'm a day without causing the least trouble I'm
the money market And that banker on Mon
day had a long conference with NJ. Witte. The
men who are close TO the inside of affairs in
Wall Street do not hesitate to declare that the
current bull movement i'm securities will run on
with only normal reactions, for a long time 70
come. 1t is not safe to fight a well defined
movement the Stock Exchange particularly
as in the present case when there are so many