The daily morning journal and courier., 1905-09-19
EtmamctwI.
TESTERDAY'S STOCK MARKET
Advancing Tendency of Last Week
 Continued.

Advancing Tendency of Last Week Continued.
 New York, Sept. 1S.-The advancing tendency of prices which held through last week was continued in to-day's stock market. The movement did not persist in full vigor throughout the day, as it was interrupted by occasional halts and reactions. But there was no actual reversal of the course or prices. Tie day was without special incident in the way of news, but adyices from all quarters were corroborative of the extraordinary prosperity prevailing in ak parts of the country and in all lines of business. The money market con tinued to work closer but in so grad Tal way as to cause little actual dis turhance of rates and as to offer no effective obstacle to the operation of the factors of strength in the general situation. Those who were operating in the market for higher prices are satis- fled apparently so long as the neces~ sary reduction of loans by the clearing house banks to keep their deposits within the legal reserve can be effected by the relieving operations of the trust companies. The extent to which this process is being carried does not en- tirely escape criticism, however. The fact is pointed out that in taking over loans and deposits from the banks, the trust companies make no proportional requirement upon the banks by with drawal of their cash deposits. The ex- emption of the trust companies, al- i though doing a banking business, from the 25 per cent. legal reserve require ment enforced upon the banks, is the 1 explanation of this. The growing cred- it's put out by the trust companies are therefore accompanied by no cor responding increase in available re- serves and in fact are coincident with the rapid shrinkage of the cash reserve of the banks, which is practically the total reserve against both the banks and the trust companies deposits. Im- mediate conditions in the money mark , ct showed some relaxation, however, to- i day. At the same time sterling ex- change fell to a lower level and local banking houses were in active negotia- tion to secure in the open market in London some part of the incoming sup plies of gold, These negotiations were not successful as the arrivals of gold from India were reserved against India currency. The price of gold was mark ed up in the London market and dis counts there and in Berlin hardened an additional fraction. At one time during the day 1t was definitely reported at the stock exchange that more gold had
 been secured in London for shipment to New York. The momentary strength ing effect on stocks necessarily gave
 place to some re-selling when the ru-
 nor was found to be incorrect. The
 unbridled manner of the first spurt in
 Reading had a disturbing effect on
 speculation. The movement in Cana
 dian Pacific was regarded as coming from the same sources as that in Read ing. Its sympathetic effect on it's sub
 sidiary stock, Minneapolis, St. Paul and Sault Ste. Marie, was aided by the
 latter's favorable annual report. Call money was not held at the maximum level of Friday, but ruled above last
 weeks average level. Sterling ex. change moved up from the low level ir
 the afternoon. The closing tone o1
 stocks was irregular.
 Bonds were irregular. Total sales pal
 value, $2,670,000.
 United States bonds were all un.
 changed on call