New-York tribune., 1905-01-22
BONDS.
STOCK MARKET OPERATIONS.

Trading in securities in yesterdays market
was moderately heavy in volume movement
of values that showed great irregularity, with
final prices for most of the active issues at
net losses as compared with the closing of the
preceding day. The bear element took advan-
tage of the weakness in the London market and
the heavy increase in bank loans to hammer
stocks, but declines were not important, being
confined. as a rule. to small fractions In the
early dealings there was positive strength in
a number of stocks, notably ST. Paul. Erie
Northwestern, Duluth South Shore and Atlantic
and Southern Pacific preferred, but in the ma
jority of instances the improvement lost
before the end of the first hour. although
Northwestern ended at a net advance of 3 per
cent. It's high point, however. was 31a points
above its final quotation. There apparently is
something of Importance going In the af
fairs of the Chicago and Northwestern. as the
stock has been unusually active in the last few
days and the same may be said of all the roads
in the Northwest, particularly Union Pacific
the control of which has passed, it is said, to
the Morgan-Eill interests. There are possibili-
ties in the Northwestern railroad situation
which involve as we'll some of the Eastern
roads, notably New-York Central and Erie that
at no distant period Will undoubtedly develop
most important changes affecting the future Of
the properties. On the curb 1nterborough
made a new high record, advancing u points
to 1919, the upward movement not being accom-
panied by news developments affecting the
stock Talk OF an increase in the cOmpany's
capital involving valuable rights to the present
stockholders was heard. Northern Securities
was also a strong feature, and the operations
in this issue and Interborough attracted more
attention than the operations the Stock Ex
change.
While the foreign markets were upset as
a result of the disturbance in the Russian capi-
tal there was no indication Of uneasiness at
this centre, except a semblance Of fear among
the crafty bears and in banking circles the idea
of serious financial difficulties abroad was not
for moment entertained. AS far as the large
expansion in local bank loans was concerned,
conservative observers failed to see in the move
nent anything but encouragement for the OPP
orators who are working for higher quotations.
In the loan market is reflected the condition Of
business and in the present case gain of over
S34 100000 in loans means the greatest conf
dence on the part of financiers and business
men in general over the future of business in
this country. Large operations involving large
s1ns of money are under way, and the substan-
tial character of credit conditions Is indicated
I'm the Willingness of the banks to lend such
enormous amounts The Clearing House state
rnent showed an increase in cash of over SlO,-
OO0OOO and this item and the gain in loans
accounted for the gain in deposits of over S44,-
GOO 600 but the gain in the last named item
caused an increase in the reserve required
against deposits of over S11.OOO,OOO, so the re-
serve above legal requirements decreased SI2o,-
an to S23 1873 800 which compares with SZ6'-
O72 675 in the same week year ago.