New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-17
STOCK MARKET OPERATIONS.


Stock market activity was confined to a few
shares. but throughout the list fair measure
of strength was maintained in the two hours Of
trading. Canadian Pacific and the United
States Rubber shares were again strong feat
ures, Canadian Pacific making new high price
on a character of business that appeared to re-
feet the belief among many prominent local,
Montreal and London operators that the stock
would sell at materially higher figures There
is powerful financial party interested in the
movements in this security and its prediction
is that the price of the issue will sell at 200 this
year. There are many good reasons for the
optimism that prevails among people who are
| interested in the Canadian Pacific stock. Ac-
cording to the friends of the United States Rub
Der Company there is also good reason for OPP
tinIsm the future Of that corpany's issues.
It is said that at the fall meeting of the d.
rectors of the property a dividend will be de-
clared on the common stock, and from the
course of the stock the Exchange it is quite
evident that this theory is held by a great many
i people. Lower prices in London failed to affect
of the weekly bank statement. showing small
! loss in reserve above legal requirements, was
| not an important influence on the bear side Of
| the market. Indeed, the statement was con-
| strued favorably, and there in the last half
hour enough speculative interest in the market
! to add strength to a material degree to the
course of values which ended with most of the
early gains retained st. Paul. New-York Cen
trail Missouri Pacific. Denver and Rio Grande
and Union Pacific gained 1 per cent or more.
Some cruel critics OF Wall Street may say that
the current bank statements are being manipu-
lated in the interests of the large concerns and
individuals who are interested in maintaining
easy money and high quotations for securities,
but at this particular time when all is enthu-
| siasm in speculative quarters no one could be
brought to believe such an insinuation. Of
course money is being kept down. but then why
| should rates not rule at a low level despite the
fact that the reserve above the legal require
ments of the associated banks stands at only
81, 465, 800? Is there not a large supply of funds
that the trust companies are willing TO lend, and
| then is there not any amount of finance bills
| and easy opportunities to bring in gold from
the other side? Local banks have low reserves
| at the moment DuI are not only
| IN the money market. The larger interests are
| in control of the situation and they backed
| by a number of favorable factors which. it may
| be said, without fear of contradiction. most
| unusually strong and promising. far the
business and stock market position in the United
| States is concerned. Some time there will be
big crash in Wall Street, money will advance
and the small people will be despoiled of their
funds but at that time the big men who are
now in control of the Street will be buyers at
cheap prices. They have not yet sold their
stocks, and from what can be learned they have
no intention of doing at present. They have
been assured that there will be no disturbance
in money. and they therefore are merely wait
ing for better prices, which they feel assured
will develop after the present passing period of
irregularity. Most stocks are dear as invest
ments but this fact counts for little in times of
speculative bull activity.
The banks cut down their loans $50 SCI 600 in
the week. Their cash holdings declined 7,463,-
400 and the change in this item and in loans
accounted for the decrease in deposits of 500
O69, 400. The large decline in deposits caused a
decrease in cash required against deposits of
$7267350 and a consequence the reserve
above legal requirements declined only $196050
The total reserve stands at 81 635, 300 compared
with $29,353, $50 in the same week a year ago
and $13,1T3,625 in 1908 Loans are now over
100000 less than they were two weeks ago
BOND MARKET TPn0JN1