New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-10-28
STOCK MARKET OPERATIONS.

Under the influence Of decentralization IN the |
foreign markets opening prices on the local
Stock Exchange showed declines Of large frac- |
lions 10 l per cent and above. while throughout |
the morning the whole list exhibited pronounced
weakness, from which. however. good sized re- |
coveries were made in the afternoon transae- |
lions. As a result of the decline many weakly |
ynargined holders were forced to retire from the |
market the consequence OF which was the oevei- /
oprnent OF much better technical conditions |
stocks passing 10 stronger hands in all parts Of /
the list In London and Paris acute depression /
in securities was due to the morning reports OF |
the Anglo Russian situation. which indicate a /
7oosition Of AFFAIRS that might lead to grave re-
cults. not only for England and Russia, but for |
France and Germany we'll. The financial END /
M the Russian war situation apparently woT- /
xled the speculative and investment interests in |
Paris especially in respect 10 the possibility Of /
a break IA the relations between the British en-
-,ire and the country OF the Car. and French /
selling IN the London market was SO aggressive |
that many observers thought that It reflected a |
breakdown in Russia's credit at Paris. Doubt |
less there viii be no war between Russia and
England. but the mere possibility Of such de-
velopTnent naturally leads 10 speculative hquida-
ton on the foreign exchanges and sympathetic
influence IN the New-York market Our own
market has been ripe for reaction for week
4erday's operations is not at all surprising, In
view OF the almost uninterrupted advance Of the
last few months The elimination OF weak ac-
counts has strengthened the speculative situa-
sion.
Extreme declines in the early trading in the
active stocks averaged ? per cent with the
heaviest losses IN Amalgamated Copper, Brook
Ign Rapid Transit, ST. Paul. Erie Missouri Pa
eiae. Pennsylvania, Reading Rock Island,
fAa TTDfaa 1
Steel issues. Atchison. Pressed Steel Car and
Ontario and Western. the last named declining
points. but recovering part OF the loss before
the close. In many stocks at least one-half Of
the morning declines was made up in the after
noon dealings but the general list showed
long column Of net losses, the only important
gains among the active issues being supplied
by Chicago Great Western and Union Pacific,
the first named closing net Improvement OF
] point and the latter at a net advance OF a.
Amng the stocks which were not heavily dealt
in strength was shown by 800" preferred.
which ended the day at net gain OF points.
The strength in Chicago Great Western, which
amounted TO an advance from it's early low price
OF pa points, was not accompanied by news
developments affecting the road, but the char
Rcter Of the buying suggested to careful OBJ
servers that developments OF Importance affect |
ing the property might be expected in the near
future Although Ontario and Western was
heavily sold, there was a strong demand for |
;he stock on each decline. and the point was |
made that the Eew-Haven interests were buy |
ing the security IN the open market with the |
idea OF securing much OF the stock as they |
could at the lowest possible price The manner |
IN which the market quieted down and rallied |
IN the late trading encouraged the theory that |
the decline had run its course and in Wall |
Street circles ii believed that IL to-day's |
reports regarding the North Sea incident should |
take a more favorable view of the situation |
values would recover the greater part OF yester-
days declines. The most interesting feature of
the day outside OF the Stock Exchange trading. |
was the strength in sterling exchange and the
engagement for export 70 Paris Of 100000 |
gold.
Conditions in the local and foreign money mar
kets. the position OF our grain export trade and
the requirements Of Paris and Berlin incident to
the Rotation OF the proposed new Russian loan
point 20 further exports OF gold from New-YorE |
Foreign exchange was firm in yesterdays mar
ket, while the tendency Of foreign discount rates
was in the direction OF higher quotations. two
factors favorable TO shipments OF the metal from
this side The Bank OF England, however, made
no change IN its minimum discount rate al
thouEh It's weekly return. published yesterday,
showed a decline in the percentage Of reserve TO
liability OF nearly 3 per cent as compared with
the preceding week So far this week the local
banks have lost on their operations with the
sub-Jreasury upward OF 100000 compared
with gain in the same time in the week before,
and il is therefore likely that the preliminary
estimate which VIII be published to-day, OF the
movement Of money IN the current week will
show a material loss in hank cash holdings In
banking quarters there appears to be no uneasi-
ness over the money market outlook at this
centre. but IL is believed that loan quotations
WIN work toward higher level In the course OF
the next month. This fact viii not necessarily
prevent further bull speculation in securities.
but II VIII serve 20 check oVerenthusiasm on tho
part OF operators whose financial resources are
not heavy. The larger interests IN wall Street
were rot oispieased with yesterdays course OF
values on the Stock Exchange as they were
confident that the shaking out process would
pave the way FOR further price enhancement
The leading banking houses received after the
close OF business more encouraging reports from
London, and sentiment was quite general that
there would be no conflict between Russia and
EnGlsnd-