New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-19
FIX dividend.
BONDS.
STOCK MARKET OPERATIONS.

Marked strength IN the early dealings in yes
terday's stock market was followed in the af-
ternoon by declines throughout the list the de-
veiopment Of q heavier tendency being due to
a large volume Of realizing sales and pressure
from the professional element for the purpose
Of shaking out small operators with limited mar
gins According to the traders point Of view,
the announcement by the Secretary of the Treas
ury that he would call the depository banks
for % per cent of government holdings was
sufficient reason for selling movement, but
the fact that this call expected does not
suggest that its appearance caused any uneasi-
ness IN Wall Street circles. Inasmuch as the
banks VIII not he compelled to turn over the
proportion Of the government deposits called for
until January. and the amount that will be
contributed by the local institutions viii not be
heavy, there is no reason for any one to exhibit
the slightest alarm over q legitimate Treasury
transaction which VIII not be important fac
tor in the money market In view Of the condi-
lions governing the money market at present
conditions which viii gain In strength in De-
cember-there is the possibility Of f1rmer rates
Tor loans for a brief period, especially around
the end of the year when preparations VIII be
made for the January disbursements. The pay
nent Of government deposits by the banks, how
ever, will be made al a time when local bank
supplies viii be Increasing, and it is therefore
absurd TO look forward to disturbance in the
money market as result of the Secretary Of
the Treasury's decision to withdraw % per cent
Ct government funds from depository banks.
According to the known movement OF money
this week the local banks have lost upward of
100000 in cash. the loss being due entirely 70
gold exports. Receipts of currency from the in
terror we're over 81 600 900 in excess Of shipments
while the banks gained over 81 100000 in new
gold and small amount from the Sub-Treas-
Try.
Trading was heavy IN volume throughout the
dav the largest transa ctions being furnished by
American Sugar Refining ST. Paul, Erie. Penn
syivania Reading Southern and Union Pa
cilc. the United States Steel issues. Amalga-
mated Copper and some Of the lower priced
shares notably American Locomotive, Chesa-
peake and Ohio. Chicago Great Western. Mexi-
can Central Rock Island and Wabash pre-
ferred. On the decline in the last half hour
stocks were taken by a good class of buyers
and, although in some instances losses from the
best prices were l per cent and above there was
indication of decentralization, while at the
close opinion was generally optimistic the
markets prospects for further improvement.
Better prices in the London market exerted a
favorable effect on local transactions in the
mornings trading, while the large demand from
commission houses naturally served TO bring
EDout DelleI HBuIeS throughout the ISL Oh
large transactions the greater number Of indus
trial securities exhibited great strength in the
early dealings. especially American Sugar Re
fning. American Locomotive American Smelt-
ing, United States Rubber and United States
Steel shares. In the railroad list noteworthy
strength was shown by Missouri Pacific Norfolk
and Western. st. Paul, Baltimore and Ohio and
Canadian Pacific although in the last half hour
the greater part Of the Improvement was lost.
In the active list there were more net declines
than advances at the close. There was no change
in money market rates. but quotations for ster-
ling exchange We're again higher, demand ad-
vancing 10 the highest point recorded in many
months over 100000 gold was taken for ex-
port by to-day's steamer.