New-York tribune., 1905-11-14
Closing prices yesterday of active bozds dealt
n rith nj chances. follow:
STOCK MARKET OPERATIONS.
with net changes. follow

In view of Saturdays poor bank statement
and the further advance in call money yes'ei-
day heavy liquidation on the Stock EXchahsT
was not surprising. Prices declined IN the cary
part Of the day. many issues suffering losses VI
/ per cent and more, with as much as o1s per
cent in Reading, which was one of the weakest
of the active features Reading has been
pushed up so energetically Of late, selling at
figures that more than measure its actual worth
that its decline from it's high point is a thor
oughly logical development of an artificial sltua-
ton in the stock Reading would not be cheap
at 120 yet the promoters Of the recent advance
in the issues assert that it will sell above $50
in the course Of the next few months Reading
is + per cent stock that is selling above a
number of 3 per cent shares, and unless there
is an immediate advance in its dividend rate. Of
which there is not much chance, the security
ought to seek a lower level, assuming that bull
manipulation has spent it's force. But the bulls,
despite the present position Of the money mar
ket see no good reason for changing their vieNN
regarding the ultimate trend of the market
Call funds reached % per cent yesterday. Rates
may go higher before the market returns to
normal condition. but it is not thought likely
that the present position of affairs in money will
last for any length of time. AS a rule, past
bank deficits have been covered without delay,
and from the amount of liquidation that took
place on the Stock Exchange in the five hours
of trading yesterday it is evident that active
efforts are being made to increase the reserve
through heavy reduction in speculative loans.
On the decline stocks actively supported
by the interests who have been the leading fac
tors in the advance of the last few months, am
as a consequence of their buying and short COW
ering partial recoveries were recorded through
out the list so that at the close the net losses
were not as rule heavy. Reading. after its
H EIaI tnCG
of 3a., while corresponding improvement from
the low prices were made among all the active
issues. such as Union Pacific, American Smelt-
ing. k--eican Locomotive, Northern Pacific,
Canszs-4n Pacific Metropolitan, Tennessee Coal
and Iron and the United States Steel shares.
Missouri Pacific, Missouri, Kansas and Texas.
Railway Steel Springs, Southern Pacific and Il
few other issues closed at small net gains. The
market showed, notwithstanding the high money
rates, great unwillingness to decline after the
first two hours, and the character Of the support
surprised many of the people who had been look
ing for general Generalization result Of the
advance in call funds. The foreign markets were
heavy Paris exchange on London was lower
and money in the foreign capitals generally was
firm American bankers were heavy borrowers
in the London market through the medium Of
finance bills and cable dispatches from that CEN
ire discussed the probability of gold shipments
to the United States, although the weakness i'll
Paris exchange on London in Paris does not in
dcate that imports could be made at a profit az
yesterdays local foreign exchange rates.
Speculation for higher prices in securities will
have TO be restrained until money rates move to
an easier level There appears to be no indica-
ton of the approach of a money panic and if
there should be acute disturbance that is dis
turbance that would seriously affect the mercan-
tile community, the Secretary of the Treasury
undoubtedly would come to the rescue, notwith-
standing the fact that the Treasury holdings are
not particularly large. The government, how
ever, holds large working balance, and part OF
the surplus could easily be placed at the dis
posal of the money market If merchants should
suffer from the present developments in money.
Time money at per cent is not considered a
burden by the business men. Sterling exchange
rates were demoralized, demand declining so
points result Of the advance in money The
high rates for money at this centre If they
tinue will attract funds here for the good
son that money always moves to the place where
may he the most Dro6tably ernDIOyed