Evening star., 1905-11-06
Perpendicular Drop Marked
the Opening Today.
MARKET IRREGULAR
MANY FACTORS CONTRIBUTED TO
UNSTABLE CONDITIONS.
Calling In Of Loans Was Quite General
Very Little Money offered
on Calls.

NEW YORK. November "a perpendicu-
lar drop In prices at the opening or pusi-
ness. which carried many stocks down more
than 1 per cent, and considerable unsettle-
ment during the first quarter hour OF trad
Ing were tho main reflections OF the dis
turbing array of influences under which
business was transacted on the stock ex-
change today.
The market at all times was highly
irregular, occasionally decidedly feverish'
and the dealings were characterized Dy
wide fluctuations. Broadly speaking. now
ever. steadier tone developed with the
course OF the morning. and substantial ana
significant advances took place In many
important stocks.
1t would appear hardly necessary to recite
the various factors adverse to market sta-
bihty which engaged attention at the open
ing of business. There might. however, De
named Saturdays weak bank statement. to-
morrow's municipal election, and hurry
In the money market which was fore
shadowed at the outset Of the dealings IN
quite a general calling OF loans.
This calling was participated In by the
local banks and some OF the local trust
companies also. Very little money was In
fact offered on call by local financial instl-
tutions the new accommodation being ex-
tended out-oftown banks and private
lenders.
Rates Reacted Sharply.
In consequence of the early advance IN
.he rates for money on call to per cent
the rates for sterling exchange reacted
smartly. thus again disposing Of the men
ace of immediate exports OF gold which
seemed imminent toward the close OF last
week There were further transfers or
currency to the interior through the SUD
treasury, and the banks reported a loss
TO that institution between last Friday ana
this morning amounting TO nearly Sl,ooo'oOV.
large number of special traffic state
ments were made public. showing varying
results, but interest in such matters was
quite obscured by monetary ana pollticai
affairs.
The London stock market had been quite
heavy in the early part of the day, notably
for American stocks. but prices later RAJ
lied there in all departments. The cary
sharp declines showed in the local market
carried prices well below parity with ~ those
prevailing in London, and In consequence
preparations here for foreign account snow
ed a small preponderance of purchases.
Some Large Dealings.
As was to be expected. there were large
dealings in Consolidated Gas issues and In
the local traction shares. and the transac-
tions naturally showed wide fluctuations.
The underlying tone Of those securities
reflected. however, increased confidence In
the outturn of tomorrow's elections, ana
the same was evidenced in the betting odds
on the curb market. There was very
material contraction In the volume OF
business transacted. which was lii fact the
most direct reflection of the several unfa-
yorable, or at any rate restraining, fea-
lures of the days situation at large. In
all the circumstances of the case 1t would
appear to serve particular purpose to
go into further detail with regard TO the
movements in individual stocks. as the
trading was for the most part governed
wholly by common considerations.