New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-02
STOCK MARKET OPERATIONS.

After day of irregular price changes the
stock market closed weak. with net decllnes IN
practically all the issues. In the first hour
there was q continuance of the heavy trading
and declining price tendency which had CHAR
acterized the course of Thursdays market. a
great deal of the selling representing the closing
ont of weakly margined accounts and liquida-
ton of long stock on orders from alarmed holo-
ers in the interior. Before the morning was
over however the selling pressure showed signs
of relaxation and partial rally occurred on
covering Of short contracts. The trading thence
forward was in much contracted volume. the
market at times reapsing into dulness ana a
series Of feeble rallies and reactions SUCCEEDED
one another On the foreign exchanges prices
improved materially over Thursday and senti-
rnent became much more confident, but the re-
sponse here to that Improvement was imper-
ceptible.
The stocks under principal pressure IN TINS
market were as on the preceding day, Anal
eamated Copper and American Smelling ana
Refining common which yielded respectiv y
49, and Ok points closing fractionally above
the lowest The price of the metal copper again
declined in London. although cables reported
that trade authorities there expected speedy
rally. Here the bid price for poth lake anu
electrolytic declined 4 cent pound represent
ing a decline of Is cent in the quoted selIlhs
rrfce which follows a total advance in the last
ten DAYS of y cent pound. There was much
discussion of the future of the copper market
stress being laid in some quarters upon the re-
ports of large sales OF the metal In China at
figures materially under the prices officially
tablished here. Strength shown during the
day in the Southern Railway issues. Louisville
and Nashville Atchison, Southern Pacific and
Rock Island. Great Northern advanced full
point and Northern Pacific IL points, while
Union Pacific closed at net loss of IA points,
ST. Paul Ia New-York Central TX and Missouri
Pacific l point Other losses ran from 20 per
cent each in the United States Steel issues to
Il in Pennsylvania. / point in Reading and Us
points in Tennessee Coal and Iron. The call
money rate hardened to 3 per cent, and at the
close was quoted at %: but the chief borrow
ers were houses who had delayed making
engagements for obtaining accommodation over
until Tuesday, and the slight advance in the
rate had little effect in depressing stock values.
According to the known movements of money
In the week the banks of this city have lost
about S1,5I5. COO. If this estimate shall prove
approximately accurate, a poor bank statement
to-day will not be surprising. A proba bility
which OF the factors in yesterdays
weakness in the stock market. Last week. it
may be renlenl bered, the estimated loss of each
was more than 81 100000 but the loss dis
closed by the bank statement turned out 10 be
only about s.. 10000 That material decrease
in loans has occurred since last week is thought
to be probable, and the resulting decrease in
deposits may be large enough TO prevent fur
Their serious shrinkage in the surplus reserve
item, which last Saturday stood al the low level
of SS91S 115