New-York tribune., 1905-11-10
STOCK MARKET OPERATIONS.

Further liquidation reported In yester-
days market. and as q result or the sehlhg
movement prices ended at net declines In the
greater number Of securities. the chief excep-
t1cns being Reading, American Smelling and
Tennessee Coal and Iron. Reading after ad-
vanctng to 143S4 closed at 1411s. net gain OF
ia Calling of loans and advance in the
price of call funds to Is per cent. the highest
rate recorded since January. 1908. naturally In
duced operations am0ng the bear contingent
and brought about forced sales by weak mar
ginal holders but the decline offerings were
absorbed by a good class OF SPECTATORS ana
despite the position of the money market and
the confident predictions Of the board room
element that quotations would move toward
lower level there was no uneasiness on the
part Of the larger interests who are working for
something more than quick turns In the mar
ket. The latter members of the Wall Street
community are well provided with funds. and
they are quite confident that after the money
market returns to normal condition the up
ward movement will be resumed and that peo-
pie who are now selling their stocks will be
anxious to buy them back In the mean time
however. the facts Of the situation naturally
will compel weak pools and many individuals
TO sell their securities. Local bank reserves are
low the demand for out Of town account has
not yet been satisfied. and unless there should
be an increase In the available supply of money
at this centre the stock market naturally will
be called upon to bear the brunt Of the burden
of the scarcity of funds. OF course, such sit
uatfon will not last for any length of time. for
high rates for money at this centre will attract
gold from abroad, suggestion OF which was
presented N the OF yesterdays exchange
market
1t was announced yesterday that the secre-
tary of the Treasury would not help the local
air
banks Opinions differ to the wisdom Of the
stand taken by the Secretary. but there are
probably more people who believe that govern
ment funds should be placed In the banks than
there are people who take the opposite view 1t
is true that the Treasury is rot as well supplied
with available cash in some periods when as
sistance has been extended to the general busl-
ness community. but the fact remains neverthe-
less. that there could be deposited In national
banks sos 100000 and still leave working BAL
ance in the government vaults Of S46OO0OO0
and as government revenues now improv-
ing some people believe the Secretary would be
acting within conservative lines In putting
money at the disposal Of the money market.
especially at this time when the business re-
quirements Of the country so heavy. A sys-
tenn that requires the locking up Of money draw
ing no interest when IL could be proftably and
legitimately used In the channels of trade Will
financial interests of this country The present
scarcity OF money is not because of stock mar
ket activity II is due TO business expansion
in sl parts Of the world. The government deficit
so far In the current month is about half Of
what II In the time last year. while
for the fiscal year to date 1t amounts to only
S15 453 074 as compared with S22S5996S in the
corresponding period in 1904 If the needs of
the situation should become urgent 1t is likely
that the government would do as II has done In
the past. that is. come to the aid of the money
market despite the present reported attitude
Of Secretary Shaw.
Total dealings were over 100000 shares with
the heaviest transactions In Amalgamated Cop
per American Smelling and Refining. Brooklyn
Rapid Transit Canadian Pacific. St Paul, Erie.
Missouri Pacific. Metropolitan, Pennsylvania,
Reading. Southern Pacific. Union Pacific. and
the United States Steel shares In the active
list losses of per cent. and COM
mon The local transportation shares and Con-
sodated Gas were again weak features. due. of
course to the uncertainty the mayoralty
situation. Foreign markets generally were
weak Last prices here were at or the