New-York tribune., 1905-11-12

Closing prices yesterday Of active bonds dealt
18th net changes follow:
STOCK MARKET OPERATIONS.

Transactions In the two hours of trading on
the Stock Exchange were moderately active on
an irregular movement Of values that ended lhe
day at net losses in the greater number OF secur-
tiles Selling in the last hour was Influenced py
the poor showing made by the weekly statement
Of the associated banks, but In view OF Inc
viptns out Of the reserve the declines were not
large losses as g. rule being confined 10 sflah
figures. A few years ago when the reserve was
carried below tbs legal point severe declines
were recorded In the stock market, but now gen.
eral conditions are so sound and SO much con-
fdence Is placed IN the theory that the present
factors in the money market Will last Tor a short
time only that Wall Street refuses to rush INTO d
panic because the bank statement shows oei-
icit In reserve of $242SSOO. Loans decreased
s13.9S4. 800 cash decreased S1O.S9S.O0o. deposits
decreased 24.459.7O0 and reserve above iegai
requirements decreased $4,7s3.015. Not since
sentember 1902, has there been a deficit. but II
is not a condition to worry over, aithoush II
snppests a ou,eter speculation in securities until
tho money situation improves. In the early
dealings the traction shares were weak features
chiefly the Metropolitan issues, which dechneo
more than per cent. selling being based on the
uncertainty over the outcome OF the mayoFaty
contest while in most parts OF the list the ten
dency was more In favor of declines than OF ad-
vance. sloss-shefield was one Of the few
issues sold off In the last half hour, but there
was nothing approaching Generalization and no
indication of the development of aggressive bear
opinion in any quarter Of the Street The close
was near the lowest Of the day.
Commission houses are so well supplied Win
time funds that the present high rates IN call
money apparently are causing no particular
hardship, and unless there should be an outbreak
of furious bull speculation It is not thought likely
that there will be acute disturbance In the etock
market as a result Of the advance In lenolng
rates. European capital will seek this market as
q result of the higher price of money, and the
foreign exchange market indications point toward
imports of gold. movement which certainly viii
take Mace if money remains at its current stiff
level even if foreign bankers should endeavor
to place obstacles IN the way OF shipments.
Cotton is coming to market more freely ana as
a consequence the exports of the proouct are IN
creasns with the resultant effect OF enlargng
the supply of bills In the foreign exchange mar
ket And grain exports soon doubtless Will grow
heavier In volume and continue large throughout
the next twelve months owing to the great ex-
nortahle surplus which this country will have
on account Of the tremendous crops of the pres
ent year The biggest corn crop on record has
been gathered, the wheat yield has been large,
and the amount of cotton harvested will be much
heavier than earlier estimates indicated In
addition, the exports of manufactures show no
sign of falling off. All things considered. the
situation in general is filled with encouraging
features and holders Of American securities
ought to maintain tight grip on their security
possessions. Trade reports received yesterday
were replete with showing further expan-
sion In all lines of the country's industries. II
is on these factors that the men who are the
largest speculative holders of securities base
their assertion. that, despite the improvement
already recorded in the stock market, prices
will go to still higher level