Evening star., 1905-10-12
No New Influences Marked
Today's Opening Dealings.
THE MONEY SITUATION
PRACTICALLY ADMITTED CONDI-
TIoNs MAKE FOR STABILITY.
Yet Local Market is in No Shape to
Meet Any Outburst of Specu-
lative Fervor.

Special Dispatch to The Star
NEW YORK. October 12-No actually
new influences were presented for consider
alton at the opening of business in this
mornings stock market, and Wall streets
attention continued to converge upon the
monetary situation and the effect on senti
ment produced by yesterdays much-talked-
about address delivered before the bankers
convention at Washington. So far as the
latter was concerned 1t seemed to be the
common disposition today to accept the
more encouraging infections of Mr.. Van
derlips speech along with those contrary
wise. and, in fact. the real influence of the
whole matter was derived almost entirely
from the striking coincidence, in point of
time. with his address at Wilmington, N.
e. In 1852. and the then course Of events
in the stock market.
As was pointed out in this column yester-
day. the views of the vice president of the
National City Bank with regard to the i'm
mediate future Of the stock market were
altogether in accord with those which have
been expected in other high financial quar-
ters for several weeks past
1t is commonly recognized and admitted
that practically all outside conditions re-
latlng TO the market for securities apart
rrom those temporarily existing in the
monetary situation. make for stability and
improvement in values.
The Local Market.
On the other hand the local money mar
ket Is in no condition to Withstand the ad-
ditional strain which would be imposed upon
1t by reason of a furious outburst of spec
ulative fervor. and until the crops have
been moved and the matter Of the Russian
loan disposed of no great betterment in
that direction can be expected. This condi-
tion of things is of small interest to the
actual investor in securities, and even in
yesterdays grave market unsettlement
there was no evidence OF fright on the part
or the investors. There were perhaps suffi-
Cient reasons why Speculators on margin
should have become disconnected, and 1t was
apparently liquidation for their account that
brought about yesterdays break in prices.
There was further selling of the latter de-
scription In todays stock market, but gen.
orally speaking the transactions resembled
more closely those conducted in the last
hour of business yesterday than those in
the two previous hours.
Today's market. in short, was irregular,
occasionally feverish but not particularly
active after the first hour of business. In
fact, thereafter there were long periods of
extreme dullnesS, during which 1t was
almost impossible to assign any definite
tone 10 the market at large.
AS might have been expected, the London
market for American stocks was materially
disturbed by the violent reaction in the
local dealings yesterday afternoon but for
eign houses, after selling here at the outset
OF the market, reversed their position and
were buyers on balance to the extent of
about 1900 shares. The Bank of Eng
lands weekly statement made a fairly
strong showing, Notwithstanding a further
loss in bullion of nearly GS00OO0.
The banks proportion of reserve to liabiI-
ity rose from $3.50 per cent last week to
41.4T per cent today. The Bank of France.
showed a loss In cash nearly equal to that
reported by the Bank of England.