New-York tribune., 1905-12-03
sUnlisted
sToCK MARKET OPERATIONS.

Troreoc+for,e in Yesterdays stock market were
-,o7ara+aiv heavy in volume in the two hours OF
trading While considerable selling was noted
in various parts of the list. the declines We're
not important. and at the close the net losses
1-nen recorded. were confined. as a rule, to frac-
tons, despite the fact that the bank statement
showed a heavy falling off in cash and reserve
holdings Loans Increased over S11,O00O0O,
cesh decreased over S4OO0OOO. and as result
az the changes IN these two items there was an
increase in deposits of nearly $100OO,OOO. As
a consequence of all changes there was loss IN
reserve of over S6OO0O00, leaving legal reserve
at So. .565. .375, compared with $3.50. .0T5 in the
same week a year ago and S6.305,3O0 in 1903.
Loans of the associated banks are about SEQ
100000 under those reported at this time last
year While cash holdings are about S46,OOo0OO
smaller although considerably larger than in
this week in 1903 Naturally the falling off in
bank holdings caused some speculative selling
of securities, but there was no general break in
values. the heaviest losses being sustained by
Brooklyn Rapid Transit. Consolidated Gas, Del
aware and Hudson, Northern Pacific, and the
United States Rubber. Anaconda, Erie, Ma
tional Lead. Rock Island and Tennessee Coal
and Iron were strong features in the final deal
ings, while the general market presented firm
undertone although some efforts were made to
bring about lower prices on the strength Of the
peer showing made by the weekly bank state
ment According to reports received from COM
mission houses there has been substantial IL
Elimination of weak bull accounts in the last few
days.
Trade reports received yesterday by the COM
mercial agencies from various sections of the
country present encouraging reading matter for
all people who are interested in the growth and
prosperity Of the country"s industrial activities
Failures in the mercantile world are small COM
pared with corresponding periods in other years
Mercantile collections are excellent bank clear
ings are large and earnings are heavy IN the
case of almost every railroad in the United
states In the iron and steel business there is
no indication of coming reaction, while in no
line Of trade is there any factor that suggests
an important setback in the near future
Threatened labor troubles appear large in GER
tain publications but as matter Of fact there
is little reason in the actual situation to look
forward to material disturbances Of this char
ac+er An indication of the favorable situation
IN the country's industries is presented by the
October statement of the Pennsylvania Railroad,
which shows on the lines east Of Pittsburg an
increase in gross receipts of $1S43.4OO and an
,,creasa IN net Of $3.50, 900. On the line west of
Pittsburg there was a gain in gross of $694200
and a gain in net OF $173,20O. For the first ten
months Of the calendar year gross earnings
show an increase on Ine TWO DIVISIONS oL over
s1s 600 900 and an increase in net of nearly
100000 AS the Pennsylvania Railroad covers
the territory in which there are many divers-
fed industrial institutions, the company's report
of earnings. therefore, is an excellent index to
the general position of business in the country.
The advance in call money rates last week
forasha dowed a falling off in bank holdings, and
according to the weekly statement Of the Clear
ing House the reserve above legal requirements
is now many millions under the total reported
a week ago. There appears to be no uneasiness
In financial centres over the money market
position but, of course in the current month
the position Of the loan market may not be
favorable to extensive operations on the bull
side Of the Stock Exchange. Call money was as
high as IL per cent in the week and as low as
8 per cent, averaging about per cent, that rate
being the lowest made by banks and trust COM
panies. The higher retes for money naturally
were reflected in higher quotations for sterling