New-York tribune., 1905-11-23
Closing prices and net changes Of the leading
STOCK MARKET OPERATIONS.

While dealings in yesterdays stock market
were large the volume of business not well
distributed a few share stocks supplying the
greater part of the total operations. Manipula-
ton apparent in number OF securitles'
notably in the so-called specialttes. and as
rule the professional element went home with
tie idea that the time was ripe for a reaction,
although in the days trading there were no
important efforts to bring about lower quota
tions. The fact that there are so many fnan-
ciaIly strong interests working for higher prices
naturally induces great caution among the oper-
etors who would like to make excursions the
short side of speculation, and despite the fact
that certain "phiIanthropists'' are advertising
that q panic is due no one appears inclined TO
espouse the short side with any enthusiasm.
The bull interests assert that the only panic in
sight is a bear affair Of that kind. Enormous
transactions in Brooklyn Rapid Transit stock
and bonds, in Union Pacific and Amalgamated
Copper were the chief features of the trading,
particularly the dealings in the Brooklyn COM
pany's issues. in which something more than
manipulation evidently under way. While
there is no confirmation at present for the report
that control Of the property is passing to new
interests, it Is generally believed that in the
near future an announcement will be made
showing that the road has gone into the hands
either Of the Metropolitan or Interborough
According
days business was the heaviest since last April
but OF course, the actual reports Of dealings did
not represent wholly genuine operations, unless
manipulation involving wash sales may be
c!assed as legitimate Stock Exchange business.
Anaconda made another ten point advance,
Amalgamated was up nearly two points at the
close: American Smelling, after an early rise,
closed under the last price Of the preceding day;
Reading lost over point, and the Gould shares
were strong. In the last hour irregularity and
confusion prevailed. and many early advances
were lost. Money rates were easier than they
were Tuesday, while sterling exchange was
drner.
There are abundant signs that cash is ready
to return in volume from the crop regions 20
New-York and the other money centres. At
most places in the South and West, exchange
on New-York is quoted at a premium,
which means that the tendency Of cash Is to flow
from those points. At few cities. the prin-
cpal one being New Orleans. exchange on New
York is still at discount, but the discount is
diminishing and doubtless will be con-
verted into premium. Aside from the aspect
of exchange in the crop regions, the quotations
for exchange on New-York at interior points in
general are favorable to the transfer Of cash
10 this centre. Exchange on other important
cities besides New-York Is relatively in the
same position as exchange on New-York. so
that the promise is for an early redistribution
of the country's stock Of cash. which win aug
ment to required dimensions the accumulations
Of currency at places where there is the largest
need for it. II appears that banks through
out the country have been taking advantage
of the advanced rates prevailing for money in
New-York to sell in this city exchange on them
selves great deal Of such exchange was
put out when rates were highest, and il was
useful in alIeviating in some degree the tension
IN money. In effect the same course was fol-
lowed in utilizing this exchange as in employing
foreign exchange. Borrowers who experienced
difficulty in securing funds in the money market
were able all through the summer and fall to
secure accommodation in the foreign exchange
market The exchange houses either lent their
sold the bills and lent the morey derived from
them When the interior banks put out their
bills Of exchange IN New-York their procedure
was similar They operated through the banks
and trust companies that act their corre-
spondents IN New-York
The prospect that money will come TO New
York in volume naturally increases the conf
dence of the stock market bulls in the belief
that prices for securities will move TO higher
level In the near future, but some OF the con-
servative observers in the Street fear that II bull
activity continues there will be a pinch in
money, despite liberal receipts of currency from
the interior. This idea. however, apparently
does not worry the men who are back or the
current market. they assert that they are well