New-York tribune., 1905-11-29
STOCK MARKET OPERATIONS.

Irregulartty marked the course of stocks yes
terday. In the fore part Of the day advances
were general while in the late dealings the
order of things reversed. The closing was
ragged and net results were decidedly mixed.
There was realizing in some Of the pooled
stocks, and in these rather material losses were
recorded In other pooled stocks the manipula-
ton was continued. and in these issues gains
were registered. While the developments in
Russia depressed the European markets, the ad-
verse influence was not communicated in any
appreciable degree to this side Of the Atlantic.
The dominating factors in the New-York market
were almost exclusively local They represented
chiefly the efforts and. in some instances, per
haps the necessities Of the speculative coteries
There was nothing in either money or exchange
that was calculated to move the market. In
spite of a withdrawal Of gold for shipment to
Mexico and of transfers Of cash to San Francisco
and New-Orleans both money and exchange
disclosed weakness. On the whole the market
may be described mainly professional affair.
Transactions in stocks extensive
scale, but there was considerable falling off
as compared with the day before, owing to the
reduction in commitments. 1t was thought
that selling of Union Pacific, Southern Pacific,
Amalgamated Copper and the United States
Steel issues meaRt that the Standard Oil con-
tingent was for the time not inclined to en-
courage the Dull campaign IN STOCKS. II ndu
previously been said that while this powerful
clique was carrying stocks in great amount, it
desired to wait until money abundant
before beginning a wholesale marking up of
quotations On comparatively moderate oper-
ations Reading fell heavily with the final price
the lowest of the day. Rock Island preferred
fiuctuated considerably. but ended with a gain
in price. There announcement as to
whether the next dividend on this stock would
be passed or not. American Woollen was kept
active and was forced to higher level. Ameri-
can Locomotive was also mads to show con-
spicuousy in the trading, but it left off un-
changed.
While the situation in money is constantly
Improving, the decline in rates is rather delib-
crate Owing to the peculiarly close pecuniary
relations between the United States and Europe
at present, 1t is probable that no matter how
Capidly cash holdings increase at the money
centres the descent in rates will be regulated in
q large degree by the course Of rates abroad. In
other words, rates here are not likely to recede
more precipitately than in Europe Were rates in
the United States to fall below those in Europe.
the effect might be to dislocate the foreign ez-
change position, which is at this juncture more
evenly balanced than in many months. A par
ticuIar reason for not disturbing the equilibrium
of exchange is TO avoid interference with the
States The money market in the United States
"a not yet in a condition that permits cancella-
tion. at least to any particular extent, of the
outstanding European loans to American bor-
royyers Before any great part OF these loans
could be paid off with actual money, liberal
augmentation Of the bank reserves would be
necessary. AS a fact the hope is to liquidate the
loans eventually by commercial bills OF exchange
representing exports of cotton, grain and other
products and manufactures.
With rates for money in Europe somewhat
under those in the United States it is practi-
cable not only to defer settlement on outstand-
ing obligations, but also for the United States
Is not that the United States is pinched for
money There is plenty of cash in the country.
hut it is not well distributed. This will not
however long be the case The financing of the
crops has sufficiently progressed to release a
good part OF the currency that was piled UP i'm
the South and West Tho money is naturally
moving to the points where there is greatest
need for II. and 1t appears to be a question OF
conuaratively short time when the stock Of
cash will be advantageousy placed. Partly by
a reimbursement of loans and partly by an ac-
cessiou of cash. bank reserves at New-York and
other leading cities have been materially
strengthened In the last fortnight. Hereafter.
presumably the building up Of the reserves viii
he a less dificult task than in the immediate
mast. since the flow of cash to the money CEN
tres is definitely under way and doubtless viii