New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-12
Closing prices yesterday Of bonds dealt in
with NET changes follow:
STOCK MARKET OPERATIONS.

Local and foreign monetary developments
yesterday were not favorable to legitimate bull
speculation IN the stock market, although IN
the morning operations the course of values
generally was in the direction of higher quota
tons In the last two hours liquidation de-
veloped throughout the list. selling being due to
the remarks of d prominent bank officer in an
address before the bankers convention regard
ing the danger of bull speculation in a time Of
money market uncertainty, particularly at this
time, when the greater number of stock market
prices are above the intrinsic worth OF
the securities represented Abroad Paris dis
count rates advanced, the Berlin money market
touched per cent, while in the local market
sterling exchange advanced quarter OF a cent
and call money was firm with the majority OF
the loans above per cent Wall Street dtsre-
garded the position Of the money market until
If heard from the Washington convention, when
il became bearish and began to sell stocks in Oil
parts of the list the result Of which was de-
cline that carried many shares from 10 per
cent under the best figures Of the day. Net
losses of more than per cent were MADE IN
the active list by Amalgamated Copper. Amer
lean Smelling. Canadian Pacific, st. Paul, Louis
Vile and Nashville, New-York Central Mis-
souri, Pacific. Southern Pacific and Union Pa
cifc. Outside Of the causes mentioned there
,,-ere no news developments affecting stocAs'
excent in the case of Missouri Pacific which
was adversely Influenced by the announcement
of the compauy's earnings for the first week In
October. showing a loss Of $4,000. making from
Julv I E. decrease Of $565. 2S1, comparison being
made with the same period in the preceding
wear Last prices were not much above the
poorest of the day.
In his address before the bankers convention
at Washington Mr.. Vanderlip. Vlce-p' eSiuNs
of the National City Bank. Of this CITY, Sounl0ou
q warning against reckless bull speculation a.
the current high level of prices, and as Mr. van
derIip represents an institution which represents
the Rockefeller and other large interests MS
words were Of great significance AS pointed
out in this column few days ago NUMBER Oh
the larger bankers are not in favor OF further
hull activity at this time They are not satls-
fed that the money market will not run into a
rer,od If much higher rates, and they arc not
willing 10 countenarce extravagant speculation
u, securities. especially in view Of the long al
vance that has taken place without important
setback in values. and in view OF the fact haC
many pools and syndlcates are oVeFloaoed Win
s+ocks Mr.. Vanderlip's warning is timely. 1t
opght TO be read and thoroughly dlgested py
every man IN the country. and II ought 10 DC
ken into most serious consideration oy inc
speculative element in Wall Street The coun-
5ustral activities. but It is conceivable now the
-oa+ ,,nhDilding which has been going on so
successfully for many months might be serious
" damaged by wild movements in the stock
market at this particular juncture. Holders OF
American investment securities might be Sc
riouslv Inconvenience if there should develop
widespread speculation that would tend to
oreaIen the present strong factors In the hnan-
ciaI and business situation.
Sterling exchange rates have been firm IN the
last few days and at tbs moment gold I'M
ports could not be undertaken at q profit There
is a scarcity of cotton bills in the market, owing
TO the deadlock between the foreign buyers and
the Southern owners Of the product. and as
consequence shipments are far too light to sup
ply the exchange market with enough bills TO
.depress quotations to a level that would en-
courage large exports Of gold from Europe 10
the United States. The difference in opinion
regarding cotton prices may not last long,
owing to the gathering OF a far larger crop
than expected earlier in the season and to the
moderately large surplus from last years har-
vest. which may bring about lower quotations,
and although the cotton bulls continue TO
maintain that the demand for cotton In the
next twelve months will be so heavy that prices
VIII RUE al better figures than those cur
rent owners of cotton who argue IN this fash
| ION haturaliy want TO hold TO their supplies
believing that they coon VIII be able 10 COM
pei the foreigners to buy in quantity Reports
received from the various sections of the cot+o,
belt yesterday We're generally favors HE n the
bears Oh cotton. aud the government report