New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-13
losing nrto.s Yesterday of bonds dealt in,
STOCK MARKET OPERATIONS.

In the early dealings prices on the Stock Ex-
cbangA were weak. with declines from the pre-
ceding DAVIS closing of from to per cent IN
a number of the active issues but subsequent
covering of shorts and support from some OF
the larger speculative interests who are anxious
to maintain a strong market for securities
brought about a change in the course of values
70 an extent that left many Of the leading shares
at net gains for the day Final changes how
ever showed more net losses than gains, al
though the tendency in the last two hours OF
trading was in the direction of better quota
tons with the chief Improvement in Brooklyn
Rapid Transit. American Locomotive, St Paul.
Delaware and Hudson. Pacific Mail. Chicago
Terminal preferred and the Wisconsin central
issues. There were no movements OF especlal
significance. The pool in American Locomotive
bid up that stock in the face Of the early de-
cltnes elsewhere in the list. but little interest
was attracted by the speculation: neither was
the weakness in the so-called Hill shares con-
sidered of any particular Importance. Commits
sion houses We're not active factors in the days
operations. These firms report little stock being
carried for the public, and no disposition on the
part of the public to buy securities at the
rent advanced level the chief part of the long
account being represented by Wall Street pools
and syndicates. Call money was firm, also ster-
ling exchange while in the foreign markets dis
counts generally were strong. although there
was no change in the minimum rate Of the
Bank of England. The weekly return of this
institution showed improvement over the
suits of the preceding week through the reduc-
ton in its loans. The Bank of Germany and
the Bank of France in their weekly statements
also show the result of efforts to protect their
reserves
The current position of the stock market nat
Lrally ought TO suggest caution in further OPP
erations for higher prices a this period, espe-
cially in view of the fact that there is still con-
siderable uncertainty over the probable course
Of money rates in the balance Of the year.
There is a strong demand for funds the world
over in connection with mercantile and financial
operations and as the end of the year ap-
proaches there viii be stin stronger demand
incident to January interest and dividend dis
bursements It hardly appears likely therefore
that any important ease will develop IN rates
until after the turn OF the current year and
that this view is held by the substantial inter
ests OF the financial community IS reflected in
their open suggestions that there ought not to
be further active bull speculation in securities
at present. This does not mean that the stock
market will run into panic that material
decline will develop from the present Level. but
it doubtless does that If stock market
pools and syndicates persist in their manipula-
tive tactics to bring about higher quotations
the banks will call halt that may involve
forced liquidation by number of overloaded
stock market combinations and individuals who
have been trying TO advance prices irrespective
Of monetary considerations. There is no desire
on the part Of the banks to cause disturbance
in the stock market. and the fact that they are
discouraging reckless speculation is proof Of
their good faith in the matter. Many operators
who holding stocks on borrowed money
may say that the warning sent out at the bank
ers' convention against bull speculation at the
current level merely reflects the desire Of the
Standard OIL and other interests to secure
stocks at cheaper prices. but leaving such a
light weight thought out OF consideration, any
man with the power of observation can see that
actual conditions fully warranted the remarks
of the vice-presdent Of the City Bank