New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-07
STOCK MARKET OPERATIONS.

Weakness IN the cotton market susses'---e
the possibility Of trouble for the cotton oull
pools, continued frnness in the money market
and efforts bv the professional element to bring
about lower nrices were responsible for heavi-
rass n securities in the greater part OF the
morning. There we're no important declines IN
the active list and no great selling pressure Tor
the account of commission house customers
Trading was not heavy, the larger operators e@-
hibited little interest in the days dealings and
there were no movements of any particular sig
nificance. Wall Street believes that the market
will maintain It's present uncertain tone until
the money market returns to more normal
level, but in the mean time extensive liquida-
ton is looked for. especially as the so-called
public is not heavy holder Of securities. In the
afternoon the general market recovered most Of
the early declines under the influence Of a fall
in the price of money to per cent, against
high rate of IA per cent, the movement. how
ever, not being accompanied by any increase in
dealings. The decline in money did not repre-
sent a sudden increase in bank holdings, but the
completion of the weeks demand for loan
the last hour conspicuous strength shown
by American Locomotive, Colorado Fuel and
Iron Northwestern and Network Central The
heaviest transactions were in Amalgamated
Copper, Locomotive, Brooklyn Rapid Transit
Colorado Fuel, Erie, Pennsylvania, Reading
Southern Pacific. Union Pacific and the United
States Steel shares.
According to the known movement or money
in the week the local banks have lost over
100000 AS last weeks bank statement
showed such a large discrepancy between the
known movement Of currency and the change
in the cash item as reported by the average
system, it is thought IN some quarters that this
NAV be rectified in to-days showing OF the as
ISOLATED institutions, but the chances are that
the average system again will present as farcl-
cal results as it did a week ago. the bank
statement. of course gives at times some idea
Of actual conditions; then again 1t is so easily
manipulated to suit the operations OF powerful
interests in the stock market that 1t ought not
to be taken as an accurate reflection OF the
financial situation in New-York. At the mo-
ment the banks endeavoring to increase
their reserves. and so far through the reduction
of loans they have been able to bring about
some Improvement in reserve above legal re-
quirements. but the actual supply of cash has
not been added to by these transactions. The
demand for money in connection with the crops
doubtless will come to end in the first part
OF November, but it is more than likely that
rates for loans will rule firm until after the
turn of the year. More gold will be imported
and it was reported yesterday that S5000O00
had been withdrawn from the Bank of France
for shipment to this country The United States
is in a position to secure the metal abroad, and
obstacles placed in the way Of the movement by
foreign bankers will not prevent further ship
naents.
Railroad earnings received yesterday were uni
forTlly favorable, except in the case of the Mis-
souri, Pacific and the Texas and Pacific. The
month of September was bad one for the Could
companies Wabash losing $446,S5 Missouri
Pacific, $444,S and Texas and Pacific, $145.-
0O0 comparison being made with the same pc
Rod year ago. Causes not affecting the general
railroad situation were responsible for the fall
ing off in traffic on these lines. in almost all
other cases improvement over 1904 was reported
and the decline the Gould roads should there
fore not be taken an indication of any I'M
favorable change in the general transportation
situation. Holders of Union Pacific and Southern
Pacific securities will note with considerab BILE
satisfaction the large gains reported by the two
companies for the month OF August, returns Of
which were received yesterday, Union Pacific
presented an increase in gross earnings Of $946.-
go and an increase~in net OF $467. Al. while
Southern Pacific showed an increase in gross Of
$S12. 56o, and increase In net of $3.50 402
Southern Pacific stockholders are anxiously
looking forward to the declaration of a dividend
the Southern Pacific stock. but il is not
thought that payment viii be made until we'll
along In the next year. owing to the policy OF
the management OF expending from earnings a
large amount of money the property and the
desire to accumulate Il comfortable surplus be-
fore starting payments - the shareholders