New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-05
AZ nlisted
Closing prices yesterday of bonds dealt in.
with net changes follow:
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock
market prices a rule, were strong on a
moderately active volume Of business but in
the afternoon the entire list weakened under the
influence of lilo quotation and bear pressure
brought about by an advance in call money
above Z per cent. The higher rate for loans
developed at time when the market was ripe
for reaction, and the selling movement at
tracted little attention outside OF purely specu-
1ative circles. In many of the prominent secu-
rites declines at the close amounted to per cent
and more, the heaviest losses being recorded by
American Locomotive Canadian Pacific. Chesa-
peake and Ohio. st. Paul Louisville and Nash
vile. New-York Central Pennsylvania, Reading,
Southern Pacific, Union Pacific and United
States Rubber. United Cast Iron Pipe. while
closing at q small net gain, was points under
its best price in the final dealings. All the
shares which IN the last few days have been
active, strong features felt the influence of the
selling movement to 4 larger extent than else
where in the list, the greater number Of issues
ending the day At only fractional declines as
compared with the last quota tons of the pre-
ceding day. A few stocks closed at net advances.
but the general trend in the last hour tow
ard A lower level. Traders professed to feel
uneasy over the possibility Of trouble between
the banks and the trust companies as a result
of Tuesdays meeting OF the Clearing House but
no one of common sense in the financial COM
nlunity disturbed over the situation Mr..
Nash president Of the Corn Exchange Bank i'm
his address at the Clearing House annual meet
ing, said that the weekly bank statement under
the present method Of reporting was farce.
The Tribune has openly held this view for many
years. The trust companies are important fac
tors in the financial operations at this centre
and it is high time that bank statements should
show the actual position Of the banks. including
the transactions Of the trust Institutions
Government figures the condition of the
cotton crop bear out the predictions Of a num-
Der of careful Wall Street observers Of the cot
ton situation who for a long time past have as
serted that there would be no scarcity of the
product this year, especially in view of the left
over supply from the large harvest of 1901
That there will be a harvest Of more than 10
100000 bales is certain; that Is. II govern
rnent figures and estimates made bv indepon-
dent authorities correct and as a conse-
QuenCe there will be adequate surplus after
home needs to meet the requirements of the
foreigners. Large cotton shipments In the next
twelve months will be accompanied by heavy
exports of breadstuffs, the two movements in
volving the piling up of a favorable trade bal
abroad, which. of course. will he a most
important factor in the foreign exchange mar
ket. With abundant crops this country NAV
well feel comment Of It's power to attract
this side Of the Atlantic all the gold that may
be required, despite the fact that money rates
advancing in Europe and efforts are being
made in the foreign capitals to keep intact gold
reserves. The Imperial Bank of Germany has
advanced its discount rate to > per cent the
Bank of England has advanced it's rate to
per cent and the price of bar gold has been ad-
vanced in London, yet with all these precau-
tons the United States is able to draw funds
from the European financial centres This coun-
try naturally desires to increase its bank re-
serves at the present time. and it is in posi-
ton 70 co so by bringing in gold from Europe.
RaiiToad earnings have been so uniformly ia
vo-ahlc =: the last few months that decreases
IN receIZa at this time are something of an
oddly. Fortunately there not many reports
Of decreases. but when a big system such as
the Wabash returns a loss of $153 $40 for the
last week in September. making from July a
loss Of $I57.Ol1 surprise to say nothing of I'M
easiness naturally develops in Wall Street cir
cies The decline. however in the earnings of
the wabash must be put down to special causes
causes not affecting the general railway situa-
tioh Du'' nevertheless, holders of the Wabash
ISSUES VINO nave been looking forward for man,
hohthS 10 return their investments win
be sorely disappointed with the ras,,,ts t,
by the company so far in the fiscal ,-.. ~
Wabash, however. is a great svs,s. az"
these days notwithstanding the press,,t ,,,,
called for and unseemly Disagreement -.
certain interests IN the property. the ovnsrs -