New-York tribune., 1905-11-02

While total dealings in yesterdays stock mar
ket amounted to 1,057, ,S62 shares, business was
poorly distributed. and the character of the op-
rations failed TO encourage the idea that there
was large popular demand for securities Many
of the so-called specialties were taken in hand
by the bull pools, doubtless for the purpose OF
attracting an outside demand for stocks. but the
response was not at all in line with the expecta-
tons of the promoters of the current bull cam
paign, commission houses reporting unwilling
ness on the part of their customers TO take an
active interest IN the speculation. There was a
rapid advance in American Shelters; active buy
ing in the Missouri. Kansas and Texas Issues
American Locomotive. National Lead, Tennessee
Coal and Iron Amalgamated Copper. Reading,
Union Pacific and Canadian Pacific but the oper-
ations in these shares did not induce the belief
that the market was running into long period
op advancing nrices In the case Of the Mis-
souri Kansas and Texas shares apparently
there was some reason for the upward move
r,ent, as it was rumored in well Informed circles
that the preferred stock soon would be placed
on a dividend basis The strength in Canadian
Pacific also was backed by sound argument
argument based on the large gains in the earn
ings OF the property and on the fact that as
compared with the other high grade issues the
quotation of this security is at a relatively low
level At the close there was considerable II
regularity, with some pressure In certain parts
Of the list. notably in New-York Central, but
the majority of issues showed Improvement over
the fnal figures Of the preceding day, with the
chief gains IN American Locomotive American
Smelling shares. Canadian Pacific. the Mis-
oTr rn1oy aSca
Coal and Iron of the active securities Inc Iof-
eisn markets We're closed.
Foreign exchange rates were weak. While cah
money remained at a fairly stiff hgure The ad-
vance In money and the decline in exchange
have removed the possibility OF exports OF gold
for the moment, but the consensus OF OPINION
in foreign exchange circles favors the idea that
+hera will be shipments Of the precious metal
before the end OF the year. Fortunately this
country is well supplied with gold, and 1t Is
therefore not likely that there will be acute
disturbance in the money market IN the event
Of a large foreign drain our gold holdings
unless the current bull manipulation on the
Stock Exchange should bring about an artificial
situstfo In Wall Street. There is reason
to expect help from the national Treasury. Gov
ernment receipts have been running behind ex-
penditures at g. time when the Treasury re-
serves are not any too strong and 1t is there
fore unlikely that the Secretary Of the Treasury
would feel justified in Increasing government de-
posts in national banks. Money market con-
ditions in most respects are sound, but they do
not encourage the idea that the present time is
favorable for active bull operations in securi-
ties OF course. long the bull pool. and
individual specula tors able to advance prices
there will be g. certain number of people who
NH follow the upward movement. preaching at
tho same time the gospel of higher prices but
if the speculation is carried much further there
may be some poorer but wiser souls who are
now stalking their all on the theory that there
never will be an end to the upward trend OF
values. People who working On Hight mar
gins are not In an euviable position.