New-York tribune., 1905-11-30
STOCK MARKET OPERATIONS.

An erratfc course was again pursued by stocks
yesterday The volume Of transactions was
somewhat reduced from the day before but
fluctuations were wider and net results were
conflicting, part Of the list showing gains and
part losses. IN the main, dealings were pro
fessional and without much significance, ex-
cept as they perhaps revealed the attitude of
some Of the pools that have been operating
heavily in individual stocks recently. The range
Of quotations for call money was extended but
the rate at which most loans were negotiated
was only fractionally advanced. In view Of
the fact that holiday interviewed before the
next business day and that there had been
rather large transfers OF cash to other points,
including consignment Of gold to Mexico It
was not surprising that cali money stffTened
somewhat. Time money was not affected, be-
ing offered with comparative freedom at rates
previously ruling. While IT was thought that
this weeks bank statement might not be
very favorable exhibit, there did not appear
to be any apprehension as to the future Of
money. Foreign affairs exerted no appreciabIe
influence here.
The greatest activity was Ama1gamated
Copper, which was moved up on the strength
of the higher price for the metal While the
advance in the metal is regarded as wholly
manfpuIatire 1t is said to have induced con-
sumers to increase their purchases by exciting
fear that they would have 70 pay still more
for supplies hereafter. There was another
sharp rise IN National Lead. which was con-
strued as indicating that the deal whereby the
company was to be merged with the United
Lead Company would be carried through The
trading in the United States Steel issues was
Of fair proportions, but the changes in their
quotations We're inconsequeEtial. The state
nnent that the ST. Paul road had definitely con-
cIuded arrangements to build to the Pacific
Coast was followed by an attack the stock
under which it receded materially in price. The
stocks OF other Western and transcontinental
lines were not influenced by the drop in st.
Paul Brooklyn Rapid Transit heavily
dealt in, but it concluded with merely g. frac-
tional gain in price. "~
Because of transfers Of. cash to San Francisco
and New-O Orleans and the possibility of ship
rnert Of gold to Argentina as well as to Mexico.
# does not follow that there is to be a
c1Irrence of tension In money. On the contrary,
the prospect is that the tendency in general will
be toward relaxation AS a whole, the trend
OF currency is heavily in the direction Of New
York and the other important money centres.
In other words while there ere some losses Of
money. the movement Of funds is altogether in
favor of the money centres. The transmission
of cash to san Francisco is supposed to be IN
connection with payments for supplies for ths
Japanese government, and therefore constitutes
4 special matter The cash that is being sent
10 New-Orleans is to care for the cotton yield
III the section tributary to that point, the
handling Of this particular cotton having been
DELAYED by yellow fever. Requirements of cash
for financing the crops appear to have been
pretty fully supplied except for the acquisitions
from New Orleans, which viii not keep UP
very long.
If gold is to be forwarded from New-York
70 Argentina. 1t Will not be an affair OF great
consequence. While the shipments may drag
along for spell, they will probably be indi-
viduaIly moderate and in their aggregate viii
not be imposing. The gold transmitted viii
constitute IN reality remittances from Europe
instead Of from the United States. It Is said
that the gold viii be employed to pay obliga-
tions OF Berlin in Argentina If that IS the
case. the procedure win be unusual but not
especially remarkable. Berlin will draw its
bills of exchange on London and with these
bills viii purchase in New-York gold for con
signment 10 Argentina. This would be quad
rangular operation that is rendered feasible by
the somewhat extraordinary conditions prevail
ing in money for Europe Money being dearer
in Berlin than in London. bills on London can be
advanta geously issued in Berlin. and the bills
can be utilized in New-York at q figure which
shows profit more than sufficient 20 cover tho
expense attending the transportation of gold
from New-Y York TO Argentina
There is nothing in the current posture of
exchange 10 call for exports Of gold to Europe
or imports Of gold from Europe and If gold
moves in other directions from the United States
barc viii be an outside and srrara. raa son