New-York tribune., 1905-11-11
unlisted. TEX dividend.
Closing prices yesterday Of active bonds dea
in with net changes, follow:
STOCK MARKET OPERATIONS.

Notwithstanding high money rates, call money
again advancing to 15 per cent, stocks were
strong in the greater part Of the day, with net
gains in most issues at the close. The upward
movement represented. as rule. the operations
of the shorts, who appeared anxious to cover
their contracts. and buying by traders who
believed that for the time at least the decline
had run far enough. In number Of shares
sharp advances were recorded. Tennessee Coal
and Iron, for instance going up over four points.
while the local traction shares Reading, Mis-
souri, Kansas and Texas. Canadian Pacific
Atchison, St. Paul Delaware and Hudson. Louis
Vile and Nashville. Northern Pacific Sloss-
Sheffield and Union Pacific also were conspicu-
GUS for their strength Trading was active
throughout the list and sentiment in some
sneculatiye circles appeared confident that the
lnuidation that took place on the two preceding
davs had thoroughly relieved the market OF
its weak spots, and that further Improvement
would be recorded next week. 1t cannot De
said however, that this opinion was senerai. II
money returns to lower lever. douotiess there
will be better market for securities, out II the
leve, is maintained at current hgures, II is not
likely that the larger interests Will De Wiling
to resume at once active operations for higher
ouo+attons The more important market lead
ers are willing to wait while, ana thls 1act
insures greater stability in prices in the period
of aotive money. Nervousness among the shorts.
as reflected in their anxiety to take quick pronls
-, their side of the market indicates little con-
edance on their part that the general trend OF
+be market will be in the direction of cheaper
values One strong point regarding money anu
stocks is that many commission houses nave
,,b time funds to last them over the turn
of the year.
r-xnorts of cotton are Increasing, and as a
consequence there are more cotton bills IN the
foreign exchange market, while there also are
more finance bills, the result OF which Is re-
fected in weakness in the rates for sterins- vi
course the advance in money at this centre has
had the effect of inducing foreign loans ana
now instead of the proba bifty OF gold exports
which last week appeared imminent, the chances
favor importations Of the precious metal win
high money at this centre, gold naturally will
Aow this way for the good reason that money
seeks the market in which it may be most profit
ably employed. In the current week the local
hanks have lost, according to the known move
ment of currency, more than S9,4Oo,ooo IN their
cash holdings, and. unless there has been large
raduction in loans to-day's bank statement may
show that the reserve above legal requirements
has been wiped out. Such a thing has happened
at other times, and the country has not gone TO
ruin To be sure. some of the overenthusiastc
stock market traders have been severely dam
aged by the money movements that have made
the reserve a minus quantity, but the general
investment situation has not been affected. 1t
is likely, however, that there has been large
decrease in loaps in the week, owing to the
heavy liquidation that has taken place on the
Stock Exchange. Present money market condi-
tons will not last for an extended period Means
will be taken to increase the supply of funds at
this centre, in past times of strlngency. and
there therefore is no reason for uneasness over
the situation. Conditions affecting money and
business are sound. There is nothing ntrinsi-
cally weak about the factors governing money
at present the high rates here and in other
countries merely rejecting the great demand for
funds in connection with the business expansion
under way.