New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-27
STOCK MARKET OPERATIONS.

Trading active throughout the five hours
Of business a movement OF values that
showed great 1rregularity, with net losses in the
majority of issues at the close. In the early
dealings advances were recorded in most parts
of the list, but In the afternoon the tendency
was toward lower level under the influence
of the same kind of liquidation that developed
in the preceding days speculation Few OF
the gains maintained after the noon hour
while at the close American Smelling, North
west Delaware and Hudson, Distillers Securi-
ties and Northern Pacific were the only promi-
nent shares in which any Of the mornings adj
vance was shown. Losses ran from substantial
fractions to l per cent and more. the heaviest
net declines being reported in American Loco
motive, Sugar Refining. Brooklyn Rapid Tran
sit Canadian Pacific International Paper. Net
ropolitan. .New-York Central Pressed Steel Car
and Union Pacific, In which recessons were
above 1 per cent. Some of the speclaltles were
bid up for the purpose of supporting the gen.
eral market but the attempt was not at all
successful as the selling pressure was too
heavy to be offset by the improvement In some
of the issues in which it is no dif1cuit matter
to advance prices The situation in Russia was
reflected In --eakness in foreign prices, and
this with heavy selling for London account on
the local exchange and further strength in the
sterling market naturally created considerable
hearishness in Wall Street circles In the last
hour the entire list sold off rapidly and at ehe
close quotations as a rule, were at or near
the lowest of the day.
The Bank of England at It's weekly meeting
Yesterday made no change In its minimum rate
of discount but the return of holdings was I'M
favorable as compared with the showing OF the
preceding week and with the same time year
ago There was brisk demand for money IN
the London capital with indications pointing
to firm rates for loans in the balance OF th-
year The position of the foreign money mar
kets at this period is of great interest, OWNS
to the close connection between the local mar
ket and the markets in London, Berlin ana
Paris and as there signs OF gold exports
from this side of the Atlantic the New-York
fnanciers are watching with close attention the
conditions abroad. The idea that there will De
a long period of easy rates in New-York Is not
Endorsed by the best informed men in the finan-
cial community. but the spectators in the stock
market are endeavoring to convince the pubic
that there is nothing to be feared from the
course of money. There will be a great deal 10
he feared if aggressive speculation for higher
prices continues. The money market is not IN
a position that warrants active bull speculation
at the current range of values, but, or course,
this fact does not appeal to people who are
heavily loaded with securities which they are
CARRYING on borrowed money and which they
are anxious to sell at better figures. The ex-
tensive labor disturbance in Russia was re-
sponsibIe for weakness in the Russian bonds in
London yesterday, and cable reports indicated
that there might be hitch in the issuing OF
the proposed new Russian loan result of
the railroad and other strikes in the Russian
empire An outbreak such has taken place
In thai country certainly is not a bull argu-
ment for the securities markets. but at the mo-
rlent Wall Street is heavily charged with
enthusiasm the many favorable factors in
the general situation in the United States that
IT is not at all worried over foreign develop
ments
Foreign stock markets were depressed and
discount rates generally firm. In the
local exchange market sterling again
strong. with quotations the point at which
gold may be exported at profit. There
good demand for remittance and scarcity OF
bills offerings of cotton bills being particu-
larly light Foreign houses sold stocks In this
market. and II estimated that within the
last few days sales on this account had
amounted to than 5000 shares Foreign
selling of American securities time when
there is an absence of cotton bills increases the
chances gold