The sun., 1905-10-29
riyaStiil AyD ,OVvrRriAL,
SATURDAY., Oct -

Nonofnl declines upon whri wHa f"lnil lvoly
a large yolunc NJ trading ngain noonffed
to-day IN the aorlf,y mnfto' American
stocks IN tho Ion.lon market lhnvnd alifh
feoovrfini hrtota tho npcuing n husncaa
here, and though 'horo vna lltlo change
for tho hritof Inv tho character ~ the nows
from Russin tho poncrtl situation IN the
fofciah glrha's nprmuod arm"whn' TN
proved 'Wcrlir ctohrneo hero wne nfincf
and In Paris NonEor nn'fuviuf 'hua 'otv
percoptihy thn unnll innrgir that attn
femnina bal wron tho rtIHo ~ exchanges
hero and ihni NJ vhinh pull rSpofis onn Na
pfoitably mndr Nnd lrnnl speculative scn'i.
fit.ht VITA also rof'urhrd hv tho Hartman
intcrviow vosirfdnr regarding tho rtnhn-
bllity ~ competitive railway lrlldihg
The 1fri prices made In the mntRct wofo
aa rule nhpyn vcstcflav's closing, Aneri-
can SmetIng nnl Rolnng stork showing
exceptional strength and other rtoniu"nt
stocks making fair gains lnt tho market
soon weakened under what wns mp
parently an equal miylurc OF liquidation
and speculative selling for tho decline
and before tho publication ~ the bank
statement most of tho active stocks
exhibited round nrt Losses for the day. Yes
terday's and this mornings expectations
regarding the bank statement were that
the return would show small gain In cash
and moderate Increase In loans The
actual exhibit. however was much moro
favorable than anticipations Of 1t. Al
though bank loans increased during tho
week over $1,000 OOO the anks reported
a cash gain of almost $4,000, COO go that tho
enlargement OF the loan account left, never
theless the bank surplus practically un-
changed. For brief period this state
ment stimulated some advance in the took
market, but heavy selling of securities was
soon renewed and the market cvinced more
weakness than at any previous time dur
ing the week. The decline was accelerated,
no doubt, by further drop of three points
In the Metropolitan Street Railway stock,
only a small portion of the loss being re-
gained before the close OF the market.
There was distinct pressure also upon
Chesapeake and Ohio, American I.ocomo-
tive Common New York Central, Union and
Southern Pacific and other stocks in which
speculation for the rise has particularly
been active. Final prices were somewhat
above the lowest.
Greater ease in money here and until tho
closing days of the week on the other side
OF the Atlantic as we'll rise in sterling ex-
change almost to the gold export point,
the unfavorable Russian news, which has
resulted in something more than a threat
that the new Russian loan will be postponed;
distinct strength and as distinct weakness
here in certain stocks for what appeared to
be special reasons, accompanied until the
last day or so by general frmness in the Sc
curity market, and hosts Of evidences Of
the still enlarging prosperity of agricul-
tural, railway, mercantile and industrial
business have been the prominent features
In financial affairs during the week. Signs
of lack Of harmony between some of the
great Western railway organizations have
not been venting, but the judgment of those
best informed is that there is no greater
friendlness or unfriendliness between the
interests concerned than there has been for
months or even years back, and that while
what may be styled competitive railway
building may occur, it is not likely to be
carried to the extent of working individual
harm to the railway companies extending
their lines. The adoption Of policy Of
'cutthroat rivalry may be considered, in
other words, as wholly impossible, and it
the development Of the Western country
in recent years is such as to abso-
utely necessitate the enlargement there
of railway facilities. The one depress-
ing factor in the latter part Of the
week, without whose operation prices Of
stocks would doubtless have closed higher
to-day than they did a week ago, was
the progress of the great strike in Rus
sia. Apprehension, which always outruns
realization. busted itself with forebodings
Of financial contingencies of one sort and
another which might arise from this cause
and produced considerable liquidation
In the market. All that deserves to be
said on the subject at this time from a
financial point of view is that until there
are some signs of the discomfort In Russia
assuming militant form among the peas
ants and the army, two classes of the popu-
lation which have as yet renamed practi-
cally unmoved by recent disturbances,
there would seem to be small ground for
fears of a revolution in Russia. From
the present outbreak, too, our own affairs
are deriving an especial consolation in
the impulse given by it to our export trade
in certain directions. There has been
during the week great increase in pur-
chases for export of our foodstuffs by
foreigners owing to the cessation of grain
shipments from the Russian ports and to
fears that this stoppage may be indefinitely
prolonged. and in consequence of this
there is substantial boom on at the moment
In ocean freights and an advancing move
ment Of vigorous proportions in the prices
of our wheat, corn and -four.
Now York Stock Exchange Sales Oct. rs.