Evening star., 1905-11-11
Dealings Today Reflected
Yesterdays Short Interest.
GENERAL LIQUIDATION
COMMISSION BUSINESS WAS ON
VERY LIMITED SCALE.
Sha,.p Decline Took Place in Metro
politan 8. r. and Securities-Re-
duced Bank Reserve.

Special Dispatch TO The star.
NEW YORK, November 11.-Stock market
dealings today reflected In large measure
the reduction in the short interest which
followed upon yesterdays transactions, ana
also quite general speculative liquidation IN
advance of the publication of the figures OF
the weekly bank statement.
Commission house business was upon an
extremely limited scale, and little was done
here for foreign account. American STOCKS
were rather heavy In the London market,
but other departments there were nrm, ana
there was marked Improvement shown III
Russian imperial per cent bonds In the
early part of the business session number
of the industrial and miscellaneous Stocks
rose quite smartly, noteworthy features pc
ing Tennessee Coal and Iron, Sioss-Shemeio'
Railway Steel Spring and Consolidated Gas
but later these stocks participated IN inc
general downward swing. The early AMI
ma ton in Tennessee Coal and Iron was
again accompanied by reports that the CON
troll OF that property was IN process ot
changing hands, but nothing dennite IN th>l
regard could be ascertaineo
Soon after the opening or business q
sharp decline took place In Meeropoutdn
Street Railway and Metropolitan secuti.es,
and Brooklyn Rapid Transit. wnlcn Hsu AZ
displayed quite decided firmness. feacteu .u
sympathy. The movements In these STOCKS
were commonly attributed 70 the coniuseu
political situation, but, on the other i,o; nana;
Consolidated Gas showed exceptlohai
strength. ,
New Features Of Interest.
The transa ction in the railway list devei-
oped new features OF interest. Reading ao-
yaneed rather smartly at the outset OF the
market. but it later dropped well below It's
closing figures of yesterday. Erie was weak
also and there were, In fact, no sighih-
cant exceptions to the common tendency.
There was no news at all overnight apart
from the ptblicat ton of the usual weekly
reports Of the mercantile agencies. ana
these again made highly encouraging snow
ings. The sterling exchange market was
steady at yesterdays closing figures
Today's decrease Of $4.1S3.0oo In the sur
Mus reserves Of the associated banks would
indicate that at this time the banks hold
inss of actual cash are 81, ,4290 0oO below tne
lawful requirements 1t IS prooaDy 'ne
case however. that the decrease SHOWN IN
the loan account, which amounted 10 s!o'-
oS4 600 was only faint reflection or the
real condition of that Item, and. in fact, It
was commonly believed that the banks nave
transferred more than twice that amount
into the hands of non-clearing house lend
erS.
The decrease In actual cash reported
amounted to $40. S97 600 an amount conslo-
erably In excess OF all of the preliminary
estimates. The changes in loans and In
cash were quite closely reflected IN the
deposit account. which declined $24,439oOo.
The compilation of the statement upon the
basis Of five business days served also to
increase the extent of the changes shown.
Surplus reserves in the corresponding week
of last wear were s12, $50 coo; in 1903, $16.-
577. .Ooc, and in 1902, 81 .527 600.
While it could hardly be said that the
bank statement figures were in the nature
of a surprise to the financial community,
their pubiica ton was nevertheless followed
by a fresh selling movement in the stock
market, which carried prices to the lowest
figures of the day.
The last occasion >upon which the banks
reported a deficit In surplus reserves was
on December 20, 1862, when the figures were
81, ,642, 600. On November 49, 1859. deficit
of S312,O09 was shown, and the banks re-
manned below the legal reserve limits for
several weeks subsequently. Previous to
that time no deficit in surplus reserves had
been shown since 1898