New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-17
Closing prices yesterday Of bonds dealt IN
with net changes follow:
STOCK MARKET OPERATIONS,

Trading in securities light in the hve
hours of business on movement Of values that
showed unfmportant changes, with net gains
and losses about evenly distributed. EarIy
weakness was encouraged by the heaviness in
the foreign markets by the strength IN EURO
'pean and local money rates and by the enortS
of the trading element to carry quotations to a
lower level The declines however, as a rule
were confined to small fractions, the chief ex-
cen+ioD being Canadian Pacific, which lost over
per cent while in the afternoon many Of the
Losses were recovered under the influence OF
covering of shorts induced by easier tendency
in the money market. Most of the days loans
were made above per cent. There was no
public support and the larger speculative In
terests appeared to be unwilling to make further
commitments the long side Of the market
their attitude doubtless being based on the posi-
ton of money Total transactions amounted to
only 3766S7 shares, of which the greater part
was supplied by Amalgamated Copper Brooklyn
Rapid Transit Canadian Pacific st. Paul Read
ing Rock Island Southern Pacific. American
Locomotive American Smelling. Republic Iron
and Steel. Pennsylvania and the United States
Steel issues. Wabash preferred, on small deal
ings, was a strong feature, its strength follow
ing a sharp upward movement in the debenture
bonds. Lackawanna, on transactions of 800
shares advanced points to 1884,. The rally
in the afternoon failed to attract active interest
in the market, and this fact served to increase
the confidence Of the operators for the decline
I'm their theory that no important advance can
be started at present.
An active demand for currency for the account
Of New Orleans is reported, and indications
point toward a considerable movement of funds
TO that centre in connection with financing the
cotton crop 1t is thought that the greater part
of the requirements incident to the grain harvest
has been Satisfied reflection of this being pre-
scented in the shipments and receipts OF money
last week, but it is not certain that currency
will move to New-York at once to the extent
necessary to bring about easy market for
loans. The foreign exchange market is now in
a position that prohibits gold imports at a profit,
and it is not likely that there will be further
engagements OF the metal this year, especially
as the outlook favors higher rates for
sterling If there should be a further active In
qury for gold in London, the Bank of England
undoubtedly would advance its minimum rate Of
discount to per cent. Fortunately, Wall Street
is beginning to realize that the time has arrived
for queter speculation in securities; al least
the course of trading yesterday and in the clos
ing days last week apparently indicates such
change in sentiment If the market is allowed
to move along quietly for a few months, the
bulls will have much better chance of con-
Quoting a successful speculation for higher
prices in the new year, but if efforts are made
to start an active advancing market at present
the attempt may end in disaster.
Early strength in call money yesterday, de-
spite Saturdays favorable bank statement and
increased firmness in foreign exchange, notwith-
standing a liberal supply Of bills ought to sug
gest the necessity of caution in stock market
operations. AS a rule. traders are more bearish
than they have been in a number OF weeks. and
it may be said that they are looking forward to
calling of loans this week and the reaching of
stop loss orders on the Stock Exchange. Many
brokers advised their customers In last nights
market letters not to buy except on one or two
point decline, and then for turn only, this
suggestion being based the absence of an
active demand for securities, on the growing
aggressiveness of the bear element and on the
position Of the money market.