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

Calling of loans uneasiness in certain speeula-
tive circles over the money market, weakness
in securities abroad report that Russia
would issue a loan of S90o,0000o0. OF which
Germany would take S400.ooo.o00. encouraged
selling of stocks throughout the list. the result of
which was lower prices in the greater number
of securities Wall Street thought that if the
rumor regarding Russian loan was true III
volving the taking by Germany of s4oo.oooo0o,
an alliance would be formed between Germany
and Russia as an offset to the alliance between
England and Japan but It subsequently de-
veloped that the report of loan should have
been sent to this side as 900000,000 francs in
stead of See00ooo00, as received by certain
brokers by cable. There is quite difference
between S9o0O00,o00 and 900.0W,o0o francs
Russia, of course will be compelled to borrow
money but such borrowings viii not drive the
money markets OF the world into panic Inc
faot that SOME of the banks called loans and
that hypotheeated stocks were sold caused no
surprise in well Informed Wall Street circles.
Sales were not to any great extent for the larger
interests, the chief part of the days business
representing the operations of the smaller speeu-
lators on the bull side and transactions for
deeEine by the room element. There were some
Indications however. that the pools and syndi-
Gates we're not quite as confident as they have
been in the last few weeks over their ability TO
maintain prices at the present high level in
period of money market uncertainty. Prices Of
the greater number of securities are selling at
a very high range, and lower quotations between
the present time and the first of the new year
would not surprise careful market observers
There has been a great deal of reckless specula-
ton and it is putting it mildly to say that the
leading banks in the Street are not altogether
satisfied with the speculative position.
Money rates Were firm In the best part of
the day. call funds ruling at per cent, despite
the prediction heard in some quarters last week
that Fridays decline in rates foreshadowed a
period of easy money. Such an idea, of course.
was preposterous, in view of the small bank
holdings at this centre. Bank holdings
low that the chances favor higher market fer
money before the end of the year, notwithstand-
| ing gold imports. Money the world over is
growing frrner. the requirements for various
purposes outside of the securities markets
becoming heavier and the local banks appar-
emily believe that the time has come to protect
their reserves for the legitimate demands that
will be made at the close of the year. It may
be rather early to discuss this feature of the
monetary situation. but from what may be
heard in the higher circles of finance namely
among the leading national banks in this city,
bank officers are already thinking seriously of
1t may therefore be that there is little
chance of easy money In the balance of 1905
1t is not the intention to convey the idea that
there will be acute disturbance in stocks and
money The leading bankers will do everything
in their power TO prevent trouble in the fnan-
cial markets. but the prospects that they
will not encourage extrayagant speculation
the Stock Exchange. The fact that the
country is in q most prosperous condition does
not warrant the idea that with a temporary
scarcity of money stocks may be rushed along
With railroad speed to fictitious prices
In the afternoon there partial recov-
cries in few stocks, hut net declines predorni-
mated. In fact there Were only small number
of shares that showed Improvement COM
pared with the closing of Saturday. IN the
active list these exceptions being the local
traction stocks. United Cast Iron Pipe and
1 United States Rubber. Dealings ran in excess
of 70e,ea9 shares. with the heaviest operations
in Azsaigamated Copper American Locomotive
American Smelling. the traction shares. Cana
diaa Pacific. ST. Paul. Erie. Louisville and
| Nashville, Reading. Pennsylvania, Southern
Pacific, Union Pacific and the United States
Steel shares Gail money eased off after the
greater part OF the requirements had been met
Sterling eScjlange WAS firm While il was re-
ported That negotiations were under way for
further gold imports no announcements OF
actual engagements we're made