New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-07
Unlisted.
Closing prices yesterday of bonds dealt in, with
STOCK MARKET OPERATIONS.

On a heavy volume of business stock market
values declined throughout the list in the greater
part of the day, final quotations showing net
losses among the active issues of from TO per
cent Realizing sales and bear pressure were
responsible for the weakness rather than devel-
opments affecting adversely the intrinsic worth
of securities A large amount of stock has been
accumulated in the last few weeks in expectation
Of the signing of a treaty of peace between Rus
STA and Japan and traders who, therefore, have
been carving securities for the sole purpose OF
disposing of them on the announcement Of peace
naturally are now anxious to secure accumulated
profits. There marked Improvement In
TUESDAYS market until the final announcement
that the peace treaty had been signed. Follow
ing this announcement selling began, but the
full force of the movement did not develop until
yesterday, when the outpouring OF stock was far
too heavy for the markets immediate power OF
absorption. Taking advantage of this fact the
professional element hammered prices in all
parts of the list, and consequence prices
declined at rate that alarmed many OF the
commission house traders who had bought
stocks at Tuesdays high figures in the confident
expectation that further Improvement would be
recorded in yesterdays trading. In the active
list the heaviest losses were made by Anal
gamated Copper American Smelling Brooklyn
Rapid Transit, Canadian Pacific, St. Paul. Erie,
Louisville and Nashville, Missouri Pacific Met
ropolitan. New York Central, Reading, Southern
Pacific Union Pacific and United States Steel
preferred In these stocks declines were
per cent or more. The foreign markets
We're as rule, as weak as our own Total deal
ings were more than 100000 shares, Union Pa
cifc Reading, Erie. ArnaIgamated Copper and
the United States Steel stocks being the most
active.
Call money touched 5 per cent in yesterdays
market, while sterling exchange was weak, de-
rnand rates declining 50 points. In view of The
known factors affecting money and exchange
the comparative frnness in the loan market
and the heaviness in foreign exchange are not
at all surprising to close students of the current
financial situation. a few months ago ii looked
as If there might be large shipments Of gold
from this centre in the autumn months but the
outlook at present is more in favor of imports
OF the precious metal than of exports. ow-
ing to the settlement of the in the Far
East without the payment by Russia of an in
dennity which has released, or rather will re
lease, for use in the local money market large
amount Of money accumulated abroad in eX-
pectation of supplying the demands of Russia
for indemnity purposes Funds thus accumu-
lated will be available for local borrowers. For
eign bankers will be only too glad to lend their
funds in this market, especially as loan quota
tons here at present are. and Will be through
ont the fall more attractive to money lenders
than the prevailing rates and the rates in the
balance of the year in the foreign capitals. Rus
STA, it is true, is arranging to bring out q new
loan but a loan OF. say, 500 100000. the amount
expected TO De foated is far different question
from an Indemnity Of S6O00p0OO0 or more.
France expected and prepared for a large in
dennity payment by Russia TO Japan. AS the
largest holder Of Russia's external debt, France
naturally made preparations 10 extend further
help 70 the Russian Empire for its own fiscal
protection and now that there is 10 be no in
demnity the large supply of money in Paris Win
become available for use in the local market
through the medium of foreign exchange oper-
atoms. II it were not for the fact that the
United States happens to be in position TO Dor
row money abroad the low condition Of the bank
reserves IN this city might cause alarm in Wall
Street banking circles
Rates for money in New York doubtless win
go higher. Higher loan quotations. however.
mean that money viii seek this centre, as money
always moves to the point where it can be most
prodtably employed. 1t may and doubtless will
come 10 pass that there viii be irregularity in
stock market prices, with the tendency at times
in favor Of lower quotations in the course of the
next two months, but according to the belief
Of the best posted men in the Street the uti-
mate course Of values will be in the direction
of higher figures. In the mean time the small
trader who trusts 10 small margins NAV be
wiped out. People who hold good American Sc
curities ought 10 maintain firm grip on their
possessions There is everything in the situs.
ton affecting the actual worth of stocks and
bonds that encourages the idea that a period
Of greater expansion than any yet recorded Ia
ahead for the American security market tho