New-York tribune., 1905-11-05
ENLISTED.
Closing prices yesterday Of active bonds dealt
IN. with net changes. follow:
STOCK MARKET OPERATIONS.

Stock market values weak in the greater
part OF the two hours Of trading under the In
huence of selling for the short account and Houi-
dation for the account of overloaded pools and
individual spectators The weakness that de-
veloped before the end Of the first hour in
tensifed in the last half hour by the appearance
OF the weekly bank statement, which showed
decline In reserve above legal requirements of
over $10.000,000 bringing that item to s2,354275.
This compares with s1o,112.4oo In the same time
last year. and s5,s94,225 In 1903. The large de-
crease IN reserve was caused by falling of in
cash and big increase In loans. the latter ex-
and the decrease in cash brought about an in
crease in deposits large enough to increase the
cash requirements against deposits over s., ,600
600. Reserves at extremely low point,
and as the demand for accommodation IN con-
nection with the industrial expansion Of the
country is urgent it is hard to indorse the views
OF the operators in securities who believe that
there Will be further material improvement In
stock prices. Reading declined over three
points, the industrials, which recently have
been speculative favorites were correspond
ingly weak. while throughout the list the chief
feature, especially in the last hour. was heavi-
ness. Many Of the overenthusastic bulls were
compelled to throw their holdings the market,
and at the close of businss it quite generally
believed that to-morrow's market would witness
further liquidation. OF course this is mere
opinion and opinion seldom counts for much in
Wall Street. If the ideas of the leading fnan-
ciers counted for anything at present there
would be a material reduction in the quotations
for securities.
Money market conditions do not point toward
q long period Of easy rates for loans. Apparent
ly Wall Street Spectators not worrying
their busy brains over the outlook In money
but the conservative bankers I'm the financial
community are studying the position of the loan
markets throughout the world with considerable
well worth the careful attention of Wall Street
spectators. but it is not at all likely that the
operators who are anxiously working for higher
prices In securities will admit the fact that the
time has come for caution in their transactions
because Of the position of the money market
Rates for money, IT is true. not particularly
high Yet the holdings of the local banks are
low, with the prospect Of further loss in cash
In the course Of the next few weeks. Money is
not coming to New-York in volume from the
interior. for the good that the demand
for accommodation for mercantile purposes In all
parts Of the country is heavier than ever before
recorded in the history of the United States
Business is booming. Stock market values also
have been booming, and quotations may reach
higher level, but the improvement that has
taken place in market quotations has more than
measured the increase that has been recorded
in the actual worth Of investment issues This
idea will not be popular with the men who are
holding their securities for better prices but it
may, nevertheless, serve to induce caution
amsng outsiders. who being urged TO bnv,
securities at current figures. There are fa,v
stocks on the list that are cheap, while there
are many shares that are quoted at figures much
above their real worth