New-York tribune., 1905-11-25
STOCK MARKET OPERATIONS.

Stock market trading yesterday and the
to the operations and fluctuations of quotations
In the preceding day-that is, early speculation
was active, favoring the long side of the mar
ket, while in the afternoon declines took place
throughout the list under the influence of liqui-
dation by minor pools and bear pressure. AS
result of the various movements final figures
in the greater number of acti securities
showed net declines as compared 18th Thurs
days last quotations. The chief exceptions TO
the downward course of prices were presented
by Central Leather, Metropolitan, Baltimore
and Ohio, International Paper. Federal Mining
preferred, Pacific Mail and United States Steel
preferred in which small net gains were re-
corded Even in these, however last quota
tioas we're somewhat under the best of the day.
In the forenoon dealings Metropolitan. Ameri-
can Smelling, National Lead and tennessee
Coal and Iron were strong features, while the
movements in such stocks as Union Pacific and
Reading indicated that considerable Hquida-
tion was under way, the effect of which became
more pronounced in the afternoon. when prices
declined in a manner that suggested urgent
bausa traders and the second class pools. This
weakness was followed by a short rally, which
in turn was succeeded by further weakness
offerings appeared to be we'll taken, especially
in the case of Canadian Pacific, St Paul, Erie
Pennsylvania, Reading and Union Pacific The
decline was made in the face Of favorable bank
statement forecasts, relatively easy money and
heaviness in the foreign exchange market
Abroad the markets irregular and still
shaved uneasiness on the part of operators
over the political situation as affecting various
European countries
with a return flow of currency from the crop
| regions. which apparently has begun, it ought
not to be long before bank reserves at New
YORK and at other money centres will be raised
we'll above legal requirements. If. however,
there is to be any expansion in the loan accounts
! of the banks to a corresponding extent will the
| increase In reserves be retarded for loans are
credited as deposits and create obligations
against which cash reserves have to be carried
! by the banks Recently the banks have been de-
| manding the repayment of call loans and re-
| fusing to renew maturing time loans except for
| extended periods They adopted this course TO
| holster up their reserves not being able to OBJ
tain cash for the purpose. They have been Will
| ing 10 respond to requests for accommodation
| from borrowers for long intervals In order TO
! make sure or pronlapie employment Ioi tli0i
| funds In the protracted period of cheap money
which is expected to set in soon after the turn
| of the year, but when they have done so they
| generally have compelled borrowers on call to
nravide the money by paying off their loans.
| when the banks would not continue to carry
] lesns on call these accounts were renewed with
trust companies or other institutions or IN the
| foreign exchange market. In the last thirty
| davs the foreign exchange market has absorbed
| a heavy volume of loans. Money rates in Eu-
| rone having fallen below those in the United
states. foreign capital is especially easy Of &C
cess through the exchange market. and while
| that is the case presumably viii be availed of.
| According to the known movement of money in
| Tho current week the local banks have gained in
| o,sb holdings more than S3.000.000.