New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-02
aFx rights.
STOCK MARKET OPERATIONS.

Prices Of stocks again pursued devious
course yesterday. with marked development Of
weakness toward the close. There was con
siderable liquidation IN the pooled stocks. but
that was something that had been going on to
greater or less extent for several days, and its
continuance was hardly ascribable to any of the
days events. Of new developments, in fact,
there were none of particular potency The
known movement of money for the week showed
that the banks had lost cash materially but at
the same time not enough to seriously diminish
their reserves The range Of quotations for call
money was wide, but rates for time money were
unchanged and it could not be said that the
position of the money market whole was
appreciably altered. Apparently the substance
Of 1t all is that the Standard Oil party has not
participated in recent attempts to advance the
market, and without its support and help the
other cliques and coteries that have been seek
ing to lift prices have found their task some
what difficult and have been Withdrawing from
their commitments.
There was nothing in the intelligence from
abroad to exert influence here and the miscel-
laneous news that might have had relation to
the stock market was Of q negative character,
so that all together the movement of stocks
might be said to have been produced by circum-
stances within the market itself, or, in other
words, to the attitude and dealings Of the pro-
fessonal operators, who have practically mo-
nopolized the business, the public having taken
no important hand in it. So far as general con-
ditions 60 they are of favorable nature, and
there is no prospect that they will be otherwise
for long time to come. The phenomenal crops Il
create an amount Of wealth that by itself
insures a proIongation of prosperity, but aside
from the crops business at large is Unprecedent-
eddy active with no sign or probability of a let
up in 1t for long spell For another thing,
commercial and mercantile values are constant
ly improving.
The stocks with which the STANDARD Oil in
terest in the market is identified disclosed a
significant disposition to decline. There was an
emphatic slump in Union Pacific. Southern Pa
cffc and the United States Steel issues In
Arnalgafnated Copper another so-called Stand
ard Oil stock the net loss in price was merely
fractional but the price moved about rather
wildly and the trend plainly downward. 1t
was also noticeable that Missouri Pacific, a
Gould stock with which the Standard Oil group
is incidentally associated sustained substan-
tial fall. There was further selling Of st. Paul,
under which the price receded with surprising
CELEBRITY. 1t is known that a Standard Oil Of
acer Is a heavy owner of St. Paul stock Erie
was still another stock which had tumble. In
the list of standard railroad stocks no gains in
prices of any account were recorded. There was
another advance in National Lead but it was
not accompanied by any information as to the
reported approaching merger with the United
Lead Company.
Yesterday being a day of particularly large
need for funds 1t was to be expected that fuc-
tuations in call money would again be wide
but the ruling rate. by which is meant the rate
at which the bulk of the loans were effected |
was not greatly changed, and the indications
were that relaxation in money would continue |
without much interruption December l is one
Of the heavy interest payment dates of the year,
and that fact in itself was sufficient to exert |
a passing influence money. For another !
thing the date fell on Friday, which is the day |
of the week in which the inquiry for call money |
is ordinarily most extensive, so that there was |
q double reason for December 1 being marked /
by some degree of activity and construction in |
money. In addition, there had been good sized |
remittances of cash to San Francisco and New |
Orleans and also a transfer of gold to Mexico, |
so that the benefit OF the movement of currency |
to New-York and other leading banking points |
in the East and the Middle West had been mega
tived, at least in great measure
The main point to money in the near future |
seems to be that the requirements for handling
the crops have been met the notable exception
being the concluding acquisitions for currency |
from New-Orleans. The return flow of cash |
from the crop regions is actually under way, and |
it very soon will attain dimensions that pre-
sunably win far outbalance demands from
other quarters that may be made upon the
money centres for cash. There may be further
attempts to manipulate the money market for
effect the stock market, but such devices
viii not av.n to any extent, as they are now
adays well understood. Furthermore as cash
accumulations increase, rigging the money mar
ket will become more and more difficult 1t is
only when money Is in meagre or only moderate
supply that the money market can be success
fully distorted for any length of the