New-York tribune., 1905-08-23
Closing prices yesterday of active bonds dealt
in, with net changes, follow:
STOCK MARKET OPERATIONS.

Further sensational strength In Reading COM
mon was not effective factor in creating bull
enthusiasm in other parts of the list Indeed,
the upward movement In this issue created
some uneasiness in speculative circles. espe-
cially when it became known that the Western
plungers were in great part responsible for the
advance. Wall Street does not take kindly to
the spectacular operations of the so-called
Western element, in almost every instance
in the last few years the manipulation Of the
market by these interests has been followed by
serious declines in values. great losses among
the small men and tendency Of prices to move
toward lower figures for a protracted period.
The current market cannot be judged by prece-
dent but, nevertheless II is unfortunate that the
Western track men have descended upon
the Street 1t may come to pass, however that
the men who are bringing their racing win
nings 10 the financial community may them
selves be damaged, as in the interest Of sane
speculation the larger banking interests may
let the money market take it's natural course,
which, at present 1t is not doing; in the event
Of which there would be a sudden stiffening OF
money rates and calling of loans to extent
that would cause heavy liquidation in securi-
ties. or course, at the moment there is no dis
position to advance money rates as the bank
ing section of the Street. we'll as the purely
for stocks and bonds. 1t is their hope that the
market will not be carried of It's feet by the
operations of the Western crowd and n
thusiastic public traders margin, but from
what may be gathered in well informed quarters
a continuance OF sensational manipulation will
be checked.
It is maintained by the conservative Wall
Street men that the market can advance with
out the stimulation of manipulation. owing to
the generally favorable conditions affecting the
actual worth Of securities The effect Of yes
terday's manipulation in Reading was notice
able in reduction in commission house busi-
ness in the general list, traders OF wide expert
ence in many cases preferring to stay out of the
market, else 10 let the other fellow have their
stocks. In the afternoon the coalers were prac-
ucally the only feature worth reporting Read
ing sold as high as 119&. Delaware and Hudson
went above it's high record Of last week and
even Erie. which in the early dealings failed to
share in the advance enjoyed by the other hard
coal shares, moved in a sympathetic manner
The general market was hrrner in the last two
hours than in the morning but the close showed
few important advances. the greater number of
issues ending at small net losses. Erie supplied
the leading point Of interest in the late trading,
advancing on heavy transactions to a new high
record level while the first and second preferred
also enjoyed Improvement There were no news
developments accounting for the advance, and
little actual public trading in the shares Balti-
more and Ohio. Pennsylvania and American
Smelters were among the few strong features in
the active list.
The movement OF currency from the money
centres TO the crop regions has begun earlier
than usual. and. by reason Of the great size of
the crops. IL will attain especially large proper
tons this fall. Transfers OF money to the South
show an increase over the shipments of last
week, and il will be strange IL rates for money
not affected to some extent although moth
ing approaching squeeze is looked for. The
money market appears 10 be under good control
and unless there are unexpected developments
OF adverse character there is little or no dam
ger OF acute disturbance in the money market
at this centre The shifting OF loans from the
banks 10 the trust companies and the operations
in the foreign exchange market VIII materially
help the Clearing House banks. but, OF course
as far as the foreign borrowing is concerned the
fact should be kept IN mind that no new money
is created by the issuance of finance bills and
that these bills must be covered later ON In
the season by commercial bills In the event of
q scarcity Of commercial bills gold win he er
ported, but even this possibility does not alarm
Wall Street. The resources Of the trust com
panies were never before large while ths ia
cilities OF the exchange market at this time
practically are unlimited. Failure OF the Rus
sian and Japanese peace penipotentiarfes 70
reach an agreement may. however. cause a.
change in the money market outlook