New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-26
STOCK MARKET OPERATIONS.

without the development of adverse factors
in the financial or general business situation
stock market values declined in the greater part
of the day. losses in many issues running above
1 per cent while in certain of the more active
issues the falling off in quotations was even
heavier It was merely a case of profit taking
sales and bear pressure at time when Ihe
larger interests were not inclined to support the
market In Canadian Pacific. St Paul, Louis
Vile and Nashville Union Pacific, Amalgamated
Copper Erie, Pennsylvania and Reading net
losses were heavier than elsewhere in the Ilst'
St Paul for instance, declining over : per cent
but the losses thus made were not large in view
Of the recent heavy advances made by the stocks
in question. There is no good reason why STOCKS
should not at this period move at frequent IN
tervals toward lower prices. speculative condi-
tons warranting occasional reactions, but there
is little reason for uneasiness over the appear
anca in the market of the kind Of selling that
characterized Yesterdays trading. Money was
moderately strong-that is call rates; but rur-
ther gold import engagement announcements
were made nearly 100000 being taken by the
National city Bank. The downward movement
in prices was not accompanied by any OF the
usual signs that foreshadow an active oeaI
car7naien and there was nothing in the Gay
news OF gossip that encouraged the idea that the
decline was ANYTHING more than an incident Of
the bull market
Foreign exchange rates we're frmer' but the
advance was not considered an indication OF
any important change in the course of the mar
ket as far as the movement of quotations in the
rey+ few months is concerned. There is nothing
in the current position of exchange that sug-
gests the development of great strength at pres"
ent, while there are many good reasons for the
belief that rates in the greater part Of the fan
months will rule at level that will encourage
the importation of gold. OF course. the amount
of gold that may be brought in from the other
side of the Atlantic viii depend entirely upon
the needs of the local money market, and now
that arrangements have been made to bring in
the precious metal from Australia by the way
of San Francisco it is quite likely that the
ceipts at New-York will be much smaller than
recently predicted. The manner in which the
local banking powers controlling the none
tary situation proves cOnclusively that every
effort will be made to prevent disturbance in
the money market at this centre, and it is now
considered probable that there will not even be
an important advance in the price Of call money
this autumn. except for brief periods. especially
as conditions are so favorable for bull activity
in securities. No one knows when the bull mar
ket will come to an end, but from current indi-
cations it looks as If there would be a long
period of strength, with, Of course the usual
sharp reactions that always accompany bull
speculation. Stocks In many cases are high.
This fact. however, does not preclude the posi-
bility of still further improvement Prices, new
ertheless, are at a point that ought to encourage
large margins among the commission house
traders. AS a matter Of fact, all the leading
houses demand large margins at the present
level. and this disposition on the part of the
brokers naturally acts q safeguard against
acute disturbance on the Stock Exchange AS
a rule, most commission house accounts are
representative of strong interests. Little Of the
"shoestring'' business has so far developed