New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-14
ENLISTED.
Closing prices yesterday Of bonds dealt in,
STOCK MARKET OPERATIONS.

Activity in yesterdays stock market was con-
fined to few Of the leading issues, transactions
in the general market being light in volume at
unimportant changes in quotations. In the
prominent shares the movement of values, g,
rule was in the direction of lower prices
losses of per cent and more being reported in
number of the popular stocks but the decline
was not accompanied by adverse rurnors affect
ing the real value of securities. while there
no indication in speculative circles that the
larger interests were working for cheaper fig
ures. The absence OF an active public demand
naturally encouraged bear operations by profess
sionaI traders, and the fact that the big
were disposed to let the market look out for it
self for the time also tended to increase activity
on the bear side by boardroom operators. Owing
to the position Of the money market, Il is likely
that the irregu1arity that has been witnessed in
the last few days will continue for several weeks
to come, but It is well to tote that no demorali-
cation in stock market values is looked for by
the well Informed men In the speculative COM
munity. It is believed that bull activity will be
suspended for brief period and that later on IN
the season much higher prices viii be recorded
throughout the list Most shares closed under
the final figures of the preceding day, Missouri
Pacific Southern Pacific, Sugar Refining and
the Wisconsin Central issues being among the
few exceptions. Amalgamated Copper, Ameri-
can Smelling, Tennessee Coal and Iron, Read
ing. Erie, Union Pacific and the United States
Steel securities were weak features in the active
list especially American Smelling. which lost
for the day 25s per cent.
The movement Of money to the crop regions
Will. Il is evident, be exceptionally large this
fall. 1t is rapidly attaining maximum proper
tons and as & consequence tension in the money
market doubtless soon will become more pro-
tn.
importation of gold will afford protection against
a squeeze in money If other measures adopted by
the financial interests should prove Inadequate
Ordinarily low bank reserves throughout the
country at the beginning Of the crop handling
period would excite alarm and most likely pre-
cipitate a disturbance in the loan market but
no apprehension is evinced, and up to the
present time the equilibrium of money has been
as well maintained it last year. when the
banks held large surplus Of funds What the
future may bring forth is uncertain, but tha
current disposition in Wall Street circles is to
construe the quiet state of time money as re-
assuring. The fluctuations hereafter, as in the
recent past, will be chiefly in call money. Bor-
rowers on time appear to have supplied their
wants, which is in itself important measure
Of protection against undue stringency in the
call money department Of the market The
monetary situation will be most interesting in
the next five or six weeks, when the bulk of the
money required for financing the crops will have
to be provided but the closing months Of the
wear will furnish equal interest, as in that time
there undoubtedly viii be fiscal events OF con-
siderable consequence. including probably
offerings of bonds by Japan and Russia, and
the fotation of miscellaneous securities by do
nestle railroad and Industrial corporations. No
extensive offerings of commercial paper
looked for until after the turn Of the year, when
the money market almost inevitably develops
ease. The needs Of merchants and manufact-
urers were very generally covered in July for
the balance Of the year.
There were further enga gements Of gold
for import yesterday but the movement Of quo
tations in the foreign exchange market fore
Swallowed additional shipments to the United
States in the near future Doubtless the Bank
OF England will endeavor to place obstacles in
the way of big gold movement to this side,
indication Of which has already been presented
in the advance by the bank in it's discount rate
and the advance in the price of bar gold. These
measures. however. will not seriously interfere
with a movement of the precious metal to New
York If this centre actually needs the money
The local bankers are in position to bring in
gold, and as the monetary requirements of the
leading Wall Street interests in the stock mar
! ket are large, IT is quite likely that all the
money needed will be hand this fall