New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-01
ENLISTED.
Closing prices yesterday Of bonds dealt IN
STOCK MARKET OPERATIONS.

The decline Of Wednesday in stocks continued
yesterday the market opening weak and ar ound
noon breaking sharply. In the last hour rally
occurred, and the market closed rather firm,
with final prices, however, in the majority of
issues not much above the lowest of the day.
The foreign markets also showed pronounced
weakness. which seemed to be due principally
losses from the sugar speculation in Paris. Thai
centre was a seller of securities in London
where American stocks were weak and irregular
No news developed here to account for the
decline in prices unless another pronuncia-
mento from Lawson may be regarded news
The objects Of his attention, Analgamated Cop
per and American Smelling and Refining stocks
went down, but not further than many other
active issues. The decline in Amalganlated fol-
lowed reports Of irregularity and partial weak
ness in the London copper market, although
here there change in the price of the
metal, and announcement was made that the
largest consumers were paying II cents pound
for electrolytic. Maximum losses in stocks ran
to per cent In New York Central and Chicago
and Northwestern. 29s in Union Pacific in which
the heaviest transactions Of the day occurred;
u in st. Paul, another so-called Standard Oil
stock; PA in Pennsylvania and Missouri Pa
cifc. per cent in Illinois Central, Sss in Anal
gamated Copper 31s in American Smelling and
Refining common 27s in Reading common and
IL and Y, respectively, in United States Steel
common and preferred. Atchison, in the early
trading the weakest stock of the list, in
the last hour the strongest, aggressive buying
Of 1t doing much to bring about the late rally.
The call money rate hardened a trihe, advanc-
ing to 2h per cent and closing at that figure
and it Is understood that there was some calling
Of loans in the course Of the day. but not
to any such extent to precipitate fall in
tLot ,,l, rTl
talk of impending loans to be issued by Japan
and Russia continued, and had probably the
effect of alarming tinlid investors and specula-
tors, although it is not probable that very
large part OF the Russian loan which will be
the first to be brought out, will be offered here
and arrangements for fotation Of the loan can
not be completed for several weeks at least
Reports Of railroad earnings good. the
Rock Island showing increase in net for
July Of $4,000 and the Frisco system $4,000
while the Seaboard Air Lines net earnings for
June exceeded $4,000. The crop situation also
continues favorable well the general bust
affirmation Of the present schedule by the steel
rail pool is indicative of maintenance OF buy
ing power by the railroads
The stock market has had a long advance,
with no important reactions, and has probably
reached the vulnerable position of being
bought. There may have been some obscure
cause for the violence of yesterdays break, such
as a rupture between important interests. but
it is not probable. 1t is more likely that 'psy-
Geological moment had arrived, and that
the bears, expert in discernment of such crises.
threw upon the market the full strength of an
active and confident attack. On the decline a
great number of stop-loss orders uncov-
cred, and many weakly margined accounts
went the ordinary way Of the bullish lamb. The
cotton market also suffered sharp break. fall
ing maximum of nearly 40 points and clos
ing about 25 points under Wednesday. There
were reports that one Of the bull pools had
unloaded on another, but all that certain
that the bears and the leading spot in
terests sold cotton in such tremendous volume
that prices had to drop. Spot cotton declined 20
points.