New-York tribune., 1906-08-21
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.
changes, follow

Transactions IN yesterdays stock market were
heavier than any preceding day since May
9, 1901 the date OF the Northern Pacific panic,
when more than 100000 shares were dealt in
Total dealings in the five hours of business
reached 2.7jO025 shares on a movement Of
values that tended in the direction of higher
quotations, until the last hour in which realz-
ing sales were heavy enough to bring about re-
actions from the best figures. Maximum ad-
vances ran from to per cent in the active
list with such stocks as Atchison st. Paul,
American Smelling Reading, Great Northern,
Louisville & Nashville Missouri Pacific, North
ern Pacific and Rock Island leading. Union Pa
cifc for brief period showed evidence of re-
newed strength but the volume of realizing In
it was so heavy that the price closed at a net
loss of more than l per cent The only other
weak feature was Pennsylvania, which lost rs.
The larger operators took up stocks in turn,
bulling one issue and selling another, but their
sales were greedily taken by the outsiders, while
their onerations of selling under cover of buying
elsewhere were not considered an indication that
the big men were changing their position on the
market The buying movement extended to the
low and medium priced issues, the strength In
| these shares rejecting more taan anything else
the presence of the public ir the market The
! so-caned Union Pacific scandal was still the
! leading theme of discussion in speculative cir
cles. but, matter how tra1ers, bankers anu
brokers felt over the affair. they evinced a
strong disposition to work for better prices and
TO preach the popular doctrine that nothing can
stop a bull market which is backed by such
I wonderfully strong trade conditions as those
now existing The best idea of yesterdays ex-
cited market will he obtained by following the
tables of transactions.
Public operators are rushing into the
! stock market in numbers that mean tremendous
profits for the commission houses and the faciii-
ties of the latter are heavily taxed that addi-
tional clerks are being taken on, while the ad-
justment of the days business is keeping clerl-
cal forces busy until the late hours of the night
This situation is extremely gratifying to the
| holders of securities who have been waiting pa
tiently for many months to secure their profits,
particularly as the bull activity promises to run
TO further limits, though speculative reactions
/ must be looked for The end of the bull market
/ NAV come when halt is called through the
/ money market. but there appears to be so much
confidence in Wall Street circles that there will
/ be no trouble in the loan market this fall that
! traders who are operating for higher prices show
an almost beautiful Indifference to warnings
/ that there is not enough money available TO
finance the crops. general business requirements
/ and stock market demands NJ the same time.
1 Probably the larger interests believe that be-
fore tight money develops they will be able to
sell their holdings at the prices for which they
are now working and then they Will be ready 10
turn about and themselves preach the danger
| of operating on the bull side Of the stock mar
ket .yhen the legitimate needs Of the business
! world are so urgent. 4 clever game is being
plaved but back Of the game is the strength in
Fundamental conditions ana. bolstered up by our
phenomenal business position, speculation may
be carried to an extent never before witnessed
in the history of the Stock Exchange. notwth-
standing the menace Of high money in the
future
Active foreign buying in the local market was
reflected in a decline in sterling exchange. and
this weakness naturally encouraged the expec-
taton of gold imports In the near future There
are Just two WAYS by which the banks can in
crease their cash holdings. and they are gold
imports and government deposits with the de-
positary institutions. Reserves could he in
creased through a tremendous liquidation In
loans. but AT the moment there is no chance
of this, IS stock market speculation in its pres
ent form involves expansion rather than con
traction in the loan item of the Clearing House
institutions Fortunately money is easy abroad
with rates well under the level in this country
hence it follows that with unusual disturb
1 ance in Russia. foreign bankers viii be willing
/ 10 put out their money in The United States in
I order 10 take advantage OF the attractive rates
/ quotod here. Moreover, unless there should be
! exceedingly heavy sales Of American held stocks
! abroad there soon ought to be a supply Of grain