New-York tribune., 1906-06-27
Enlisted.
Closing prices of active bonds deal, in, with
STOCK MARKET OPERATIONS.

Further sharp declines were recorded in the
morning operations In yesterdays stock market,
the downward movement being accompanied by
liquidation Of long accounts and by active press
ure from the professional element. The only
source Of support in the first two hours of trad
ing was found in covering OF shorts and buying
by traders who believed there were good oppor-
tunities for quick turns for higher prices, the
wisdom OF the latter transactions being re-
fected in the course OF values In the afternoon,
when general improvement was recorded The
early weakness not due to adverse news
developments, but appeared TO represent a con-
tinuation of the selling which developed in the
preceding days market. The decline was quite
severe in the copper shares and a number of
the prominent railroad issues; also IN the steel
stocks. which. with the industrial list in gen
eral, were adversely affected by the report that
the banks had been throwing out as collateral
the steel shares and other industrials against
Stock Exchange loans. The advance ir the
dividend rate OF Anaconda was effective in
fuence in rallying the copper shares. while the
rather oversold condition OF the general market
was important factor IN the strength which
developed in the last hour. At the close the
most important stocks in the active list showed
full recoveries from the low points, while in
the greater number OF issues net gains
recorded, the chief improvement being in the
copper stocks American Shelters, Canadian
Pacific, Southern Pacific and National Lead.
The advances from the morning decline ran
from ! to 3 per cent. The early report that
the banks were throwing out Industrial stocks
from loans was subsequently denied by the
leading banking interests.
Stock market conditions do not suggest de-
velopments which will affect adversely the posi-
ton OF trade in the United States Declining
hioh
erting an influence speculative sentiment
and which are restraining public activity in the
stock market. with the result that professional
operators are taking advantage OF the oppor-
tunity TO bring about a lower level OF prices It
is not denied by the most rampant bulls. Of
which there are few left, that in proportion to
the actual worth Of securities quotations on the
Stock Exchange selling too high in the
greater number OF instances. and it is thought
a readjustment OF values TO lower level may
be effective in attracting a demand for securi-
ties which will bring TO an end activity on the
part of the bear element. There has been
large amount OF liquidation in the last few days
for the account OF interests which have been
holding stocks for a long period and who
through the decline have been compelled to part
with their possessions; also large amount of
Liquidation for the account OF pools and syndi-
Gates which have been tied up with stocks and
bonds for considerable period. One of the
factors in bringing about the present decline has
been the inability of the speculative pools and
underwriting syndicates 20 find purchasers for
their holdings at prices which they had hoped
to secure. The Burlington bond syndicate
which was formed in 1904 and which has been
| dissolved with the members being compelled to
take the greater part of the ISSUE is only an
| instance of the present Wall Street situation
There many other syndcates, formed in the
| last year TO handle new stocks and bonds which
| still carrying securities with no immediate
prospect of selling them advantageous
figures.
| Money market conditions, especially time
| money, not favorable to the resumption of
| activity the bull side OF the stock market at
this time. though there Is nothing in the position
| Of money which encourages the idea of extreme
| rates for funds In the future People who
| are now renewing time loans or making new
| commitments in this department of the market
| are compelled to pay rates considerably higher
than those which ruled in the winter while In
| call funds relative prevails at the moment
owing TO the absence Of speculative demand
for securities The demand for time money is
active. many concerns supplying future needs at
| this period In the belief that rates later on In
the season will be higher than they are at pres-
ent. fortunately the favorable money market
conditions abroad and the weakness in sterling
exchange at this centre VIII serve TO protect the
local market from disturbance while when The
demand for funds becomes urgent In the fall
the Secretary Of the Treasury will be ready 70
Street Is now going through period OF lAJida-