New-York tribune., 1906-08-29
sUn1istsd.
Closing prices OF active bonds dealt In, with
STOCK MARKET OPERATIONS.

The news OF the failure OF the Real Estate
Trust Company Of Philadelphia, which came at
the beginning of the last hour of trading on the
Stock Exchange, caused a sharp and general
break IN stocks. which wiped out the early gains
and resulted in net losses for the day in almost
the entire active list. The day had been one OF
i-regularity. with successful efforts to advance
some OF the issues which have been among the
fsvorites OF the bull party. but with the mar
ket as a whole inclined to halt under the infu-
ence Of the unsatisfactory money situation. Lon
don factor of strength, buying on balance
from 10000 TO 25000 shares of various stocks.
Weakness began TO develop IN the early after
noon, and heavy selling Of Pennsylvania and
other stocks in which Philadelphia is interested
was In progress before the announcement Of the
troubles OF the trust company had been received
on the New York Stock Exchange. The Real
Estate Trust Company is a comparatively small
institution, with no important New York connec-
ton. but more or less definite reports that its
failure was the consequence of an officers real
estate speculation. as was the collapse recently
OF the Milwaukee Avenue Bank, in Chicago
aroused apprehension among traders; for that
speculation has been so general throughout the
country. and has exhibited such features Of
recklessness that the suggestion naturally pre-
sented itself that other institutions perhaps
large ones. might be found TO have become en-
estate field Of their executive heads or con-
trolling interests
The late break helped on by short selling
on heavy scale. and by the execution of many
stop loss orders, the presence Of which in such
large numbers is an indication Of the skepticism
Of the outside public and traders generally as
20 the likelihood Of an advance in prices at this
| tuncture TO a much higher level than has
| already been attained. On the break such de-
clines from the highest of the day were suffered
at S9s points in Pennsylvania, AZ in Reading,
| Sh in Union Pacific. in St. Paul, 22s in
Southern Pacific, 2ss in American Smelling and
f1ennlng common. American Sugar Refining lost
points on the day. it's weakness being in part
accounted for by the failure to materialize OF
the tip that the dividend would be increased
Atchison was one of the stocks which with
| stood the downward pressure. advancing, on its
| prospect Of increased dividend, to the new high
record point Of 1888, and closing q above
Monday. Canadian Pacific was strong both here
and in London making net gain in this market
Of 3B points
There was no easing yesterday in the money
market On time loans per cent nIus q.
premium is being asked, and on call industrial"
collateral minimum rate equivalent 10 7 ner
cent is obtained. A million dollars was for
warded through the Sub Treasury to the Pacific
Coast for crop moving purposes The hanks
have lost TO the Sub-Treasury more than 50 =
100000 since Friday. Foreign exchange was
weak, declining to figure below that at which
gold can be imported without loss from Europe.
The call money rate yesterday ranged between
and per cent. closing at 4. An advance in
call money TO per cent. it is believed, would
result in the importation of gold, the available
supply this week OF which in the London market
was secured by European bidders. When opera
MAJ
on a big scale, as they probably will be before
| long, the call money rate will inevitably be
forced up. and then the stringency will be
temporarily relieved by the bringing in OF gold,
| for which New York would be willing 10 pay the
price. But no long sustained bull market can
reasonably be looked for until after the crop
money" shall have begun to return in volume
| from the interior and the Congress election
| campaign shall have ended.