New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-08-09
STOCK MARKET OPERATIONS.

Realizing sales were responsible in great part
for the selling movement that developed in yes
terday's stock market. Maximum losses in
some Of the active issues amounted to 1 per
cent and moro, but at the close net changes
failed 10 show, rule, important net declines
as compared with the final figures OF the preced-
ing day, the biggest depreciation being in Sugar
Refining Brooklyn Rapid Transit. st. Paul,
Consolidated Gas, Union Pacific and Atchison
Pennsylvania was a strong exception 20 the
downward movement, while Reading also
showed great resistance, the buying in these
shares apparently being directed against the
shorts, who have been active in both stocks in
the last few days. Bear traders found some en-
enlargement in stronger wheat market, the
advance being due TO reports of too much moist
in the wheat belt, which is damaging the
quality of the grain and interfering with thrash
ing-that is, according to advices received by
the way of Chicago, where, it is understood.
there is a big long interest in the wheat market
anxious to unload its holdings. The best in
formed men in the grain trade say that the
wheat crop is too far advanced to be materially
affected by heavy rains at this season, though
it is possible for corn which is late CROP yet
to suffer from adverse climatic conditions.
Trading was dull and inactive in the last hour,
with attempt the part of the larger inter
ests TO bring about a rally The days move
ments helped to strengthen the technical posi-
ton of speculation, and in the absence OF I'M
favorable news it is not unlikely that to-day's
market will more than recover yesterdays
losses. Domestic exchange at Chicago on New
York declined to 40 cents discount.
Statements made by Western bankers regard
ing the probable demands on the money market
this fall do not encourage the idea that there
will be other than stiff level OF rates through
ant l1a hala Of tho Poys
funds may restrain speculation in stocks, but
they are not bear argument on the value Of
! American investment securities. The demand for
funds is not for boarding purposes, but for the
employment Of money in the channels OF trade
including the financing OF what promise TO be
record breaking harvests. Apparently it is to
4 be great season for the banks, for the mer-
| chant and the farmer, while before the urgent
demand for money develops in connection with
/ the moving of the crops further strength and
I activity doubtless will be recorded in the spec
ulative markets, with big profits for the million
/ aire operators who are the chief factors in the
current speculation and who stand an excellent
chance of parting with their stocks at prices far
above those now ruling if the public can be
induced TO come into the market So far specu-
lation has been made up in great part Of a
swapping game by powerful spectators, who
carry from 10000 10 100000 shares at a time as
| easily as the ordinary public trader can handle
100 share lots but there is no reason to suppose
that the latter class OF traders will not soon
begin 10 bid for stocks If prices continue 10 move
| toward a better level. There has been big
appreciation in values since the elimination Of
the recent decline, but the movement has been
accompanied by healthful reactions such as that
which developed yesterday, and unless there
should be acute strngency in money Ia the
course Of the next two weeks it is believed that
further material advances will be recorded.
Pending the satisfying OF the demands from
the crop section Of the country and from the
commercial world for funds, the bull market
may be allowed 10 rest. but no extensive declines
are looked for. There are too many favorable
features IN the situation to repress speculative
activity for any length OF time and it is con-
ceivable that before the end of the year values
may be carried to highly inflated 3e Jels, not
withstanding the fact that the general level al
ready is pretty well up. It is contended, how
ever. that the promise OF increased dividends,
| the declarations Of dividends on stocks which
| have never been in the dividend column. and the
probability of many stockholders receiving val
liable rights, add great intrinsic value to secu-
! rifles ard make current prices cheaper than
they really appear on the quotation sheets The
effect OF the railway rate law is yet 20 be seen,
but IL IS worth noting that railroad managers arc
now among the most enthusiastic takers on the
( subject OF future prosperity. seeing nothing
ahead to upset enormous traffic returns. and
/ backing their opinions with heavy orders for
J rails. bridge material and equipment for next
! years delivery. The promise OF the rate bill is
t!:at it win work to the advantage Of the rail-
roads and the shippers, and, at all events II VIII
NOT decrease our crops. lessen the demand for
iron and steel. reduce the nations merchandise
exports or interfere with our natural desire 10
make :noncy. At prevailing prices and under
present fayorable conditions the grain harvests
this year viii reach money value OF upward OF
S3,000O0O.OOO. while cotton viii add from $780,