New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-08-25
STOCK MARKET OPERATIONS

Transactions in yesterdays stock market were
heavy in volume amounting to more than 400
COO shares, a movement of values which
generally tended in the direction of higher quo
tations Advances of from to 3 per cent were
common while in a number Of issues greater
Improvement recorded, notably in the case
Of Union Pacific. which sold at the highest price
in its history; Atchison. Northern Pacific. Great
Northern and Southern Pacific. In these issues
and in St Paul great activity developed in the last
half hour Of trading, but the advances were not
accompanied by news developments affecting the
properties. There were various rumors, how
ever, regarding the Hill shares and ST. Paul,
buying in the case Of the latter apparently being
based on the expectation of some favorable an
nouncement regarding the company. It was
said that ST. Paul would pass TO the control OF
the Hartman interests. and it was again
ported that the so-called Hill iron ore deal ne
gotiations wouE5 be brought 70 a successful
termination IN the course OF the next Few days.
notwithstanding the absence Of official Informa-
ton the subject. Commission houses were
active buyers, while the more substantial spec
ulative interests. who have been actively con-
nected with the bull side OF the market for many
weeks. were heavy buyers OF their favorite is
sues, and they active in encouraging out
side operators TO take a position on the long
side Of speculation on the argument that prices
to the prospects OF dividend increases and 70
| the outlook for further expansion In the coun-
try's industries Money market conditions ap-
| parently not considered.
Wall Street. at least the speculative element
! Is not paying particular attention TO the money
market inasmuch as it believes there will be no
| disturbance in loans this fall, notwithstanding
| the low position of the bank reserves. 1t is be-
heved that there viii be large imports of gold
and that further deposits Of government money
VIII be made with national banks. There is ex-
| cellent reason for the confidence of spectators
In the theory that gold will come TO this country
IN volume and that the government will place in
| the channels Of trade a large amount Of its sur
Plus revenue. Sterling exchange is moving in
| the direction Of gold imports. while the Secre-
| tary of the Treasury has made it quite clear
| that he Intends to use government funds to pre-
vent acute stringency in the money markets Of
tne United States. Already he has placed 3d.
UpoOOO with country banks. and he has practi-
cally assured the banking community that fur
ther deposits will be made as the necessity
arises. The amount Of money which will be
placed at the disposal of the banks through gold
| imports and government deposits will serve 70
offset the drain these institutions incident to
the demands of the agricultural community in
connection with the financing of the years bo,ln-
tiful harvests but there is no reason to suppose
tlat goio imports ana emergency measures by
the government will supply amount of money
| large enough to support crazy speculation in
securities Many of the most conservative men
in Wall Street, while believing in higher prices
for securities. opposed 20 extreme activity at
present. owing 10 money market considerations
In the current week the local banks have lost
upward of SS,0oO.GO0 In their cash holdings and
unless there has been a material contraction in
loans Clearing House figures to-day doubtless
will show further reduction, in the reserve
above legal requirements of the associated banks.
Accompanying the last hours advance in stocks.
it was reported that heavy engagements Of gold
had been arranged. but the rumors are not con-
/ drmed.