New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-09-14
STOCK MARKET OPERATIONS.

In the forenoon dealings in yesterdays stock
market prices moved in the direction OF higher
figures in all parts OF the list, but the develop
ment Of speculative liquidation IN the afternoon
carried quotations well under the high points OF
the morning. while IN many cases net losses were
recorded. comparison being made with the clos
ing range Of the preceding day. The late selling
movement was not accompanied by news devel-
opments affecting adversely the actual worth Of
securities, transactions representing pool opera
tions which doubtless were based on disappoint-
raent over the failure OF the public 20 respond
70 the sharp advance which was recorded IN
Wednesdays trading. and also. perhaps. to
greater discrimination on the part OF the banks
in the matter OF speculative loans From the
high figures Of the early market there were de-
clines OF from 20 per cent in ST. Paul Atchi-
son. Reading Missouri Pacific United States
Steel. Union Pacific, Amalgamated Copper, Great
Northern and Pennsylvania. these shares. with
Southern Pacific. supplying n large proportion Of
the days dealings. Southern Pacific made a new
high record az 94s4 but with the rest Of the list
sold OF In the last hour. closing unchanged from
Wednesdays final figure. The general decline
apparently did not disturb speculative sent-
ment. as in most quarters OF tho Street predic
lions of higher prices were freely made. nOtwith-
standing the advance in the Bank OF England's
minimum rate OF discount sitter quotations for
position on the part Of the Bank OF France TO
open its doors TO American gold importers. Local
bankers ara looking forward TO good sized en-
gagements Of gold for shipment 10 this country
from Australia.
Conditions in the foreign money market do
not encourage the probability OF further enor-
nous engagements Of gold for shipment TO this
country, but fortunately the local banks have
secured enough of the metal 70 restore their re-
serves 10 a point above the legal limit and. as
a consequence Spectators are counting on
active resumption OF bull activity in securities.
II is TO be hoped. however. that some common
sense Will govern the movements OF stocks in
the course Of the next few weeks. II specu-
lators viii restrain their bull enthusiasm for a
time better results may be accomplished later
on In the season than could be brought about
just now. and unless more moderation develops
IN securing transactions at once there may be
serious trouble in Wall Street before the snow
begins 20 fly. Europe has contracted TO send 10
the United States upward Of $20.0O0.O00 gold,
and perhaps Is much $3O.OO0.0OO Will be re
cerved on the current movement but this
amount viii not bring about large increase in
bank holdings, for the good reason that the re-
ceipts Of the metal from abroad are being Offset
by large shipments Of currency from this centre
10 the interior Crop and other demands last
year look moro l-an AoNsOND,VvO from New 1OTh
This year the demands for accommodation IN
connection with the financing OF the crops in
general mercantile expansion are heavier than
they We're in 1905, and the drain on the New
York institutions already is at a rate which sug-
gests a record breaking outflow OF funds 20 the
West and South in the next two months and the
maintenance Of the price Of money at stiff
level even without activity in the stock market.
Foreign bankers are not anxious 10 send gold
70 these shores under present conditions. and
despite large exports Of farm products and man
ufactures from the United States. Europe is not
IN debt 20 this country. Indeed. the United
States has enormous obligations abroad. which
are maintained. however. by the excellent state
Of our credit. Borrowing money IN Europe TO
further "A bull speculation IN securities is not a
good argument for higher prices. but the fact
that the substantial market interests are espOused
20 the bull side and are eXerting every effort 20
advance quotations tends 10 make all operators
optimistic and 10 discourage among them the
idea that the future Of the market would be far
brighter II speculation were allowed az this par
ticular period drop 10 the proportions Of
holiday transactions. General business cOndi-
lions favorable and there Is no reason 10
predict an adverse change IN the course Of the
next twelve months. but II should be borne In
mind that unwise speculation IN stocks may
bring speculative collapse irrespective OF the
state OF the country's trade. There was an
easier tendency In both call and time funds yes
terday.