New-York tribune., 1906-07-12
sUniisted.
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.
changes. follow:

Transactions in yesterdays stock market were
made up almost entirely of the operations Of the
board room element. commission houses and the
more important speculative interests not being
active factors in the dealings. AS result OF
the changing views of traders, prices moved in
an irregular manner, with the general tendency
in the direction Of lower quotations, the chief
exception among the railway shares being St
Paul. which firm under speculative buying,
which appeared TO be based on the view that
the company soon will announce it's financing
plans for its Western extension In the early
dealings positive reports that the Hill ore deal
had been settled brought some buying in support
Of the steel shares and the so-called Hill issues.
but there was no aggressive activity for higher
prices, and in the absence Of good outside buy
ing demand the bear element was able to bring
about slow decline, which. however, in the
last hour became more pronounced, especially
in Union Pacific. which sold down two points.
American Smelters, Amalgamated Copper and
Reading. The specialties in a number Of cases
made new low records for the year. the decline
in these issues evidently rejecting the unwil-
fngness or inability Of the pools in them to ex-
tend further support. Declining values were not
accompanied by adverse developments in the
business or financial world, the general news OF
the day being favorable, particularly in the mat
ter Of railroad earnings for the first week in
cor
responding period year ago. Canadian Pa
cific led with an increase of $316.OOO
While current movements in the stock market
do not suggest the development in the near
future Of an aggressive bull campaign, there are
no reasons at the moment for the expectation of
disturbance in quotations the result OF the
generally bearish sentiment OF the Wall Street
community. Wall Street, or at least that por-
ton OF 1t which includes the so-called profess
sional element in the stock market, is bearish
because the public will not buy securities and as
a consequence it IS endeavoring to create the
opinion that stocks ought to be sold at prevailing
values. using argument the approach of
the active season in the money market and the
possibility Of extreme rates for loans in the fall
People who read bear literature should carry in
mind the fact that the stock market already has
suffered tremendous decline from the high
quotations Of the year, and that in the greater
number Of instances speculative liquidation has
been heavy enough TO eliminate weak accounts
and TO place securities in the hands Of inter
ests who are backed by large financial resources
OF course, with money rates maintained at a level
which makes the money market more attractive
for the employment Of funds than the stock mar
ket further readjustment of securities values
may be brought about. but this does not fore
shadow panicky liquidation, does it indicate
unfavorable changes in the business situation
There is nothing in the general situation that
warrants uneasiness on the part of genuine hold
ers of American investments, and it is not at all
likely that under present conditions outside Of
Wall Street there will be a disposition on the
part Of investors to part with their stocks and
bonds.
Money doubtless will be firm in the balance OF
the year. barring. perhaps, brief period in the
course Of the next few weeks. and naturally 1t
will serve to create dulness on the Stock Ex-
change while IL may possibly be the means OF
inducing lower prices. In their operations with
the Sub-Treasury the local banks have lost since
Friday night more than $4000O00. due to the
withdrawal of special government deposits and
In addition, the Sub-Treasury transferred yes
terday from banks 100000 to San Francisco
It is not unlikely that there will be a consid-
in the course Of the next few weeks. represent
ing payments by the insurance companies OF
their losses. Fortunately. the favorable prog
ress of the crops induces foreign bankers to
make advances against future exports Of bread
stuffs and cotton through the sale of their long
bills. and just as long time money remains
at stiff level there will be no lack of foreign
cline in the wheat market is bringing the level
OF that cereal to point that will increase the
export demand. and this factor together with
the probability of large crops this year ought
not 10 be lost sight of in discussions affecting
the foreign exchange market.
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