New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-08-02
ENLISTED. eek dividend.
Closing prices of active bonds dealt in. with
'Ex interest.
STOCK MARKET OPERATIONS.

Stock market values were strong in the greater
part Of the day an active volume of business.
transactions including some purchases for public
account and support from the strongest houses
in the Street Evidently it is the intention Of
the more important interests to work for higher
quotations. The declaration Of IA dividend on
United States Steel common at this time is,
cording TO some observers. a reflection Of the
desire Of substantial Wall Street men TO create
an active outside demand for securities, while
further evidence of the present bull attitude of
the leading interests on the market is presented
in the reports emanating from well informed
quarters regarding the probability of increased
distributions to the stockholders Of the Atchi-
son. Norfolk & Western Southern Pacific, Ches-
apeake & Ohio, Pressed Steel Car and number
Of other corporations. The word has gone forth
that an August bull boom is on no matter what
may happen abroad. Stocks held by the men
who bought on the recent decline bonds held by
underwriting syndicates and accommodations of
securities made last January must be marketed
before the autumn, say the holders. and the
public is therefore asked to come in at once and
relieve Wall Street of its wares If the public
responds there ought TO be a material apprecia-
ton in prices in the present month but there
are some reasons for the belief that the outsiders
have their funds so well employed in the chan
nels Of trade that they will not at this high
level of values accept the argument that stocks
and bonds at bargain figures That there
was big short interest in the market easy
TO see from the course Of quotations in the lead
ing issues yesterday. The outside demand was
not heavy enough TO bring about the marked i'm
provement which was recorded in many stocks,
the advance being due to fright on the part Of
the shorts and well planned and successfully
carried out manipulation.
Opening prices were helped by the strength in
I American securities abroad. In the London
market there was heavy buying for American
account. and quotations advanced, despite the
| serious outlook in Russia, which was reflected in
a further decline in Russian bonds and a gem
eral Discrimination on the part Of foreign traders
tc take an active interest in the speculative and
investment markets. The powerful financial in
terests in this country which are now espoused
to the bull side of the market, find difficulty
in influencing the London market for American
securities under certain conditions, but If af-
fairs in the Russian Empire become so involved
as 10 make necessary heavy liquidation of secur-
tiles to protect Russian credit American held
stocks abroad may be sold in volume large
enough 70 cause a material change in the plans
Of the people who are counting on big gold i'm
ports and long period Of advancing values.
This is merely a suggestion. The Russian out
look apparently is not being considered seri-
ously by Wall Street traders. though in certain
nervous activity Of the larger interests TO pro-
mote a bull speculation at this time is owing to
their anxiety to get out of stocks before the
storm develops. There are no breakers ahead,
according to the bulls, who on top Of
the stock market and the Spectator. they say.
who fights the advance is doomed 70 irretriev-
able disaster The magic names of Morgan,
Standard Oil. Hartman, Gates Hill and other
potentates of the Street are being used TO at
tract buyers and if nothing untoward happens
at home in the next few weeks big things may
be accomplished by the bull clement
Money rates were unchanged yesterday. Do
nestle exchange at interior points showed
evidence Of an immediate urgent demand from
out Of town points for currency, yet there was
banking circles in the theory that the inquiry
for funds from the West and South this fall in
cident % the marketing Of the crops and gen
eral trade requirements. will not be as active as
IN former years. Interior banks, il is true are
stronger than they ever have been before but
the employment Of money in the channels az
trade IS more active than ever reported al this
season. while the harvest demands promise TO
be larger than in preceding years. owing to the
probability of enormous crops. And interior
bank balances at this centre are smaller than
Usually recorded IT this period FURTHERMORE
foreign exchange is now moving against this
country and in the event Of continued selling OF
American stocks by European holders there will
be little relief for the money market from for