New-York tribune., 1906-07-10
enlisted.
cIosing prices OF active bonds deaIt in, Win
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market began
the day with quite an exhibition Of strength and
activity, but before the end OF the first hour the
greater number Of securities were below the
closing on Saturday There was no public interest
the buying side. the early improvement be-
ing due to board room operations. while deal
ings were the same in character on a moderate
rally in the afternoon, when prices were bid up
by the same interests which had been active sell
ers in the forenoon. The general level Of quo
tationS at the end of the day showed few inn
portant changes from opening figures, net losses
predomnating. the heaviest being reported in
Great Northern preferred, Brooklyn Rapid
Transit. Louisville and Nashville, Northern Pa
cfc, Reading and Wabash preferred. st. Paul.
New York Central and Union Pacific among the
railroad shares. and Anaconda. American Smelt-
ers Colorado Fuel and the United States Steel
shares of the industrial group showed decided
firmness in the last hour, on, however. a de-
cidedly light volume of trading. A rumor that
the st. Paul company had successfully nego-
tiated large loan in Paris served to impart a
stronger tone to st. Paul shares, though it
failed TO attract active demand for the issue.
Foreign houses were not important factors in
this market and in London the closing of Amer
ican stocks on the curb depressed, while
the general market was firm, being Influenced
by the absence of serious trouble in the mining
under 10000 shares.
AS a rule the traders on the floor of the Stock
Exchange are bearish. their attitude apparently
being based on the absence of a public demand
for securities and the ease with which stocks
come out on the least evidence of pressure.
Their argument for lower prices, of course is not
in any way based on the conditions affecting
the position Of the nations industries, on the
crops or on the financial situation, though as
far as the last named is concerned it is admitted
that the outlook in the money market does not
encourage the belief that rates for loans will rule
at level low enough to admit of an active up
ward movement in securities prices General
conditions in the business world are conceded to
be in splendid shape and it is confidently be-
heved that to-days monthly crop report will
show heathful progress in the last thirty days Of
all cereals; but the public will not buy stocks
on such favorable factors it is argued by the pro-
fessioral element that for the present the market
is better sale than purchase, and that no
permanent improvement can develop just now.
Wall Street generally operates on the bear side
of the market when there is no widespread out
side demand for securities, and the fact that
transactions of this character are now being
conducted should not be taken as an indication
Of adverse developments in the world of bust
ness. Large traders who covered their short
contracts last week again sold the market yes
tinued hammering by this element would be ef-
fective in bringing about more liquidation by
interests which have been somewhat crippled by
the long period Of declining values the Ex-
change.
The contest for the control of the Illinois Cen
trail which is now under way, is considered a
bear factor the general market, and alarm
lists predicting the development of situa-
tion similar 10 that which gave Wall Street such
shock when Northern Pacific ran to $1,000 a
share. II may be good thing for Wall Street
TO suffer some uneasiness over the Illinois Cen
trail matter, such condition of mind may
prevent the very thing which some people are
expecting 1t should be borne in mind, however,
that conditions affecting the movement for the
control of the Illinois Central property are in
way similar TO those that were responsible for
the Northern Pacific panic.