New-York tribune., 1906-08-31
sUnlisted.
STOCK MARKET OPERATIONS.

An advance In the call money rate yesterday
afternoon from 6 to s per cent, the highest in
August for ten years. too ouinous g de-
velopment for even the leaders Of the current
great bull speculation to disregard although
their response TO recent danger signals dis
played in the rnorey market has been simply 80
run stocks up g. little higher. With the rise in
call money came accordingly a fall IN stocks.
which had opened In the old enthusiastic way,
and before noon had registered gains running
as nigh as 5 points in Great Northern and in
Union Pacific. Renewed weakness in foreign ex-
change at the opening tended TO encourage the
operators for the rise in stocks by increasing
the probability of early gold Importation; and
there cheering but unhappiy unfounded
reports that a great sum, as much as
S10.oG0,000. had already been secured. while
the tale OF secret accumulation OF gold in
Europe for transfer TO this country was once
more passed about. With the money situation
as It IS. with the moving Of enormous crops TO
be financed largely by the institutions at this
centre. involving a drain Of cash which will be
continuous for mary weeks TO come; with the
surplus reserve of the associated banks last
week lower than In many years at the corre-
spending date. and with the banks showing a
loss TO the Sub Treasury thus far this week OF
s4Oo00o0. making a bad bank statement to-
loan item may not reflect the fun extent OF the
weeks speculation on the Stock Exchange
under these conditions the need of gold is ap-
parent, entirely apart from the requirements
OF the stock market. That the 100000 to ar
rive IN London from South Africa on Monday
will be engaged for the United States IS now the
indication, for this country will probably bid
high enough to get #. and 1t may also draw coin
from London IL the exchange rate goes little
lower. But IL will take a heavy importation to
safeguard the situation here. and the new gold
in sight is of comparatively small amount The
alternative is stock market liquidation, unless
the Secretary of the Treasury shall come to the
aid of the market, which he shows no present in
tention OF doing. Union Pacific and St Paul
were the market leaders yesterday, but IN the
general slump of the afternoon the latter lost
all Of It's early gain and the former declined
more than three points from the high of the day.
In the late trading there was a renewal of short
selling on rather large scale, accompanying
the extensive liquidation. and the market closed
decidedly weak.
The Erie Railroad Connanv so ,ore, ,.,,
upward from adversely, is. under it's present ca
pable management making steady nroeress tow
ard equality with the other trunk lines as ar5s
both physical condition aud earnings. Its gross
earnings. as appears from the annual report lust
at hand. were s4.310ooo greater In the AscaI
year just ended Than in the preceding wear and
ats net Increased more than 500 600 while the
expenditures for betterments exceeSSd by nearly
100000 those tor 1905. East and West North
snd South, the railroads OF the country are re-
recting in their heavy earnings the general pros
pertty and as in the case OF the Erie are enabled
TO devote adequate sums 10 the Improvement OF
the properties. Business confidence everywhera
is still unimpaired, magnificent harvests this fall
are assured, and with the speculation in stocks
and in real estate controlled within reasonable
limits, the outlook for the coming year would be
.n all respects promising one