New-York tribune., 1906-08-22
enlisted.
closlng prlces OF active bonds dealt in. witl
STOCK MARKET OPERATIONS.
changes, follow:

In the greater number OF active stocks, clos
ing prices IN yesterdays market showed net
losses as compared with the preceding day, in
some cases declines amounting to per cent and
more. The chief weakness developed in the last
hour prior 70 that time quotations moving in an
irregular manner. with frequent bursts Of
strength, especially in the so-called Hill issues.
Great Northern enjoying a maximum gain Of
161z points and Northern Pacific a gain of 6
points, the buying being accompanied by re-
ports that the deal was at last TO be put
through. 1t may be said on authority that the
ore deal IS just simmering. and not likely 70
come TO immediate head. Union Pacific is a
large holder Of the Hill stocks. and has been
nQuidating at frequent intervals. It is therefore
unlikely that the Hartman interests were re-
sponsible for the advance in these shares yester-
day. as naturally they want to get as much
money possible for their holdings Both
stocks declined with the general list IN the final
trading, but succeeded in maintaining a good
part Of their early improvement. Call money
advanced TO per cent, and doubtless was fac
tor in bringing about liquidation, but there was
nothing in the tone OF Street sentiment that
suggested the bull market had run its course
Indeed, in the best informed speculative circles
it was predicted that the end had not yet been
reached and that the days decline was merely
an incident OF the bull movement. Total sales,
while well under the record made in Mondays
market, heavy, amounting to 1945 002
shares. Of which large part supplied by
Amalgamated Copper, Atchison. st. Paul. Col
orado Fuel, Erie. Great Northern Pennsylvania,
Reading, Southern Pacific, Union Pacific and
Steel.
| Conditions in the local money market suggest
the probability of material advance in quota
tions for loans in the near future an indication
Trvfa1 l.
both call and time money and in the heavy de-
mands for accommodation in connection with
the current active speculation in securities. The
| idea, however, that there will be no trouble in
! the money market this fall treasures specula-
tors in stocks, but this idea will not be indorsed
| by many Of the best Informed observers If
stock market speculation continues at its present
rapid pace. 1t is admitted in banking circles
/ that the banks are not in position to finance
! large crops, expansion in general business and
speculation in securities at the same time de-
| spite the probability Of gold imports and Treas
/ ury assistance in the event OF acute stringency.
! Sterling exchange is gradually moving toward
/ the point at which gold may be imported at
profit, but It may come TO pass that an active
/ inquiry in the London market for the precious
| metal for American account may be followed by
1 an advance in the price OF bar gold abroad and
| the placing OF obstacles in the way Of heavy
the best posted British financial papers, London
will not be able TO spare moro than $15OOOOOO
in gold for America, and not this amount unless
| the demand hero should be most urgent Most
! Of the Australian gold which is now being
shipped is for the account OF india and II is not
likely that the United States will be able to Sc
euro much OF the metal from this source unless
Il pays large enough price to divert the ship
rnents from India TO San Francisco.
Wall Street IS imbued with the belief that
speculation in securities is being encouraged by
the most prominent banking and railroad inter-
ests and In view OF recent developments It must
be said that there IS strong evidence that these
interests have been most anxious TO bring about
higher prices for the purpose of shouldering the
| public with their holdings. And IL also may be
said that the methods employed by the larger
! interests TO attract public dealings in stocks
have been more in line with the gamblers tao
tics than with the ideas OF legitimate specula-
ton Criticism, however. OF these methods will
not deter the public from buying securities and
according 90 all indications there will be further
activity and sharp advances throughout the list
under the influence OF manipulation and a heavy
public buying movemeEs- until it suits the pur-
poses of the substantial speculative element
which is back OF the current advance to accum-
uate stocks at lower prices. There has been no
great activity in bonds and no sign OF q heavy
investment demand. The prices OF the major
ity OF securities are too high 20 attract investors
especially with money rates az their present
level People with Investment funds are able TO
receive a better income at present by lending
their money in the Street rather than placing Il
in bonds and high grade stocks. Wall Street has
good reason for the belief that the recent in