New-York tribune., 1906-09-06
sUnIistsd
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.

In the face OF an advance in the call money
rate in the last hour Of trading yesterday TO 40
per cent the highest since January. and of con-
tinued nrmness IN time money. the stock mar
ket. which earlier had been dull and had shown
q declining tendency, advanced sharply on a
much increased volume OF transactions. closing
with net gains in the majority OF the active IS
sues. The opening had been at prices generally
lower than those Of Tuesdays close, and with
10 per cent bid for call money at the outset and
none obtainable at that figure, the trading Ian
guished The first loan made az II per cent,
and before the rate had risen 10 % per cent
Announcement OF the engagement OF about 81
100000 gold for importation from London. made
around noon. caused a moderate rally: and In the
last hour. the revival OF the report that Sec
retary Shaw would come 20 the relief OF the
money situation. the improvement IN the general
list became more pronounced The Secretary
himself continued 70 maintain complete reticence
as to his possible Intervention, but the spirited
bidding up of stocks was accepted by the rank
and file OF operators as proof positive that some
important interest had had definite assurance
that the Treasury would In some way lend aid
10 the money market. and the rank and file ac-
cordingly also turned in and bought stocks.
Certainly relief from some source is needed
Treasury from last Friday TO the close of busi-
ness on Tuesday nearly 81. 100000. and they lost
an additional 100000 yesterday through
transfers to the West and South With these
drains. and with the reserve OF many institu-
tons below the required level, the continuance
yesterday OF the calling Of loans and the re-
newal at higher figures OF standing call loans
were not surprising. The large demand for time
MONEY, too, could be met only by supplies of for
eign capital. obtained through finance bills; and
Tor this accommodation rates equivalent 10 7Ih
and even per cent were made on ninety-day
loans. Demand sterling declined as q conse
quence OF the high money rate 10 4s2S5 the
lowest Of the year. and closed at $50 Is points
under Tuesdays close. An engagement OF f4O3-
OO in eagles at the Bank OF England wa. re-
ported and has probably been effected although
none OF the institutions or bankers usually mar
I ticipating In gold movements would admit hav-
Ing made the arrangement But with the Bank
OF England as opposed as II has recently shown
Itself to withdrawal OF the metal IN volume
10 New York. the outlook for big importing
movement at this time is unpromisins. even
with foreign exchange rates as low as thever
The reviving by the Secretary OF the Treasury
OF his gold import facilitation'' order Of last
April. saving 20 importers the loss represented
/ by interest in transit the sums brought IN bv
them. would without doubt have the effect OF
stimulating greatly the present relatively small
| movement Of gold from Europe TO this centre
| And this IS what Wall Street-a day or ,vro
/ VIII show whether rightly or wrongly-believes
that the Secretary viii do Suggestions that the
/ natural remedy OF stock market liquidation be
tried for space are received with hostility ana
even horror. The Secretary, IT is declared. would
/ be falling I'm hroadmindness and in a true con-
ceDtion of his official duty If by refraining at
/ this juncturs from doing what he can 20 relieve
| the money market strain a stock market break
! should occur. for that would dampen business
/ confidence and might have a prejudiciaI effect
/ upon the prevailing general prosperity But
I there have been instances IN which depression
! IN the stock market from special causes has
! not connoted depression in the country's eon-
meTce and industries