New-York tribune., 1906-06-15
enlisted.
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

Heavy speculative liquidation was responsible
for sharp declines in yesterdays stock market,
the weakness IN many of the active issues
amounting TO more than per cent, while in
the case Of Reading there maximum loss
Of 10 points as compared with the closing price
Of the preceding day. Much OF the selling in
this issue apparently was for pool account and
the offerings of this character attracted aggres-
sve sales by the trading element, which also
took advantage OF forced liquidation in other
parts Of the fist to exert all the pressure within
its power the general market. In the last
hour Reading sold as low as 132, but closed
1861, net loss of 51s per cent. Elsewhere
among the active stocks the chief weakness was
shown by the Copper shares United States Steel.
Delaware & Hudson, Northern Pacific. Union
Pacific and St Paul, though the last named
issue recovered the greater part of its loss In
the last half hour Of trading. The growing be-
lief that the recent rise In St Paul due
more TO pool manipulation than to plans giving
stockholders valuable rights, uneasiness over
the crop situation, the total lack of public in
terest in speculation for the rise and the pres
in the market of several aggressive oper-
ators whose transactions were confined TO sales
were important influences in bringing about the
lower range of values. A marked exception to
the downward movement was presented by Bal
timore & Ohio, which enjoyed net gain of 27s
ness. This movement accompanied by
report that there would be an increase in the
dividend. this idea doubtless being based on the
theory that the increase in the rate Pan
handle" and on the Pennsylvania Company
stock would be followed by similar action in
the case of Baltimore & Ohio in which the
Pennsylvania Railroad is heavily interested as
a stockholder. Brooklyn Rapid Transit also
showed improvement while in the last few min
utes Of trading feeble rally took place through
out the list
Conditions in the local money market suggest
the probability Of relatively easy rat tes for call
loans in the immediate future, but we'll informed
bankers believe that later in the season a
much firmer level will develop. The withdrawal
by the government OF S1O,OOOOOO deposits from
national banks I'm July Will not cause disturb
ance in the money market, unless speculation
IN stocks develops to an extent that will create
urgent demand for accommodation in the
/ loan market. There is at the moment no indi-
cation Of an approaching bull boom in securi-
ties; indeed. the movement OF prices the
/ Stock Exchange in the last few days suggests
! that there are more bears than bulls at present
in Wall Street. though it is well TO note that the
activity on the part OF the operators who are
anxious to bring about lower prices does not
meet with material response from the general
public Apparently the outsiders believe that
I conditions do not favor the purchase of securi-
I ties at present quotations. while on the other
hand. they evidently entertain no idea Of part
ing with whatever holdings they may possess
merely because of invitations from the bear
/ element TO sell them. Inasmuch as stock mar
( ket values IN the greater number of cases are
quoted at a level which adequately measures
the actual worth of the investments, there is no
great desire the part of conservative dealers
TO buy stocks and bonds at present, and trading
therefore is confined almost entirely to the pro-
fcssional element. Operations for this account
are nothing more than betting risks and do not
represent investment dealings Many operators
win welcome lower level. they believe that
speculative activity on the bull side of the mar
ket will not be successful at the present range
Of values.
Foreign exchange rates were irmer yesterday
but well informed bankers were not disposed &c
predict exports of gold this summer. Interest
/ in the foreign exchange market has been &C
centuated by the expectation of large falling
off in exports Of provisions from this country
as result of the disclosures incident to the 80
called Beef Trust scandal Undoubtedly, in tn,
: current month and in July there will be
marked reduction in domestic exports OF thi
sort, but IL is interesting 10 note that in TIT
5 month of May. figures OF which received
yesterday. shipments OF provisions from tn
United States TO foreign countries amounted II
value TO Sl5oo6229 compared with $12. 1872. .O6
In the same month ago. and $40. $50. 152 II
the corresponding period in 1904 Total exports
however, of domestic products In the month O
May showed a falling OFF from the record o
May, 1905. though they we'll IN o
the same time in 1904 The decrease from /,
year ago was due entirely to a reduction in tn