New-York tribune., 1906-08-23
Closing prices of active bonds dealt in. with
STOCK MARKET OPERATIONS.

After alternate periods of weakness and
strength stock market values suffered decided de-
clines in the late dealings prices showing losses
from the high figures of from / to 8 per cent.
with net losses, however, generally confined 70
fractions The selling movement was due to
realizing and bear pressure and 70 apparent
disposition the part OF the larger interests to
encourage a quieter speculation owing TO the
danger signals displayed in the money market
call funds advancing to per cent There was
no change in sentiment over the future of values
but it was thought that a reactionary tendency
might be the chief feature in the next few days
movement which would tend strengthen the
position of the market by eliminating the weak
| accounts which have been established in the last
week. The Hill shares, Union Pacific and the
United States Steel stocks were the interesting
features in yesterdays trading, particularly
Steel common. which sold above 46 and Of which
it said a price OF more than 30 would be
reached based on the expectation that the issues
soon will be placed on a straight per cent divi-
dend level. Amalgamated Copper. Anaconda,
Great Northern preferred Missouri Pacific and
Steel common closed at net gains, but elsewhere
in the active list losses were recorded There
was material falling off in the total OF busi-
ness as compared with the first two days of the
week. due both to a lighter volume of public
operations and 10 smaller transactions on the
part Of the substantial market interests.
A hardening tendency is noted in the call
money market, which apparently foreshadows a
much higher level in the near future. The prob
| ability Of long period Of stiff rates for funds
| does not worry the Wall Street community 10
any important degree. but it is conceivable that
IN the event Of acute stringency it will be neces-
| safy 10 call halt in stock market speculation
! Ao' d Uhne at least, inasmuch as the banks will
ioI DE IN position to finance the heavy de-
mands incident TO the handling Of the crops and
demands from SPECTATORS at the same time
owing 10 the low position Of the bank reserves
@I thls centre OF course, the chances favor
assistance through the foreign exchange mar
Aet' while in the event of actual disturbance
government funds doubtless will be placed az
the disposal Of the banks, but these measures
VIII merely serve TO offset the heavy withdrawal
OF currency for interior account rather than
supplying fund for the use Of stool, ma rl,et
operators Fortunately for the speculative sit
uation most Of the large commission houses ara
suppheo with time money 70 run over the year
anu f" speculation is held in check there ought
to be no great amount OF liouidation IN socurt
ues' whlLe a pause in speculation at this neriod
/ VIII insure greater activity when roona,, hae,,s
TO move toward New York. That there will ba
large movement of money TO this centre ae.er
the fall demands OF the interior have been sat,s-
ned is foreshadowed by the large number op
buyers who are now in New York filling enor-
nous requirements for the autumn season
| Purchases now being made in all lipae for
future delivery are heavy, and payments to New
York will be correspondingly large There is M
| indication Of a setback in trade prosperity IN
/ the near future; indeed all reports from rnAr
camille sources suggest the proba bity of another
| twelve months Of the business expansion Nat
! uray, the sound position of trade in the United
States and the promise of about the largest
| wheat and corn crops on record encourage specu-
lative activity in all markets, and there is some
uneasiness in conservative circles owing to the
idea that speculation may be carried TO an extent
which may result in disaster. This view Of the
| outlook however, is not popular in Wall Street
quarters. especially as the larger interests are
| diligently working 20 bring about higher quota
tiOns for stocks in order to distribute at profit
able figures part, at least. OF their heavy ac-
cumuations of securities. Public activity prom
ises to continue just long as the more i'm
portant banking and railroad interests continue
TO assert their belief in the theory OF higher
prices, based on growing earnings among COR
porations increased dividends and the establish
| nent In the investment column Of stocks which
have never paid dividends. II is generally under
! stood that the present dividend era which is
! the outgTowth OF years of careful corporate
! management backed by favorable natural con-
ditions will run on for many months to come