New-York tribune., 1906-10-25
Closing prices Of active bonds dealt in. with
net changes. follow:
STOCK MARKET OPERATIONS.


an irregular manner. with final prices showing
more net losses than gains. Opening quotations
at Declines as compared with the closing
Of the preceding day. but in the subsequent fore
operations a stronger tone developed.
which in turn was followed by saggng tend
ency, continuing practically until the close. Ac-
tivity confined 10 a few issues. and even in
these shares operations small in comparl-
son with recent heavy dealings, while the char
acter of business did not suggest the presence
in the market Of public operators DISPOSE
ton the part of the larger interests to make
important commitments either side of the ac-
count. In Reading Southern Pacific. Union Pa
cific, American smelters, st. Paul, Amalga-
mated Copper, Pennsylvania, National Biscuit
Norfolk & Western and United States Steel
trading was the heaviest, with Union Pacific
the leader. while elsewhere in the list transac-
tions were unimportant except in the railway
equipment shares, In which there some evil
dence of speculative interest, and in Colorado
Southern second preferred. which reached new
high record price. under the influence of buy
ing, based on the expectation Of the declaration
of dividend on the issue Reports from the
West intinating determination on the part Of
the employees of railroads entering Chicago to
demand higher wages and to insist eight
hour day may have been an influence in re-
stricting trading, while political uncertainties
and the foreign monetary situation were again
factors that encouraged bear pressure. Condi-
tions abroad showed improvement, but the fact
that the contango rate on American stocks in
the fortnightly settlement went above per
cent not without effect sentiment. In
the last hour Norfolk & Western was strong
feature, following the announcement that the
stock had been placed per cent basis.
The movement in this issue. however, failed to
influence the rest of the list.
Interests which looking forward to the
development Of period of easy rates for loans
result Of the action of the Secretary Of
the Treasury in permitting the banks to take
out additional circulation doubtless will be dis
appointed, inasmuch as there is no probability
Of a decrease in the demand for funds in the
next few weeks. 1t is believed that in the rest
of the crop moving period from $15OOOOO0
TO $1S.OOO.OO0 will be sent from New York to
the West and South, and the prospects of a
speedy return of this money not at all prom
isng, owing to the activity in trade throughout
the country and the disposition Of interior
banks to add to their reserve holdings. OF
course, part of the currency which has been sent
from New York will return, especially If rates
for loans this centre rule above those prevail
ing at other points, but even with active re-
shipment of money the New York banks will
not LOT some urne De IN q pOSlCOn 10 eXten0
accommodation at low quotations Already
Wall Street is beginning TO figure on further
assistance from the Secretary of the Treasury,
believing that it is necessary only to ask and it
will receive whatever funds it desires. The pos
sibility Of the Secretary redeeming in advance
the per cent government bonds which mature
next July and further deposits of federal funds
with national banks being seriously consid-
cred by Wall Street but there is little reason to
suppose that the Secretary will extend addi-
tional federal help unless the needs of the busi-
ness situation require such action. The foreign
discount markets were unchanged yesterday,
but in London bar gold was higher. large
amount of exchange is being created by the
increased cotton movement. port receipts of
cotton in the last two days having been heavier
than at any preceding time this season, i'm
provement being due TO foreign buying
Business conditions throughout the country
! remain extremely strong, and the only unfavor-
able features at the moment signs Of labor
unrest and the growing scarcity of cars Pro-
ducers and manufacturers are finding It diff
cult to secure quick transportation for their
goods, and, of course. If this situation continues
for any length of time its effect on business will
/ be far from favorable. And the same thing
may be said regarding the discomfort which is
! noticed among laboring men in certain branches
| Of trade. There appears to be, however.
general belief that the few adverse features in
trade conditions of sufficient Importance to
/ bring about material decline in the nations
! industries. and in consequence holders of stocks
are confident that prices for all securities will
! move TO higher figures just soon as the
( money market returns to a normal basis Wall
! Street, however, may as well make up its mind
! to pay good rates for money Just as long az
| business prosperity continues and as long rs
/ the country suffers from an inadequate currency
/ system. Bankers express the hope of currency
reform legislation this winter by Congress- and
ii is believed that the President will encolra pc
such legislation TO an extent that will bring
! about some Improvement at least in our none-