New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-09-19
Closing prices of active bonds dealt In. with
STOCK MARKET OPERATIONS.

Stock market values IN general were not favor
ably affected by the announcement that Union
Pacific interests negotiating for the control
Of the Baltimore Ohio and Reading systems.
Reading. however. moved toward a higher level.
reaching new record at 1861. but IN Baltimore
& Ohio. Union Pacific and stocks supposed 20 be
controlled by Mr.. Hartman and his associates
the tendency was toward lower quotations in
the best part OF the five hours OF business. The
great activity in Reading and the indications OF
manipulation IN this issue created considerable
uneasiness in speculative circles and encouraged
aggressive operations by the bear element. which
was assisted by further strength IN call money
rates. In the majority OF shares early prices
showed advances as compared with the closing
Of the preceding day, but in the subsequent deal
ings the general list exhibited pronounced weak
ness. declines in many Issues amounting TO more
than 1 per cent While total transactions ran
above 100000 shares, dealings Were poorly dis
tributed, few stocks supplying the greater part
Of the entire business. Reading. Union Pacific,
United States Steel. Amalgamated Copper. Erie
and the Railway Equipment shares being the
features. The most important developments in
the financial situation were the continued
strength OF money rates in this city. an advance
in the discount rate of the Imperial Bank OF
Germany and decline in domestic exchange on
New York. the last named factor indicating an
increased demand for funds at interior points.
In addition 10 the large amount OF money
which is now being withdrawn from the New
York banks for shipment 70 the interior, the
local institutions also are being called upon by
the Federal Treasury for large sums on account
OF customs and internal revenue In the last
month government receipts show an excess over
expenditures Of more than $6.OOO.OOO, the greater
part Of which was taken from the banks at this
centre. and, according TO Treasury officials there
IS little chance OF large distribution OF govern
ment money on regular account in the channels
Of trade in the balance Of the year. The out
look for easy money Is not encouraging. notwith-
standing the probability OF further imports OF
gold from foreign countries. That more gold will
be brought 10 this side Of the ocean IS conceded
by local banking institutions, but Il is not be-
neved that New York bankers will be able 10 se-
cure large amounts OF the metal in London.
bankers at the British capital being unwilling TO
send funds 10 this country for the purpose Of
assisting the speculative movement now under
way in American securities The price OF bar
gold. however. in London has been reduced. and
unless there should be a marked advance Ia
sterling exchange in New York and a slbstan-
tial increase in London discount rates our bank
ers doubtless will be able 20 secure moderate
amounts OF gold If the necessities of the business
and speculative situation in this country should
become urgent Time money is ruling at q rate
which discourages actual investment purchases
in the stock market, but. OF course. this factor
does not carry weight with spectators who are
engaged in bringing about higher quotations for
securities.