New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-09-15
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
heavy in volume in few shares. while the
movement Of values as a rule was in the direc-
tion OF higher quotations. especially IN the an
thracite coal issues and some OF the specialties.
Reading enjoyed a maximum gain OF more than
s points. closing at net advance Of a. the i'm
provement. however. being unaccompanied by
news developments favorably affecting the COM
pany. There were rumors regarding increase
IN the dividend on the stock and talk about
benefits 10 the company IN the event OF the
separation Of its coal business from fits railroad
operations. Vigorous buying IN some OF the
specialtles, heavy tendency In Union Pacific
and a generally poor distribution OF trading in
the railroad list were features Of the day that
attracted attention from close market observers.
and which encouraged the idea in we'll informed
quarters that the absence OF active public
buying demand becoming a factor Of con-
siderable importance to the interests who
working actively for higher prices. Transactions
IN Reading amounted 10 more than half million
shares. and the dealings in this issue. with those
| in Amalgamated Copper. Union Pacific. Pennsyl-
vania ard United States Steel supplied a large
proportion Of the total operations. An advance
in call money in the last hour 10 10 per cent
served 10 create irregularity throughout the
best part OF the early gains was shown IN the
| final figures. Sterling exchange again was
strong. Local banks have gained more than
S14O00OO0 In cash holdings. according to yester-
DAYS estimates
Money rates abroad showed a hardening ten
| dency. but according 10 cable dispatches senti-
nent IN foreign banking circles over the none
tary situation was more cheerful. owing TO the
! higher rates Of exchange at New York and the
advance in the Bank Of England's minimum rate
Of discount, which served to lessen the chances
or further heavy Withdrawals Of gold from Lon
don for American account The urgent needs
at this centre have been supplied, but az the
current rate OF inquiry for funds for interior
account there IS little probability OF an easy
! market for loans IN the near future. The re-
| ouirements Of the West and South have not yet
been satisfied, and the probabilities are that II
! will he a number OF weeks before there is a
material cessation IN ths shipments OF money
from New York especially as in addition TO the
demands in connection with the financing of the
crops there is an active need for accommodation
incident 10 the great expansion that is under way
| in the countrys industrial activities. If stock
market speculation Is held in check the money
market may go through the fall without further
disturbance. but It IS conceivable that in the
event OF furious bull operations on the Stock
| Exchange there may be disturbance OF a nature
that may tend 10 bring about heavy losses TO the
| spectators Of slender means who are now fol-
/ lowing the lead Of the powerful interests who
have varied assortment Of securities which
they are anxious to let the public have at fancy
prices. There are a number Of cogent reasons
| which ought 20 encourage caution among public
operators in stocks at prevailing quotations and
fortunately the outsiders are beginning 20 recog-
nize the force OF arguments against the pur-
! chase OF securities at ruling figures
People who bearish on stocks realize the
splendid condition OF the countrys trade the
probability Of increased dividend distributions
and the practical certainty OF another year Of
| industrial prosperity. They are bulls on the
future OF the United States. but they appreciate
the fact that speculation In stocks is being con-
/ Quoted lines that foreshadovg a speculative
| collapse. and consequence they believe
| themselves justified IN preaching the doctrine
OF caution at the present time i'm all stock mar
| ket engagements. Some local speculative inter
ests counting the gold which has been
| brought in from Europe and which is vet 10
arrive their own. and they are encouraged in
this belief by the action or certain speculative
] banks which apparently are more concerned IN
stock market speculation than they are in the
| legitimate banking business. There is some
| excuse for the statement that frenzied finance
and frenzied speculation are walking hand IN
/ hand.