New-York tribune., 1906-09-25
SCnI!ste6.
Closing prices of active bonds dealt IN. with
net changes follow:
STOCK MARKET OPERATIONS.

In the early dealings IN yesterdays stock mar
ket prices were weak throughout the list. sharp
declines being recorded in many Of the active Is
sues In the afternoon trading, however, losses
in the majority of shares were recovered. the
advance being due. in part, to announcements Of
further gold import engagements and the de-
velopment Of greater ease in the call money
market. The decline IN call funds not owing
TO actual improvement in the money market sit
uation, the lower range OF rates IN the last
TWO hours OF business representing the lighter
demand for funds resulting from the quieter
speculation In stocks. ANY increase in the spec
ulative inquiry for securities viii bring about
higher rates for loans, and spectators ought
not to indulge IN the delusion that the easier
tendency In call funds yesterday foreshadows an
increase in the supply Of money large enough
the finance at present big bull operations on
the Stock Exchange. The upward movement in
stocks was accompanied by a report that the
Secretary Of the Treasury would make an
announcement showing disposition on the part
OF the government to advance an additional sup
ply OF money TO the banks but most OF the
gains were based on covering of short contracts
rather than on a public inquiry for securities.
Ihe larger interests. however. were buyers OF
their issues. this being especially noticeable in
the Hartman. Reading and metal shares Con-
siderable uneasiness developed in the morning
over the outcome Of the state political conyen-
tions and substantial market interests extended
support on the appearance Of selling based on
political uncertainties. Closing prices in the
greater number Of issues showed unirnportant
changes from Saturdays last quotations though
gains generally reported.
Money market conditions at present are at
tracing the attention OF business men and hank
ers in the United States and foreign countries
owing to the great scarcity Of funds at money
centres. due to the heavy demand for accommo-
cation from mercantile sources and the large
inquiry from spectators In securities. In all
parts Of the world money rates are firm and not
Withstanding the fact that New York has been
able TO secure more than S30OOOO 900 gold abroad
there is no prospect of immediate relief in this
market Wall Street is now counting on further
assistance from the Secretary Of the Treasury
and the fact that the government is in an easy
financial position account of its excess of
receipts over expenditures encourages the ex-
pectation that Secretary Shaw soon will mako
further deposits with national banks or else nav
IN advance government bonds which mature
next July Current conditions ought to suggest
10 all hnanciers a quieting down of speculation
IN securlues' but such an idea will not be re-
ceived with general favor The business REQUIRE
ments OF this country under the present era of
prosperity involve the use of an enormous amount
OF money, and in consequence Of the big spec
ulation which has been under way in the stock,
markets for many months merchants ara now,
experiencing extreme difficulty in securing funds
bankers demanding the highest legal rates and 2
commission IN addition, this commission placing
time funds on basis of per cent and mora
In the last few weeks there has been n mod
crate increase In bank holdings. owing to large
engagements OF gold. but the Improvement in
bank conditions has not been sufficient TO war
rant the idea which is held In some poorly in
4oTmed quarters that money rates soon will
oecilne 10 an easy level y study OF last week. 3
/ new York bank statement shows that twenty
/ Two banks are under the - per cent reserve
limit; but OF course. such a situation does not
discourage operators in securities who haIieva
that the financial interests which are behind the
present movement on the Stock Exchange are
strong enough 10 conduct their campaign in the
race OF adverse conditions in money As current
speculation is encouraged by prosperous business
I conditions, and as the favorable oparaticns in
trade require large financial accommodation
me nigh quotations in the loan market. on the
theory that stringent money nrfces r.nrosar+
commercial activity; but IT may be we'll to bear
in mind that the strength of the nonav roart,a+
may oo strained TO an extent which will react
seriously upon the trade situation In the United
/ states Conservatism In speculation and IN bnsi
ness al this period viii lerve m ,,s,,ra +t. 80
nnuance OF Industrial prosperity, and II is IN he
-'peo 'l"' 'He couhtrys bright outlook for fur
uler business expansion win not be upset bv an