New-York tribune., 1906-08-10
'Unlisted
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Declines which took place in yesterdays stock
market represented continuation OF the re-
alizing movement which developed in the trad
ing OF the preceding day and pressure from the
bear element, the latter taking advantage of the
course Of the market to put out lines OF shorts
on the theory that the decline would be carried
far enough 10 permit covering at a substantial
profit There was nothing in the days news
affecting the intrinsic value OF securities that
warranted liquidation OF investment accounts,
while there was no change in speculative senti-
nent indicating a general shifting on the part of
the larger operators from their recently assumed
bull position on the market Declines now are
considered nothing more than incidents Of a bull
speculation. Commission houses were not active
factors in the trading though on the decline
there was some quiet buying by operators who
are able to handle more than 1OO-share lots An
advance in call money to 8 per cent was factor
that encouraged bear activity in the afternoon
nut losses on the late movement were not ex-
fensive. there being an absence Of heavy liquida-
tion indeed the market became exceedingly
dull on the decline In Amalgamated Copper
American Smelling, ST. Paul, Reading Southern
Pacific. Union Pacific. the Steel shares and Penn
fylVania trading amounted to large figures but
elsewhere in the active list total operations were
relatively light including the bond department.
The failure Of the New York Central bond svndj
cate TO dispose of its holdings following so soon
similar i'll luck by the Burlington syndicate
emphasizes. the congested state of the bond mar
ket and lends little encouragement to the fnanc-
ing Of new issues at this time Pennsylvania
shares and Southern Pacific were among the few
| strong features in the day
The fall IN exchange at interior points on New
York foreshadows the development Of an active
demand this centre for funds for the West
and the South in the near future and proba bly
the strengthening Of money rates, both in the
call and time departments Of the market Fort
unately. conditions in Russia have ouieted 70 an
! extent which encourages the belief that there
! viii be no disturbance in the course of the next
/ feW months in the Muscovite empire great
/ enough to affect adversely the money and gem
! eral financial markets of Europe. and as a
consequence this country may soon be able to
| import gold from Europe. Money rates abroad
are lower than they are in the United States
ana they promise 20 remain in this position for
some tlIne 10 come while our quotations doubt
less VIII rule at figures which will attract for
elgn FUNDS to our shores. Europe desires to en-
pIoy It's money at the point where the rates are
the most profitable, all other conditions being
favorable and. therefore, barring acute disturb
ance in Russia, there ought soon TO be a large
amount OF foreign funds at the disposal of the
| local market. The United States VIII have :,
- -f f-O| - SA'''4' ana PROBABLY cotton, this
year available for export and bills drawn
against shipments OF our products NAV he
! counted on to help out the money market at The
time when assistance will be needed the most.
Bankers are looking forward to firm rates for
| loans. but TO disturbance in the market
Sterling rates were easier yesterday, and there
were some indications in the market that the
tendency in the immediate future would be in
the direction Of lower quotations. AS the price
I oP bor hos
evidently is urgent demand on the part Of
the Bank of England for the metal. and. in the
event OF further declines in sterling at this CEN
tre New York doubtless Will be able 10 secure
some of the gold which will be available in the
London market next week