New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-08-08
Closing prices Of active bonds dealt in. with
STOCK MARKET OPERATIONS.

In the early dealings new high records for the
current bull movement were made in number
OF stocks while throughout the list the tendency
was In the direction of better quotations. The
local market was helped by active buying for
foreign account and by an increase in commits
sion house business. but in the afternoon really
ing sales and a cessation of the outside demand,
together with firmer rates for call and time
money. served TO carry quotations under the
early high figures In some cases declines reach
ing per cent though at the close the greater
number of issues showed some Improvement
compared with the final figures Of the preceding
day. Morning activity the most pronounced
in Analgamated Copper. Baltimore & Ohio,
st. Paul. Pennsylvania, Reading. Union Pacific.
Southern Pacific, Chesapeake & Ohio, Col
orado Fuel and the United States Steel shares.
in which maximum advances ran from / TO 2
per cent. Pennsylvania being a leader. both in
point of dealings and gain. Street gossip says
that Pennsylvania Will sell at a much higher
price, and that St Paul will touch 200 on the
present movement. while better quotations are
predicted for Chesapeake & Ohio. Union Pa
cifc, Southern Pacific. and, in fact about every
stock the list. In the last hour reaction both
Union and Southern Pacific lost their entire
advance and closed at fractional net losses,
while Pennsylvania maintained most of its gain
in the final trading. There was no change in
sentiment as result of the sagging tendency in
most parts of the list. the declines being consid-
cred nothing more than incidents of a bull
market
Local banks have lost more than 100000 in
| their operations with the Sub Treasury since
/ Friday, owing TO Panama Canal bond payments
while the prospects favor a considerable loss for
| the week, which will hardly be offset by receipts
| from the interior. rates of domestic exchange
| on New York turning against this centre II
is estimated that interior bank balances with in
| situations here amount TO upward Of $10O.00OOOO
| and Withdrawals from this amount are quite
likely 20 exert adverse effect the money
market. especially as in addition to the demand
for funds in connection with the harvesting and
| marketing OF large crops there is an active In
CURRY for money from general mercantile sources
and later on there will be further borrowing by
| the railroads on short time notes. While rail-
roads are making enormous earnings, their re-
| quirements are reaching tremendous proper
| TONS and they are forced to go into the market
for money either with new stock and bond issues
| or by putting out notes, the latter being the
easier way of meeting their needs as It is ex
| tremely difficult 10 market new security issues
Earnings being given in greater abundance
TO the stockholders through the medium OF in
creased dividends. and. as Improvement work Is
going on in a manner more extensive than ever
| before in the history OF American railroads the
| necessity OF securing the assistance OF the
money market IS apparent. This policy will
turn out all right IL prosperity runs on for sew
eral years: otherwise the system of making big
distributions TO stockholders and borrowing in
the open market may not result 20 the advantage
OF the companies. There IS at present craze
-
ploring directors TO add TO already large pay
ments. and directors in many cases appear will
ing TO do as asked: hence. It follows that great
enthusiasm prevails in Wall Street over the good
| things and melon cuttings that are 20 come in
! the future. There is no attempt the part Of
big operators who are anxious TO distribute
| stocks 20 discourage Wall Streets cheerful sem
| timent
month or more ago. when prices on the
| down grade, certain observers made the state
ment that the stock market was discountlng
business depression: but these ideas have been
revised in recent weeks. and the same people
now say that the rise is discounting further
| prosperity. There are no signs IN the situation
OF trade reaction, though affairs are running
along at a breakneck speed. and in the stock
| market there is no indication that prices for
securities will not reach higher quotation level
Even 81 money goes up stocks may continue
1 their advance for the reason that a most power
full aggregation OF speculative interests are be-
hind the market with their own vast funds and
with time money which runs over the period
| when stringency may develop. II may be re-
| called that 100 per cent call money last year
| failed 70 damage securities velues. Commission
house brokers sending bullish advices 20
| their customers, advising the holding OF ell
securities for higher figures, particularly the low
and medium grade issues