New-York tribune., 1906-10-04
STOCK MARKET OPERATIONS.

Early strength in yesterdays STOCK market
was followed by selling pressure which carried
the greater number of active issues under their
closing figures of the preceding day Announce
ment that the directors of the Atchison COM
pany had placed the common stock on 5 per
cent basis apparently the signal for heavy
selling throughout the list these operations be-
ing based the disappointment OF traders re-
garding the dividend. which rumors in the last
few weeks intimated would be advanced TO @
per cent level The decision of the Atchison di-
rectors. Of course. will not find favor with spec
uators. but IL doubtless will receive the ap-
provai of conservative investors In the selling
movement Atchison lost more than per cent,
while elsewhere In the list of active issues maxi
mum declines of 1 per cent were common the
only important exception TO the downward
movement being supplied by Canadian Pacific,
Colorado & Southern, Missouri Pacific. Southern
Pacific and Union Pacific On the decline a
number OF prominent houses were active buyers.
but there was no attempt to bring about higher
quotations, except in the case of a few issues
which We're influenced by conditions not affect
Ing the general list, notably in the case Of Col
orado & Southern, which was in active demand
on the report of change IN the control of the
property. This stock made a high record,
closing at a net advance of 2as. The strength in
Canadian Pacific was due TO the announcement
that an additional per cent dividend would be
distributed TO the shareholders. This payment
comes from the large profits which the company
has made its sales Of Western lands. The
general market closed dull. with prices near the
lowest Of the day.
Conditions IN the local money market while
somewhat more favorable than they were few
weeks ago. do not suggest the development in
the near future of a low level for loans. Doubt
IN he hal aoFrt
VIII rule at stiff figures. notwithstanding in
ports Of gold and assistance from the Treasury
but the outlook does not indicate disturbance in
the financial situation, though OF course pre-
Vallng high quotations for money make 1t ex-
pensive for merchants to supply their needs
NeFertheiess. the mercantile community is able
10 pay current rates, owing 10 the profits which
II has enjoyed for many months and which
promise TO continue for months to come There
! Is 10 lhdlcetlon OF a change from the present
| favorable conditions in the business world. and
| In consequence business men are willing 70 nav
me nigh price demanded for monetary accom-
modation, knowing that the rates reflect indps
| trial prosperity rather than boarding Of funds
Whlch' IN years gone by. has been responsible
| TOT SUN loan quotations in this country There
| is no reason for any individual or corporation
to keep funds idle under present conditions and
| IL Is encouraging TO know that there is little
money IN this country which is not being ac-
| lively employed in the channels Of trade
The really only unfavorable feature of the
present general monetary situation is the con-
slant piling up of a large surplus in the Federal
Treasury. due TO somewhat antiouated cur
Tency system. To be sure, the Secretary of the
| Treasury has, although not authorized by law
adopted measures by which some of this surp!us
| has been thrown into trade centres but the very
fact that the Secretary has been compelled TO
take extraordinary action suggests the weakness
| Of our currency laws. Secretary Shaw is an OK
| ceptionally intelligent man, but he has estab-
| lished precedent which future secretaries NAV
| not follow. Therefore every banker and every
business man who is interested in the welfare
! Of the country should exercise their best efforts
| to bring about a reform in the currency system
which will relieve the banking community OF the
| necessity of applying 10 the government for as
| sistance. as instanced in the last eight months
IL Is 70 be hoped that the work Of the Chamber
! OF commerce Of New York for currency reform
| VIII hear good fruit in Congress The special
| currency committee appointed by the New York
| merchants and bankers for the purpose Of ii-
| qulrlhg INTO the condition OF the currency and
suggesting desirable changes has made an ex-
| tenslVe study OF the needs and requirements Of
the financial position Of this country IN respect
10 rs currency laws. and the conclusions
reached VIII be ready for general publication
! tomorrow. our monetary system lacks n4xi-
| Dihty' when interferes with business and there
ought 10 be energetic campaigning on the part
OF al men VINO are anxious for currency reform
! 10 eliminate this weakness II may be well 10
| suggest to bankers who are sincere I'm their
| ideas regarding currency changes 10 work for
the election OF Congress candidates who will he
willing vote for measures favorable % m, o.
! tab:ish.nent Of our monetary system on Il better
Ia