New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-23
BONDS.
A T & s Fg 4s10o&
STOCK MARKET OPERATIONS.

MhRAE1 OHEhaI1ONS.
While the volume of business in yesterdays
stock market showed a falling off from the to-
tai transactions Of the preceding day, prices
were generally strong. with more net gains than
losses at the close. more cheerful tone in
London helped local values. early quotations
moving up in sympathy with the advance in
the foreign market. while throughout the morn
ing decided frmness was the characteristic feat
ure In the majority of shares. In Atchison.
Brooklyn Rapid Transit. Baltimore and Ohio,
ST Paul. Missouri Pacific, Pennsylvania. Read
Ing Amalgamated Copper, Southern and Union
Pacific and United States Steel preferred trading
was heavy, but elsewhere in the list transactions
were generally confined to small totals. United
States Stee! preferred was bought on the more
favorable reports from iron and steel trade cen
tres 1t was announced that several steel plants
in the Pittsburg district that have long been
idle had resumed operations, while from the
South came the report that the Southern pig
iron makers had mora orders their books
than they could fill. These two factors naturally
offset the rather pessmstic tone OF the edi-
torials in The Iron Age for this week. Brook
Ign Rapid Transit was in good demand at adj
vancing prices. its early transactions showing
a gain Of | point as compared with the preced-
ing day. Union Pacific and Southern Pacific
We're also we'll taken. while excellent support
was reported in Reading. Atchison and St Paul
The market became extremely dull In the after
noon. prices exhibiting great irreguarity. with
many reactions from the best figures OF the
day. The steel issues maintained fair degree
of strength up to the close. dealings IT. the pre-
ferred being more active than in any other stock
on the list. There was no change OF Importance
In the local money market.
According TO the known movement OF money
in the week the local banks have gained upward
OF S1OG0OOo0 receipts from the interior and
excess payments by the Sub-Treasury account
ing for the greater part of the increase. 1t IS
reasonable 10 suppose that within the course OF
tho next few weeks the movement OF money
will begin to reflect an active demand from tina
interior on the banks az this centre. The period
is rapidly approaching when the great agri-
cultural centre OF the country will require
large amount OF money 10 move it's crops. and as
all indications point toward crop valuation this
year muck larger than a year ago, the demands
for money will be correspondingly heavy. The
idea that New-York will not be called on TO
supply funds for the West and South because
the West and South are better supplied this year
than in some other years with money is silly
The South and West have a large amount Of
money deposit in this city which will he
withdrawn in the fall. while. in addition. the
local banks Will be compelled to send additional
supplies OF currency fortunately the local IN
stitutlons we'll supplied with funds This
country doubtless will be able to draw gold from
Europe I'm the fall. but ever II there should be
no gold imports there Will be no disturbance In
the money market. There Will be plenty OF
money fo- mercantile and crop movement pur
poses; also for stock market speculation
The present strength OF the stock market Is
beginning to brighten certain speculative inter
ests who are short Of stocks and who have
been preaching for long time that the rally
which began several weeks ago would be fol-
lowed by declining tendency. Efforts 70 bring
about a lower level for securities are not likely
to be successful at present. inasmuch the
controlling influences in stock market specula-
ton are based factors which warrant higher
quotations for stocks and bonds The larger
market operators arrayed the bull side
This fact alone ought To suggest the wisdom OF
extreme caution in transactions for the short
account. In addition TO the activity of the
larger financial interests. there many favor
able features affecting the value of securities
that furnish ample reason for enthusiasm in
quarters where better prices are expected. The
prospect Of large crops throughout the country
the elimination OF the Presidential campaign as
an adverse market factor. the enormous supply
of funds available for speculative and invest
ment purposes and the evidence Of a revival in
the country's Industries ought 20 discourage
people who are short OF stocks, while in these
factors holders who wish to sell their stocks at
a higher price may see the fulflment OF their
hopes. II may be web TO bear in mind how
ever. that upward movements in securities are
always accompanied by passing sharp reactions
and 1t may therefore be wise for public oper-
ators to back their accounts at this level with
large margins People who operate on what
Wall Street calls "shoest~ing margins" certainly
deserve little sympathy when they lose their
money While it may be said as d fact that
some Of the largest capitalists in the country are
operating on the long side of the market. IT
should be remembered that in all the bull mar
kets Of the past the biggest operators for the
rise have made frequent excursions on the short
side of speculation.