New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-13
BONDS.
STOCK MARKET OPERATIONS.

Moderate activity developed in a number OF
stocks In yesterdays market on a price move
ment that generally tended In the direction Of
higher quotations. There was fair demand for
commission house account. while in various is
sues speculative activity was due to the oper-
ations Of important interests who are espoused
TO the bull side. notably in the local traction
shares. Atchison. St Paul. Pennsylvania, South
and Union Pacific. United States Steel pre-
ferred and Reading. Transactions in the last
named stock were heavier than in any other Sc
curity dealt In, amounting on the basis of full
stock to over ninety-seven thousand shares. with
a final price gain Of two points. There was no
news development affecting the Reading shares.
but buying appeared to be for the account of
people who well informed regarding the af-
fairs Of the company. The Reading system is
doing an excellent business, and the possibility
of a dividend the common stock is not so
remote as some people imagine. At its present
quotation traders whose market judgment sell
dom goes astray willing TO buy this Sc
cUrity. In the afternoon the demand for stocks
became more active, and in the last hour there
was a marked appreciation in prices. amount
ing in many issues TO more than l per cent.
Short contracts put out in the last few days
were responsible for part of the advance as in
covering the bears found It difficult to buy
stocks. except at higher prices In Canadian
Pacific, Manhattan. Metropolitan. New-York
Central, Pennsylvania. Peoples Gas. Reading, St.
Paul, Union Pacific and United States Steel pre-
ferred last prices were a point or more above
opening quotations. In the forenoon dealings
attempts were made to depress prices, but Of
ferings were light, while in the subsequent oper-
ations early sellers turned buyers
While The money market is extremely easy
at the moment, the chances are that rates will
harden in the course of the next few months
owing To the demands which viii be made on
this centre for funds for crop moving and gen
eral mercantile purposes. Already the ship
ments OF money from the interior to New-York
show slackening tendency. and it will doubt
less soon come 10 pass that large amounts of
currency will he sent from New-York TO the
Southern and Western cities. The idea that the
West Will not require assistance from the East
Is not well founded, despite the fact that West
ern institutions are we'll supplied with funds
1t is customary TO hear at this time of the wear
reports that there VIII be no important ship
ments OF money TO the interior. but il has al
ways been found that the usual amount OF cur
rency is shipped, and that people who have
taken q position in the stock market on the
theory that call money viii not advance here
nave generally come 10 grief. All indications
point to an active revival in the country's in
dustries In the fall. which naturally viii serve
10 reduce the supply OF idle capital at the
various financial centres. and which with the
demand for the crop movement will he effective
IN bringing about a better price for Nancy
There is. however. nothing in the situation
winch warrants the prediction Of disturba ncs
in the money market this fall. 1t is quite likely
that NeEV-York will be able to draw on Eurone
Tor gold IN the autumn. Bankers VIII welcome
higher rate for loans. as at the current Low,
quotation there IS little profit for the money
lenders. All signs point toward activity in the
loan market and activity in the stock rnarra+
il the course OF the next six months viii, s,,,-
stantial improvement in securities prices.