New-York tribune., 1905-06-25
STOCK MARKET OPERATIONS.

somewhat strained relations between France
and Germany over the situation affecting Mo-
rocco, caused some selling on the local ex-
change in the early dealings, but prices were
not materially lowered as result of the liQui-
dation, which represented little beyond the oper-
ations of the board room element In the last
half hour a hrmer tone developed, and
consequence final quotations showed only un-
important changes from the last figures Of the
preceding day. The publication of an extremely
favorable bank statement naturally exerted an
influence on speculative sentiment, especially
the changes were far more encouraging than
fridays preliminary estimates foreshadoWed,
cash holdings for instance, increasing more
than S9O00,000, against an estimated gain OF
So 100000 Loans decreased more than $1,000
900. deposits increased more than Sboooooo and
reserve above legal requirements increased
S7SS5175 bringing that item to S15,U94,6to'
compared with S3S,452, ,675 In the same week a
year ago, and S12923S50 in 1903. AS a rule
last quotations were under the closing in FIJI
days market at small fractional declines.
Brooklyn Rapid Transit and Consolidated Gas
were among the few issues that ended the day
at net gains. The fact that the stock mar
ket in the last week has made little response
to the sensational reports regarding the Mo-
roccan situation testifes to the remarkably
strong position of speculation, and to the de-
termination of the substantial interests to view
the outlook with judicial calmness.
Stocks have been moving in an orderly man
ner toward higher level in the last four weeks,
without attracting any important amount OF
outside buying Such a movement not infre-
quently foreshadows a bull market of no small
dimensions and it is interesting to record the
fact that in many of the largest houses in Wall
Street accumulation of securities has been go
o+ tT11ar
in the country on the theory that there will be
active speculation on the bull side before the
beginning of the period when large demands will
be made on this centre for funds in connection
with financing the crops. Barring the develop
ment of the most unfavorable factors affecting
money and business in the United States. there
ought to be a better market for stocks and bonds
in July and August especially for the shares that
will be placed higher dividend levels in the
of the year, as for instance, Baltimore and
Ohio and Norfolk and Western. Canadian Pacific,
which is selling under its actual worth, the 500
shares, St Louis Southwestern preferred and the
copper and steel issues doubtless will be among
the leaders in the speculation of the next few
months. Union Pacific may receive an increased
dividend, and in that event its price should sell
higher providing investors and spectators be-
lieve that the company will be able to maintain
the stock on a per cent basis. Much talk is
heard about dividend on Southern Pacific COM
mon but from what can be learned in the best
posted circles there is little likelihood of pay
ment IN the immediate future. It is said that
Baltimore and Ohio common will be raised to a
per cent rate inside Of four weeks, while 1t is
well known that the directors Of the Norfolk and
Western intend to advance the rate on the COM
mon stock OF the company to per cent at the
next dividend meeting
Notwithstanding the weakness of securities
abroad due to the uneasiness the Mo-
roccan situation the decline in the Paris check
on London and the heavy selling Of American
stocks in the local market for European
count In the last few days, local stock market
interests are not at all alarmed over the out
look, and in the best informed quarters Of the
Street 1t is believed that the developments
abroad win not reach point that Will cause
panic IN the money and stock markets OF the
world rupture between France and Ger
many of course, would involve the financial
markets for time, but 1t is difficult to con-
ceive of any possibility that will lead to any
other than a satisfactory diplomatic settlement
OF the current differences Of opinion between
Germany and France over Morocco Assuming
that the affair will be brought to a close with
out recourse to military movements, there is no
reason to predict the development OF a bear
campaign In securities. And even II the worst
should happen In Morocco the effect would not
long be felt on the American market owing
to the strength OF financial and industrial con-
ditions In the United States. This country is
in a position TO take over any amount of Ameri-
can securities that foreigners may be compelled
to sell. and IT is also in position to send
large amounts of gold to Europs without in
volving the local monetary situation IN trouble.
Paris has been an active bidder for the precious
mr.
not unlikely that In the course Of the summer
this market will be called upon for gold from
ths French capital. by means Of the so-called