New-York tribune., 1905-06-13
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
much lighter In volume than expected. by the
majority of commission houses, trading being
made up In great part of the operations OF the
professional element, despite the favorable de-
velopments Of the last few days, which naturally
were considered important enough to attract
large public following in speculative dealings
The fact that commission house customers did
not respond to the prospects for peace In the
Far East, to the practical settlement or the
Equitable rnuddle and to the remarkably favor
able government crop report, did not, however,
cause any uneasiness In the higher circles Of
finance There is reason why the absence Oh
a public demand should be considered bear
argument American securities The specula~
tive public never comes into the market until
prices are well up the speculative scale. but
while this element is waiting for what it fool
ishly believes will be the psychological moment
to buy stocks, careful investors and speculative
interests who always buy cheap and sell dear
accumulate good securities, knowing that Pc
Tiods of dulness in Wall Street always fol-
lowed by activity. Doubtless in the absence OF a
big outside demand many operators took profits
in yesterdays early trading, and thereby en-
couraged pressure from the bear party. the
result Of which was lower prices in the forenoon
in the majority of issues, declines. however. gen.
politan was an exception. its advance being
based the theory that the settlement Of the
Equitable troubles would bring about closer re-
Iations between the Belmont-Ryan interests IN
local traction affairs
The governments report Of crop conditions of
Juno indicates large yield Of winter wheat
and an unusually large spring wheat harvest
OF course it is too early in the season to place
absolute faith in the spring wheat estimate. as
much may occur in weather conditions before
the maturity of the crop to damage the growing
cereal; but. SO far as winter wheat is concerned,
It is safe to say that the yield will be just as
large as the governments prediction. as the
grain has now reached condition that is prac-
tically immune from climatic vagaries. Ac-
cording to the reports received from the best in
formed IN the agricultural section of the
country conditions have improved since the first
Of the month, and therefore at the moment there
is every reason for optimism over the prospects
for this years harvests. In the early dealings
some hear sentiment noted result OF
the tone Of the London press over the prospects
Tor peace in the Far East. but later on in the
day. when 1t officially announced that Rus
STA had agreed to meet Japan to discuss peace
terms, the whole market exhibited a f1rrner
tendency. and in the last two hours there was
a considerable increase in the volume Of busi-
ness, especially in Arnalgamated Copper, Aneri-
can Smelling, Canadian Pacific Metropolitan,
Pennsylvania, Reading. Union Pacific and the
United States Steel shares.
Canadian Pacific ended the day at net gain
of liz, Metropolitan at net gain of 1, Union
Pacific closed unchanged. and United States
Steel common and preferred at q net gain of
"a for each issue. Amalgamated Copper lost
over I per cent American Smelling / per cent,
while elsewhere in the list final changes. as a
rule were confined to small fractions net gains
predominatng. The increased activity in Cana
dian Pacific accompanied by strength In
800" common which gained over / per cent.
The control Of the $500 company is held by
the Canadian Pacific. and it is a noteworthy fact
that interests identified with the latter company
have been buying the 800 shares to hold as
investments. Earnings of the company have
made wonderful improvement in the last two
years. and since the opening of the roads
Winnipeg extension, which taps a most pro-
ductive territory, the volume of traffic has much
more than doubled. Corn Products preferred
was again strong feature, and from the char !
acter OF the buying 1t assumed in well in |
formed quarters that the stock is it's way |
toward a materially higher quotation range. |
There was no change in money and exchange |
quotations In banking circles 1t was thought
that there would be important advance in
lending rates in the future, at least before
the end Of the month, when preparations will be
made for the July interest and dividend dis
bursements.