New-York tribune., 1905-07-11
sUnlisted
Closing prices yesterday of active bonds dealt
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock
market prices reflected in a reactionary ten
dency the disposition on the part Of many trad
ers TO take profits and an inclination on the
part OF the board room element to put out short
contracts for quick turn The declines were
not large. Offerings were easily absorbed. and
In the afternoon operations the greater number
Of securities recovered the larger part Of their
mornings losses. the initial weakness attracting
buyers who were anxious to get into the market
at concessions from Saturdays prices. especially
in the case Of Reading, Tennessee Coal and Iron,
Union Pacific, United States Steel shares Erie
and Amalgarnated Copper. Reading and United
States Steel common were the leading active
issues, transactions in Steel amounting to over
10000 shares out of total in all issues Of
nearly 100000 shares, while in Reading total
sales amounted on the basis OF full stock to over
114O00 shares. Union Pacific and Reading
closed at fractional net losses and Tennessee
Coal and Iron lost over per cent, selling in the
last named representing heavy profit taking on
the advance OF the last ten days. It is under
stood that the people who were the heaviest
buyers week or more ago expect to sell their
holdings at par or better. The violent advance
In cotton was not factor in the stock market
In the last hour there was fair demand from
many of the substantial interests while ordt-
nary commission house traders were more in
cilned TO buy for higher prices. large purchases
being made in Canadian Pacific, Tennessee Coal
and Iron. Reading, Erie Union Pacific and the
steel shares. There were no important move
ments in the money foreign exchange mar
kets' although time money for six months
reached per cent basis.
The financing OF the crops this fall will NOT
be an easy matter, If present conditions in
money possess any significance. In six weeks at
outside IN Sho
heavy demand for cash will enanate from +ba
crop regions OF the South and West and viii
continue. with little or no diminutton until +be
nrst or forepart OF November. Some money IS
10" gong TO those sections but the amount Is
not important For brief period the South
ern and Western banks will be able 10 roae+
requirements out Of their own resources on hand
but after the middle of August however. there
VIII be so large an inquiry for currency that an
enureiy new aspect Will be impaired to the
monetary situation 1t is a common practice
TO speak Of the existing state Of the monetary
situation as easy. Call money recently has been
as high as per cent, and has averaged fully
IA per cent, whereas the call rate ordinarily
rules in the neighborhood OF per cent at this
time OF the year. and seldom averages above
Ia per cent Time money has not been high
but 1t has nevertheless been higher than usual
II is call money though, rather than time
money, that reflects the true position of funds
The banks have harder task before them IN
regulating the money market in the second half
of the year than they had in the first half In
consequence OF their low reserves the only wav
seemingly, in which they can provide cash for
moving the crops is by reducing their loans
and any approach TO a general request for the
payment OF outstanding loans naturally will
have the effect Of forcing up rates as borrow
ers must have accommodation. and will bid
against each other for 81. Time money as
protection against possible. not to say proba-
bic. wide fluctuations In cell money is doubtless
a good investment
The governments monthly crop report will be
issued to-day. and doubtless It will make a IA
vorable showing for all cereals. as according
20 the advices received IN the last month from
the agricultural section OF the country, climatic
conditions have been extremely favorable for
healthful growth Of all food products Re-
ports now coming 70 hand from railroad men
IN the West are encouraging TO the crops
and the movement or general merchandise Not
withst anding the fact that at this priod OF the
lines OF work current statistics OF the country's
industrial activities show an unusual volume OF
business IN all parts OF the land Naturally
these factors are not favorable for bear opera
uons in the stock market, despite the high price
OF the greater number OF issues particularly as
the people who hold stocks are working actively
for higher quotations. Later on in the year the
bears may have an inning. but at this moment
there is more reason for being long OF stocks
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