New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-15
BONDS.
STOCK MARKET OPERATIONS.

Transactions In yesterdays stock market were
light IN volume on q movement of values that
tended as rule in the direction of higher quota
tons. Price changes, however, generally were
confined TO fractions, the operations in the ma
tority of securities being too light to bring about
important fluctuations, even the leading shares,
with only few exceptions, moving within mar
row limits Reading and Canadian Pacific We're
strong features. each gaining net Ia per cent
The advance in Canadian Pacific and Reading
was due to covering of shorts and buying by
the same interests who for many weeks have
been accommodating these shares the movement
in both stocks being accompanied by reports
that much higher prices would be recorded
especially in the of Canadian Pacific, which,
of course. per cent investment is not yet
selling above its actual worth. Commission
houses were not active factors in the general
list, and many room traders refused to engage
in speculative operations owing to the extreme
narrowness of the market, which in the greater
number of issues would hardly permit of
scalper's profit after deducting the stock trans
fer tax. When the general market becomes ac-
tive the stock transfer tax will not bother room
traders, but at the moment it naturally serves
TO restrict operations. Union Pacific, Canadian
Pacific ST Paul, United States Steel preferred
Reading, AmaIgamated Copper and Atchison
were among the few issues that showed SEM
blance Of life on the bull side Of the market,
while American Steel Foundries was the chief
exception to the advancing tendency, declining
over four points from its opening price. Selling
apparently came from the pool which has been
unsuccessful in advancing the price Of the stock
and from the bear element which attacked the
security, knowing the weakness Of the pools
position.
L., laEa, %s,,
for the payment Of money due the government
from national banks until July 10 does not in
dictate belief on the part of bankers that such
a move is necessary to prevent serious disturb
ance in the money market around the first of
July 1t does, however, indicate that Secretary
Shaw is in close touch with the local situation
and that he appreciates the reason for large
bank balances at a time when enormous in
terest and dividend disbursements have to be
made. By July 10 the money paid out In divt-
dends naturally will find its way back to the
banks so that the payment to the government
may be made without causing the slightest
ripple in the money market, while the fact that
at that time the government will be compelled
to make heavy disbursements encourages the
idea that the deposits turned over to the Treas
ury will not remain long In the federal vaults
Government receipts now running well in
month amounting to upward of 100000, and
it is not unlikely that for the whole month
there will be an excess Of receipts over expendi-
lures of S10,000,000, which would reduce the
deficit for the fiscal year to about S25 600 O0O.
The slightly frmer tone in time money has in
duced many borrowers to obtain long time
loans which VIII carry them over a possible
period of stringency In the market, but In the
best informed banking circles It is not thought
that a really stringent market will develop
unless bank reserves should enter the fall at
low level and this centre be called upon for
unusually heavy amounts Of currency from the
interior. It is too early IN the season, however
to make predictions regarding the probable trend
Of the money market IN the autumn.
Wall Street traders a rule are bearish be-
cause there is no apparent support to prices
from substantial interests, but the fact that
every stock that is actually sold is finding
home with men Of great wealth should not be
lost sight Of. The day Will come when g. big
bull market will develop, the foundation for
which is being laid at present. when prices are
inclined to sell off on the slightest provocation
and trading is dull and stupid Dull markets
generally precede movements OF Importance, and
as IN the present case stocks have been pretty
thoroughly Intrenched in the hands of strong
interests liquidation Of weak accounts and over
loaded bull pools having been accomplished, it
is reasonable to assume that the next important
move in the securities market will be In the
direction of higher quotations. Brokers report
that declines at present fail to uncover weak
bull accounts, the greater part of the selling
being for the shorts who have no trouble IN
borrowing stocks In the loan crowd.
AMERICAN SECURITIES ABROAD.