New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-11
BONDS.
STOCK MARKET OPERATIONS.

Trading IN securities was again made UP in
great part OF the transactions Of the profess
sional element, commission houses having few
orders on either side Of the account for outside
operators, the only public business done in the
day being IN the interest Of spectators who
were well enough up in stock market trading
20 Jump IN and out for quick turns. While
prices showed great irregularity in their move
1nents. there were more net gains than ad-
vances at the close. with the chief improvement
among the active issues in American Smelling
Colorado Fuel and Iron, Amalgamated Copper
Reading. National Lead. Northern Pacific
Southern Pacific and Tennessee Coal and Iron
The strength IN American Smelling was due
10 an expected increase IN earnings through
the acquisition by the company Of other prop
critics. Considerable pressure was reported in
United States Steel preferred, St Paul and
Union Pacific, but professional efforts IN these
securities failed 10 bring about any important
liquidation Transactions showed a further
contraction in volume, compared with the heavy
dealings OF the recent past, rejecting the I'M
willingness Of the public TO operate at the mo-
rnent the crippled condition Of the pools that
& few weeks ago announced their ability 10
maintain a bull market indefinitely and the dis
position Of the substantial Wall Street interests
10 let the market look out for itself for the time
being. From this change IN the speculative
situation It should not be inferred that trading
IN stocks viii come TO q standstin. There are
too many favorable factors in the situation to
permit Wall Street dulness for any extended
length Of time and the fact that prices are down
from - TO - points from the high level of the
year ought to encourage great caution among
t-aders who have the idea that the short side of
The market is the more attractive for long
pull than the long side.
Closing dealings were made up Of small opera
lions in a few stocks. the majority Of posts on
the Stock Exchange floor practically being de-
serted. Sentiment among room traders was not
oearish. but. despite the strength shown by
many issues in the day. no predictions were
made OF an immediate resumption Of bull ac-
-iVity- Just as long as the buying power re-
mains light no great Improvement in values
may be looked for. but it should be borne In
mind that commission houses are practically
bare Of stocks. that the weak spots that were
factors three weeks ago have been eliminated.
hat the recent liquidation placed securities in
strong hands, and that conditions affecting the
Intrinsic value Of American investment issues
est on solid foundations. The money market
gives no indication Of the development OF a ma
-er1ally stronger tone IN the near future; indeed
The best observers believe that rates will re-
main easy until the fall. barring of course, the
possibility OF some great disturbance abroad
that would make necessary large gold exports
from the United States. or the latter, however
thers appears little probability, It is not likely
that there will be international complications
growing out OF the situation in the Far East
Money remained easy at this centre but sterling
exchange was strong, demand advancing 10
points A factor that caused some uneasiness
In speculative circles was the weekly report on
Ia frnr, do
last August an increase in stocks on hand. an
indication. according to some observers that
the tide IN the iron and steel business has
changed