New-York tribune., 1905-07-19
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
light in volume a movement Of values that
showed unimportant changes. final quotations
a rule being at small net losses in the greater
number of issues. In the early dealings the local
traction shares. st. Paul Reading. Pennsylvania,
United States Rubber. Union Pacific and the
United States Steel stocks were moderately
active. but in the afternoon even these shares
failed to present any animation. despite the
favorable weekly government crop report and
other encouraging factors in the general situa-
ton affecting the actual value of securities. Ac-
cording to the governments Investigations the
spring wheat crop has experienced a week OF
favorable weather and continues in promising
condition. while corn has made splendid progress
throughout the entire corn belt, especially In the
Missouri Valley, where its previous growth had
been retarded by cool weather. The absence
from the Street of the important market
interests and the failure Of the so-called public
to operate in stocks furnished sufficient reason
for the dulness in speculation and the small
fluctuations in prices but these factors did not
shake the confidence of the people who believe
that the trend of market values will be in the
direction Of higher figures. Total dealings
amounted to only 277, 137 shares. with the heav-
lest trading in AmaIgamated Copper. Erie Penn
sylvania, Reading. Southern Pacific Union Pa
ciflc and the United States Steel shares. Union
Pacific. with a loss of 7s the chief feature
in the days operations. At the close the ten
dency was in the direction OF lower prices. but
there important liquidation.
Although prices for the greater number Of
securities not cheap the advices that are
now being sent by commission houses to their
customers are bullsh. 1t is contended that a
bear campaign at present is out of the question
and that the many favorable features in the
general situation will induce further operations
for higher quotations. especially in the United
States Steel shares, Baltimore and Ohio Nor
folk and Western. Union Pacific, Chesapeake and
Ohio. Canadian Pacific. Pennsylvania, Anal
gamated Copper Union Pacific, Southern Pacific
and the Southern and Southwestern railroad
issues. 1t is a market, nevertheless. in which
great discrimination should be exercised and
in which the operator should bear in mind the
position Of the money market. which apparently
indicates higher rates for loans later on in the
season. There are many people who have stocks
which they anxious to dispose Of at higher
figures. and buyers at the current level should
watch carefully for signs OF liquidation by the
important market interests. It is not
unlikely however that prices Will move to a
higher range before any material setback de-
velops Money. while doubtless tending toward
more advanced figures. ought to remain rela
lively easy throughout the summer, and. Of
course, with easy money there will be little
difficulty in bringing about further expansion
in securities values barring the development of
an adverse change in the crop situation. 1t is
too early to figure on the corn harvest. but it is
reasonably safe to say that wheat will yield
bumper crop.
Preparations are proceeding for meeting the
heavy demand for money to handle the crops,
which VIII develop in about thirty days. The
banks Of New-York and at other financial cen
tres are seeking funds wherever obtainable TO
strengthen their resources in anticipation of the
acquisitions from the crop regions of the South
and West for cash. Unusual difficulty is being
experienced in procuring money owing to the
tenacty with which it is everywhere held 1t
appears plain, therefore, that the only way of
providing a great part of the money that will
be needed for financing the crops will be by call
ing in outstanding loans. Particular precau-
tons are being taken 10 prevent a disturbance
in the money market, but IL is probable that be
fore long considerable activity in funds will be
witnessed. The demand for time money is
growing. Inasmuch as there is an especial in
crease in the inquiry for six months money.
which carries maturity Of such accommodation
well into next year. it is clear that the opinion
prevails, in some quarters at least that rates
IN the fail Will rule enough higher than at pres
ent TO make it worth while TO engage funds now
against forward needs. While the tendency NJ
time money is plainly upward. no important
changes in quotations have yet taken place
Fluctuations in call money rates have been
limited recently. but this department Of the
market may assume a new aspect any day.
BOND MARKET TRADING