New-York tribune., 1905-06-08
BONDS.
STOCK MARKET OPERATIONS.

part of the five hours of trading on sn1an
volume of business. Commission houses We're
not active factors in the speculation While the
more substantial Wall Street interests appar-
entity were not disposed to make extensive COM
mftnents on either side of the account, the ad-
vance being due in great part to the covering
of shorts and a quiet investment demand Tor
the leading issues. such Union Paclhc, 81
Paul. Reading and United States Steel pre-
ferred According to the reports received from
we'll informed quarters the iron and steel busl-
ness IS being helped by a healthful reaction in
certain lines. There IS no Indication, however,
Of an important reduction in the volume OF
orders In the summer months as compared with
the corresponding period in normal seasons
while there many signs that foreshaoo" q
resumption of activity on a large scale IN the
fall Other lines of trade present the same char
acteristics and naturally the well informed man
In Wall Street is not at all apprehensive over
the future of the stock market, despite the Iacl
that there are a number Of operators VINO are
working actively for lower prices. If quotations
decline offerings Of securities will be taken by
a good class o. buyers. and consequence
the man who stays short of the market for an
extended time may have great difficulty in get
ting out of the market except at heavy loss
In view of the big decline that has taken place
from the high figures Of the year. 1t does not
appear reasonable to operate on the Dear sloe
for more than quick turns especially as the faii
In values has not been accompanied by corre-
sponding reduction in the actual worth OF Sc
curities.
It is understood that Mr.. Lawson ana MS
friends are making every effort to bring ABOUT
lower quotations for Amalgamated and other
copper shares. but holders of the various souho
| issues are advised by careful observers of the
| COPPER situation to maintain a firm grip on
| their copper securities, especially Analgamated
| and Anaconda. Anaconda fails to measure In
| its current stock market price the actual value
of the security, and it is quite likely that at no
| remote day this fact will be reflected in an
| active upward movement in its quotation The
copper industry in the United States is grow
| ing it has better prospects than most people
imagine to be the case. and it is not, therefore.
| in position that warrants bear opinion on the
| copper securities. Whatever happens in the
near future to the copper shares on the Stock
| Exchange on the down side of the market will
| be due to manipulation rather than to condi-
! tions governing the trade. and If in these dull
| days the bears the copper stocks are able
| to bring about a lower level of values it should
not be assumed that the great copper industry
of the United States is going to the dogs. Dull
days on the Stock Exchange are often given
over to foolish fancies. That which may hap
!
| is the burden of the traders thoughts, and
stocks are bought or sold according to the pass
| ing ideas of the speculator the various topics
under consideration. Quite often the kaleido-
| scopic brain of the Wall Street trader results
| in his undoing. and there many good rea-
sons for the belief that the present time is not
| propitious for change in sentiment favoring
| the bear side of the stock market.
| Stocks remained dull in the afternoon, main
| tanning however, the advances of the morning,
| and in many cases the Improvement recorded in
| the first two hours Of business was increased,
! especially in Amalgamated Copper. Steel pre-
| ferred Southern Railway, Kansas and Texas
issues and ST Paul. Final prices the
best of the day, and Wall Street sentiment
| favored the idea that the advance would con-
tinue in to-day's market. There no
| changes of Importance in the local and foreign
| money markets. Although the banks have lost
| over 100000 so far this week their opera
| tions with the Sub-Treasury, the rates for loans
| do not foreshadow material decrease in bank
| reserves in Saturdays Clearing House state
ment Total dealings in stocks were the smallest
for any day this year. amounting to 326,65(
| shares compared with rs 3S3 shares. last years
| low