New-York tribune., 1905-06-21
sEx dividend.
BONDS.
STOCK MARKET OPERATIONS.

Transactions in Yesterdays stock market
showed material increase in dealings as com
pared with the operations Of the recent past
total sales amounting to 100000 shares,
against an average daily total of less than 2OO'-
600 shares last week. The expansion in trading
was accompanied by advancing values through
out the list gains of per cent being recorded
in many of the active issues while In a few
securities Improvement ran above per cent, as.
for instance, in Atlantic Coast Line, which ad-
vanced 2A; Illinois Central, 2A: Metropolitan
1sk: Tennessee Coal and Iron ia, and United
States Steel preferred, 1 g. Appreciation in the
market quotations of the stocks named. as we'll
as in the general list, was due to covering OF
shorts and accumulation by substantial specu-
lative interests. the operations of the latter
being larger than recorded in many days. espe-
cially in the case of AmaIganated Copper,
Brooklyn Rapid Transit. Metropolitan. Penn
sylvania Reading and the United States Steel
issues While there was evidence of great
bull enthusiasm over the immediate future of
the market, the greater number of brokers were
inclined to advise their friends and customers to
buy securities at prevailing quotations, doubt
less on the theory that in the course of the cur
rent year prices would move to a materially
higher level owing to the strength Of conditions
governing the intrinsic worth of investment
stocks and bonds. The chief uncertainty in the
general situation is connected with the crops,
but from the reports that are now coming to
hand from the agricultural section of the coun-
try there is reason for pessimism over the
outlook for cotton, and wheat
Reports received by the government in the
last week show most favorable conditions in the
winter wheat belt; also in the spring wheat sec
ton of the country indications at present prom
Using a larger yield than recently anticipated.
hO1r% loVt
planting of this cereal has been accomplished
under favorable auspices, and unless there
should be a protracted season Of hot, rainless
weather the corn harvest will be up to If not
above the normal. 1t is not unnatural for COM
mission house traders in securities to keep out
of the stock market at this period of the year,
but il may be well to note the fact that some of
the strongest interests in the Street are quietly
accumulating securities basing their operations
on the well founded theory that there will be
no change in the situation affecting the real
value Of investment issues. and that there will
be disturbance in the money market. OF
course, If there is trouble in the local money
market. stocks ought to advance. and even If
money should go to a higher level which 1t
probably will do. there still will be chance of
bull movement in securities. The course of
money in the next few weeks doubtless will not
change materially but later on in the season
number Of factors may develop that may serve
to bring about higher rates for loan accommoda-
ton At this time it may be well to watch the
Paris cheque on London. for any decline or ad-
vance in that rate will exert an important in
fiuence on the local foreign exchange market
Stocks closed strong and moderately active
and traders were bullish. especially as certain
well informed operators made their appearance
in the market in the Afternoon dealings Quiet
buying Of the Pennsylvania group of securities
encouraged the idea that powerful interests had
resumed operations the Stock Exchange
while the character of trading in Amalgamated
Copper ST Paul. New-York Central Reading
and United States Steel preferred created the
impression that efforts were being made to
bring about higher prices before the first Of the
coming month. There viii be some heavy in
terest and dividend disbursements due July /,
and If all goes well the money paid out at that
time may soon find its way to the stock market
And then, again, ii may not. There are many
uncertainties in the stock market situation but
the chances are that the man who holds his
securities VIII not lose his money