New-York tribune., 1905-07-01
STOCK MARKET OPERATIONS.

manner throughout tie five hours Of trading
final quotations being at small net LOSSES Ii ~i7
greater number OF Issues Trading sho"eu
falling off as compared with the dealings or tne
early days Of the week. but IN vie" OF lh7
absence of many important spectators from the
Street the quieter tendency was not al a1l sur
nrtsing nor discourag1ng to the advocates OF
higher prices It Is not likely that there Will Dc
much activity In the market until artsr tnS
Fourth despits the fact that the governors OF
+ra Stock Exchange have decided not TO suspend
business on Monday requested by majority
Of the members. The more important illeres7
have left town to remain away untI "ednes-
s.-- ana n. q consequences the larger part or the
trading In stocks to-day and Monday VIII repre-
sent the dealings of the small room tTaders' VINO
doubtless viii not be able to make much OF an
impression on prices VI either direction Inc
local traction shares maintained fair degree OF
strength in the days operations especlaiIS
Metropolitan; also the Erie shares. particularly
+ba second preferred but as a rule quotations
tanded In the direction Of lower quotations, al
though the declines were Of significance as an
indication Of the future trend OF the MARKET
The foreign markets were not materially aHecIed
bv +be trouble at Odessa, and. according to the
nation received from bankers who are IN
close touch with the foreign markets, there VIII
he no important disturbance In Paris OF any
9TH Ii.
money are concerned, even If the worst-namely
neutrality-suspicious. develop in Russia Farls
bankers have been preparing for the last two
v,sara for serious times in Russia reflection or
which fs presented in their activity in accuInu-
Iating large supplies OF gold. IF the trouble al
Odessa spreads to important extent there
naturally will be increased demands IN tns
American and Canadian markets for wheat ana
other food products, all Of which viii work 10
the advantage Of the American and Canaolan
\ railroads. Call money advanced TO per cent
yesterday. the advance being due to operanons
IN connection with the July disbursements
| veel1Iv reports received last night from the
| commercial agencies indicate seasonaple m
nrovernent IN most lines Of the countrys activt-
tfas Including expansion IN railroad earnings,
heavier bank cIearfngs and favorable growth
| Of the crops. That the railroads believe there
will be bountffJl harvests this year is reflected
| I'm their willingness TO buy new rails and gen
| a-aI eo,,ipuaenr Railroad earnings for the
| month of June so far reported make a most
favorable comparison in the greater number OF
cases with the corresponding period IN preced-
ING wears the increase in the third week. for In
| stance being upward Of per cent over lSo4s
with the gains confined to no one part OF the
| country. Factors Of this sort naturally encour-
| age confident feeling In Wall Street over the
| future Of the investment situation, but they do
NOT hind the wise man to the fact that even Il
conditions governing the country's Industries
remain favorable indednit ly, prices for seeuri-
ties viii not continue to move in one direction
There are many good reasons for the expccta-
ton that quotations will enjoy further improve
rueut on the Stock Exchange In the course OF
the year, particularly in the issues that as yet
have not moved to level representing mora
than their actual worth. such as Baltimore and
De.sfO
$500 common. Union Pacific, United States
Steel preferred and Analgamated Copper; but
there is little sense in making the absurd predc-
tiops that are heard In some circles regarding
the future Of values For instance. broker
uredicted yesterday price above 200 for Read
ing, a stock that depends for dividends
constantly prosperous coal trade There ought
to be some good profits in holding securities, but
II may not prove wise TO wait for the prices of
which some extravagant bulls talk.
While vast amount Of money VIII be Hber-
ated by the July interest and dividend 6isburse-
ments It will not help the monetary situation 20
any important degree. The money paid out VIII
be flowing back to the banks In volume at the
time when the federal treasury will be with
drawing part Of the government funds on de-
posit in the banks and meanwhile the banks
doubtless Will be losing money through gold ex-
ports. Apparently. in view OF the low bank re-
serves q contraction IN loans viii be necessary.
and Of course. that win have the effect of ad-
vancfng money rates At this particular season
time money is quite as apt be affected cali
money There has. indeed. already been con-
siderable Increase In the inquiry for time funds.
with rates showing a hrmer tone. although as
vet there has been no important advance IN
quotations II IL becomes apparent that there
is not to be the customary period OF low rates