New-York tribune., 1905-06-09
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Stock market trading was dull throughout the
FIVE hours of business on a movement or values
that showed few important changes as CUM
pared with the final figures or the preceuiils
dav last quotations as a rule being at small
net gains In Amalgamated Copper, Louls'l4le
snd Nashville, Reading, Union Pacific Atlahtic
Coast Line Pennsylvania and the United States
Steel shares moderate activity developed in the
mornings trading, but elsewhere in the hsI
transactions were confined to insignificant totals
operations representing nothing oeyohu tne
dealings of the board room element. LoulsVilie
and Nashville Atlantic Coast Line and Reaoihs
were among the strongest features IN the oay D
market, but the movement In these ISSUES '
not accompanied by news developments aHectihs
the properties, buying doubtless being paseu oi
the theory that in the near future Hhpof'
announcements will be made which VIII worn
to the advantage of the stockholders CIlloi
Pacific was in fair demand, also Amalgamated
Copper while American Steel FounurleS was
weak under bear pressure. The press OPINIONS
&c nubIished in the morning regarding the pros
nects for neace in the Far East naturally tendeu
TO create a better feeling in the foreign markets.
the influence of which was reflected in the Iocal
market in purchases of American securltieS ioi
foreign account OF course the declaration oA
neaca will exert a most favorable influence on
tbe markets of the world, and even though the
Gar NAV wish to continue the war, in the nope
of being able to retrieve some OF Russlas his
fortunes it is not likely that he will be able TO
secure the funds necessary for further pro-
longation of a useless struggle. France ana
Germany will lend Russia money for the pur-
noses Of neace but not for war, as Russia
war credit apparently has become exhausted III
the countries named. At the close prices were
under the best of the day, but the tradlns III
the afternoon was so light that there practically
was no chance for quotations to move much IN
| either direction. At times the ticker was apso-
| lutely quiet There change in the money
and sterling markets, but the important an
nouncement was made that there had been dis
tributed among the banks and trust companies
SEQ 600 900 for japanese account, representing
proceeds from the recent japanese bond sale.
This money will be spent in this country Tor
supplies for the Empire of Japan. Total trans
actions in stocks were lighter than on any pre-
ceding day this year.
According to the statistics Of pig iron produc-
ton in the month of May, there was an increase
as compared with the preceding month of 45,54o
tons while the surplus stock increased 5000
tons. making the total surplus stock of pig iron
on June / 399. .754 tons, compared with 366,649
tons on May /. Production at the moment is
larger than the demand for consumption, but
this fact does not foreshadow acute depression
in the trade The demand for pig iron from
the larger steel companies has fallen off. in ac-
cordance with the views of people who are we'll
informed regarding the trade, and, compared
with the recent activity, month or so Of rela-
tive dulness in many branches of the iron and
steel industry is looked for by careful observers
of the situation A big industry cannot at
breakneck speed at all times and a healthful ,
setback serves only to strengthen the business
props. From the character of the recent buying
of United States Steel preferred it is safe to
say that the substantial market interests are
bullish the outlook in the iron and steel trade
and the general position of business affairs
throughout the country, their attitude being
based on known factors affecting the actual
value of securities. Take railroad earnings, for
instance: Twenty-six roads reporting for the
last week in May show average gross in
crease of over II per cent, following an increase
in the third week of over 13 per cent and over
II per cent in the two weeks before. These
roads represent all parts of the country and
Canada so that industrial activity is confined
to no one section.
In the Northwest Great Northern and Cana
dian Pacific reflect in earnings the great ex-
pansion that is going in that part Of the
Western Continent. Great Northern's receipts
for the month of May increasing 1922 $40 over
the same month in the preceding year while
those of the Canadian Pacific increased S115-
600. making for the fiscal year to May 81 S.
9S3. 600. The latter compares with an increase
by the Great Northern in the eleven months of
81, ,400,014. Crop conditions in the Northwest
as given in the Northwestern Railroad crop
report are extremely favorable and it Will re-
Quire serious adverse weather changes to do
any material damage to the growing grain.
Favorable wheat crop reports have been received
from Oklahoma and Indian Territory, well
from other parts of the wheat belt of this
country in the last two days. and it is generally
believed that the government report, which will
be issued tomorrow. will indicate a large yield
Of winter wheat and favorable prospects for
spring wheat. 1t is too early 10 estimate op
corn. but planting is well under way and
farmers hope for l~rge harvest. Pending the
outcome Of the crops, many people doubtless
viii not take an active part in stock market
speculation. but it is likely that in the periods
OF dulness stocks will be accumulated by care
ful buyers.