New-York tribune., 1905-04-14
BONDS.
STOCK MARKET OPERATIONS.

SlUGh MhhhE4 GnA44V4tG'
There was a considerable increase in activity
in the stock market yesterday. and there also
was a general Improvement in values There
was little uncertainty in prices in the early
trading but as the day progressed the demand
for stocks became urgent with a corresponding
acceIeration of the upward course Of prices. The
closing was at not far from the best figures
More shares of Reading in number were dealt
in than of any other stock. and that Reading Is
half stock did not alter the fact that 1t was the
speculative leader The stock was bought in
anticipation Of a larger dividend and the great
expansion that is looked for in the anthracite
coal trade in the next few months. Extensive
orders for the purchase OF Reading were received
from Philadelphia, where. it was presumed re-
liable information as to the property was OBJ
tainable There was not much trading IN the
stocks of other anthracite railroads. Erie was IN
fair request and moved up moderately. Ontario
and Western was neglected and receded frac-
tionally.
Union Pacific was from the opening TO the
close conspicuous feature. 1t was taken In
blocks, and it was thought that the buying was
largely associated with the reported struggle for
the control Of the road. The prolonged absorp-
ton of the stock and the equally prOtracted rise
in the price. with the proposed new issue Of
preferred stock. make 1t reasonably certain that
developments in Union Pacific are only ques-
tion of time. Canadian Pacific was steadily
purchased and continued it's remarkable ad-
vance. Brooklyn Rapid Transit was strong on
its prospect Of securing underground franchises.
The United States Steel issues were bought on
the glowing accounts Of the state Of the steel
Oaid inf ted 70 he bllV
ers Of Amalgamated, but the net change In
price was inconsequential. Another substantial
addition was made to the quotation for Amer
lean Smelters
A factor Of prime Importance in finance is the
outlook for winter whea-. There is reason to ex-
pect that the greatest crop that ever raised
in the United States will be harvested. in which
case. If an average crop of spring wheat is Sc
cured, there will be considerable exportable
surplus Of wheat that will serve to impart
favorable aspect to the foreign trade statement.
In the last year wheat could not be spared for
shipment abroad There barely enough for
domestic requirements. Another huge crop of
cotton is probable and as the worlds needs are
turning out to be larger than estimated it will
find a sale, If not at high price. at least
remunerative price A crop of corn more stu
pendous than that of last year is probable this
year for the good price obtained for the crop Of
1904 is calculated to extend the acreage to be
planted to corn in 1905. There plenty of
signs that 1908 will be a year Of grand crops
There is doubtless much significance in the
state of the iron trade. The production of pig
iron is proceeding at tremendous rate, but the
iron is promptly absorbed. Steemaking iron
! has been contracted for considerably in advance
of its outturn and foundry iron is likewise i'm
/ active demand, that there are no excess aCcu-
mutations of any kind of iroIe The pig iron
tonnage for the year is expect ed to break all
records. II may reach A total of twenty -four
! million tons, average of two million tons
! a month. That not only prices not shaded,
but that premiums paid for early deliveries.
proves conclusively the genu:ne7ess cf the in
ouiry for iron With conditions prevail n in
pig iron that ;rre in some .svnacte unprpcadent
ed there can hardly he ction i'm the steel
business on the contrary further expansion
is regarded rs probable. II is even said that the
output in the boom year of 199 in he steel
trade may be exceeded in 1872.
The situation in money gives no cause for
concern Rates for money ae by 80 means
low but they arc prohibited from unduy ad-
vancing by the avaiability Of European CAPITA
as represented by foreign exchange A. fac'.
money at present shows some ten,'ency toward
relaxation in consequence of the free ofEerusg
Of exchange There has heea no attempt nor
opportunity to cover the exchange which the
exchange houses are short of on a large $, ale
There is no need for any move I'm that direction
as yet There is. indeed. more reason for in
creasing than for covering which would mean
decreasing the short Interest In exchange
There will be a good profit for the exchange
houses in putting out exchange so long as money
rules here at material advance over money in
Europe When the time arrives for making a
settlement on exchange the burden will not
fall on the exchange houses, but on the ones
which borrowed from these houses exchange or
the money derived from the sales OF exchange.
The borrowers must repay the exchange houses
and thereby the exchange houses will be enabled
to pay off their obligations that were created
by utilization of foreign credits. The period IN
which money usually moves from New-YOrk
and other money centers to the South and West
in connection with the spring planting has about
terminated without those sections having made
acquisitions for cash beyond comparatively un-
important sums OF small bills and coins for use
in making change. The Southern and Western
banks had sufficient funds OF their own TO meet
requirements. and for that matter the banks
throughout the country seem 70 be adequately
GQpDlled with cash.