New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-07-28
STOCK MARKET OPERATIONS.

Trading in yesterdays stock market was mod
erately heavy in volume on a movement Of
values that tended. rule. in the direction
of higher quotations. Commission houses were
not active in the days dealings, while the sub
stantial Wall Street speculative interests were
not inclined to make large commitments
either side of the account. the larger part of the
business representing the transactions of the
board room element. In a number of issues
marked improvement was recorded in the early
hours notably American Smelling, ST. Paul.
Delaware, Lackawanna and Western. Reading
and the 500 shares, while throughout the day
the movement in the general list favored the
bull account. The Erie shares showed some
heaviness as a result Of selling by traders
the theory that, the good news being out. there
no longer was any reason TO bull the securities.
These stocks have not yet reached the level to
which they are entitled by the companys ex-
celent prospects. and in the case OF the first
prefrred, particularly, there is considerable room
for Improvement. IN the afternoon dealings
prices maintained the larger part Of the morn
ing's improvement, some issues even recording
further gains while at the close prices were at
or near the best figures OF the day The heaviest
advances in the active list were supplied by
American Smelling, Baltimore and Ohio. ST.
kaul Illinois Central Chesapeake and Ohio.
Metropolitan, Pennsylvania, Reading and Union
Pacific, in which gains ran above l per cent.
There was no particular news in the day at
fecting stocks, but the general tone OF advices
from various parts Of the country were opti-
rnistic over the business outlook. Money re-
manned easy. while foreign exchange was strong
Owing 70 the large extent to which borrowers
have utilized foreign exchange, money remains
rela lively easy. Before long, however lending
rates must stifen, and IN anticipation Of that
ing. There is at present rather wide differ
ence between call and time money rates, but it
viii disappear in the course Of the next few
months unless there should be some remarkable
change in the conditions governing the move
ment Of funds. Time money itself will advance,
but call money inevitably will go far higher
when the heavy demand for currency for
moving the crops sets in. Money for ex-
tended periods at ruling rates is looked upon
cheap, especially six months accommo-
dation. Naturally, there will be a constric-
ton in money while the movement of the crops
is at its height, from the middle or latter part
of August TO the fore part Of November Then
will follow the payment for not alone the sub
scription in the United States to the recent
japanese loan, which by specific arrangement
was deferred until after October 81. but also.
presumably, the payment OF the balance still
retained here on the subscription to the pre-
ceding Japanese bond issue. Furthermore, at
about that juncture Europe, presumably VIII
draw heavily upon the United States in con-
nection with the readjustment Of Russia's
finances and finally the end of the year
approaches it win be necessary 10 accumulate
a vast sum for the January interest and divi-
dend disbursements All things considered, the
outlook is not favorable for a continuation for
any ength of time OF the prevailing easy con-
ditions in tie New-Yorl money market. An
nouncement was made from Washington yester-
day that the Secretary Of the Treasury would
receive all kinds Of Philippine bonds as Sc
curity for public moneys, provided the United
States bonds so displaced should be used as a
basis for national bank circulation. The Sec
rotary i'm taking this action gives notice that in
his opinion more money will be needed to meet
the fan demands in the money market