New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-14
BONDS.
STOCK MARKET OPERATIONS.

Trading in Yesterdays stock market was hght
IN volume on a movement of values that gen
erallv tended in the direction of lower quota
lions. with the heaviest selling IN Amalganateu
Copper, St. Paul. Union Pacific, LoulsVlie anu
Nashville, Reading and United States steel pre-
ferred In these shares maximum losses reacleu
/ per cent and more, but in the general list oe-
cIines as a rule were confined to small fractohs-
Selling pressure did not come from investment
sources or from substantial speculative holoers'
operations representing in great part the oeal-
ings Of room traders and some minor poo1S'
which in the absence Of active support from
commission houses and the larger speculative IL
terests. were able to do as they chose with the
market The so-called Lawson crowd a1tacheu
Amalgarnated Copper with considerable success
orct7y the rrice of the issue well under its clos
ing of the preceding day, while selling or ike
character was reported in St. Paul and Union
Pacific There is nothing IN the trade posll4oh
of conner that warrants a decline IN legitimate
conner shares and one of these days SPECTATORS
on the Stock Exchange viii realize the Iacl 'ii'I
the AmaIgamated. Anaconda and nunloer u
other copper issues are worth much more 'nehiA
their market quotations. especially Anaconda
which to-day is one of the cheapest, II not the
cheapest copper bargain in the Industrial IlsI'
Earnings of the Anaconda Company IN the last
wear showed increase OF ~ per cent as GULL
pared with the preceding year, and the lnolca-
lions are that in the current year 1urlher 4lli-
provernent will be recorded
Current stock market conditions do not FAVOR
+ba theory that prices will move toward a ma
+erial1v lower level, while there many fact
ors in the situation that encourage the nehei
that before the end of the summer much higher
o,7otations will be recorded. The latter, Oh
course is based on the idea that there Will De
no adverse change in the position of a1falrs gov
erning the actual worth Of securities. Inc ue-
cline Yesterday was not accompanied by I'M
favorable DEVELOPMENTS Losses did not repre-
sent a depreciation in the actual worth Of secur-
ities and on the decline stocks were absorbed by
an excellent class Of buyers. Careful market
operators who are well supplied with funds are
taking advantage Of every setback in values TO
accumulate securities, and a consequence
stocks are becoming more strongly intrenched
in the hands of people who will not part with
their holdings until prices move to a level many
points above the current range Of quotations
Viewing the market from this point. the danger
Of staying short of stocks for any length OF time
may readily be appreciated
Exports of domestic products in May, figures
of which were received yesterday, were largely
in excess of those reported in the corresponding
time year ago. the gain amounting in value to
s23,004,169, made up chiefly of increased ship
ments of breadstuffs and cotton The latter
showed the important gain Of over s17,600,000 in
value The chances, therefore. are that the full
statement Of the country's foreign trade in May,
which will be issued tomorrow. will present a
material excess of exports over imports. some
thing much to be desired in view Of the present
conditions in the foreign exchange market. It
now begins to look if gold exports would not
develop for some time TO come. owing to the
fact that rates of interest at this centre
higher than they at London, Paris and Ber-
lin factor that encourages the foreigners to
employ their funds in this market.