New-York tribune., 1905-06-16
BONDS.
STOCK MARKET OPERATIONS.

Transactions in securities again light In
volume on an irregular movement of values that
showed unimportant changes at the close, net
losses predominating. Commission houses were
not factors in the operations. while the leading
speculative interests were not inclined to make
commitments on either side of the account, their
attitude being based to extent on the
weakness in the foreign markets, in which con-
siderable uneasiness prevailed, owing to the
possibility of friction between France and Ger
many over the situation in Morocco. 1t is not
likely that the two great European powers VIII
become involved in result Of their
difference of opinion regarding their claims in
the African country, but OF course, at the mo-
r,ent nervousness in financial circles over the
outlook is not at ell surprising, especially In
view of the Far Eastern situation, which VIII
require delicate diplomatic negotiations TO orlns
TO a successful settlement In the absence OF an
important buying demand prices sagged In the
best part of the day, afternoon operatlens
amounting to the smallest totals for any day IN
the current year. the lack Of life being In part
due to the fact that the majority Of brokers lett
the Exchange early in order to attend the SUD
urban. AS matter Of fact, much more interest
was taken In this race than in the stock market.
a reflection of which was presented IN the de-
parturs around noon of all the leading lights OF
the speculative community for the racetrack
and the practical failure of the ticker to TICK
Tn tho last two hours of business there were
long periods when no quotations were recorded
hut the dulness did not create alarm in well IN
formed circles.
High prices for stocks in May were recorded
IN the early part OF the month, the average TOT
the leading active issues May u standing OF
12OO2. From this price there was a gradual
decline to a low level Of 114.5Z on May 70 fol-
lowed by a recovery to 1892 on June 10, with
the average to-day slightly below the last
named figure The tendency, therefore, IN the
last month has been in the direction Of improve
ment, and barring radical change in crop con-
ditions and in the general situation affecting
| the actual worth of investment securities, the
trend of the market in the balance OF the sum-
mer ought to be toward a better quotation
level especially In the case of the first class
issues that ara now selling well under their in
trinsic value. Dulness may be the chief feature
in the course of the next few weeks. but this
possibility does not preclude the chances of
slow appreciation in Stock Exchange quota
tions particularly as stocks are in the hands of
people who can afford to hold them over Pc
riods Of speculative inactivity. Efforts to de-
press values at the present time fail to bring
out important offerings. Bear traders operate
on the short side in dull days because it is
cheaper to handle operations for the decline
than for the advance, and consequence the
short interest Is growing larger every day. In
the event of a sudden change on the part Of the
substantial interests. who at the moment are
doing little in the market, there will be trouble
in the bear camp, and bearing this probability
in mind the outsider ought to exercise great
| caution in making ventures the success of
which depends on lower prices for securities