New-York tribune., 1906-06-05
STOCK MARKET OPERATIONS.

On light volume of business stock market
values moved in the direction of higher quota
tions throughout the day. Operations, a rule,
represented the transactions of the board room
element and some of the larger traders identi-
fed with the so-called Gates element. commits
sion houses being unimpOrtant factors, so far
as orders for public account were concerned
The public continues TO show a total disregard
for the opinions of Wall Street interests who
are urging them TO buy securities but if the
people who are at present in control of the mar
ket are able 10 push prices few points higher
the outsiders may become enthusiastic enough
10 take active part in the daily dealings In the
Copper shares. st. Paul. Atchison. Union Pacific
Reading Colorado Fuel and Brooklyn Rapid
Transit trading was moderately heavy and in
most of these stocks pronounced strength was
exhibited, though in the last hour some of the
earlier improvement was lost under the infiu-
ence Of realizing sales especially in ST. Paul.
which after an advance of nearly > points, end
ed the day at only small fractional gain. A
sharp upward movement in Reading apparently
was due 10 the resumption of operations by the
interests who recently prominent in this
stock, while the same thing may be said of the
movement in Colorado Fuel which enjoyed a net
gain OF ia per cent. In some of the specialties
and low priced issues heavier dealings than re-
ported In a number of weeks were recorded par
ueularly i'm Missouri, Kansas & Texas which
closed at net gain of more than / per cent.
II is not considered improbable that greater in
terest soon VIII develop in stocks of this char
acter The report of the Amalgamated Copper
Company. which was somewhat difficult TO an
aiyze by the ordinary trader. at first exerted an
unfavorable effect on the copper stocks but on
the selling movement which was entirely for
traders account. excellent support was forth
coming and as a consequence both Amalga-
mated and Anaconda closed Well above the low
est OF the day Under the assertion that the
ta'el on the Brooklyn Rapid Transit lines on
SUNDAY was the heaviest for any Sunday in the
'ii0'ois OF inc company the stock enjoyed its
usual Monday activity at a net advance of Ia.
hoiolhes Of the local banks. as shown i'm Sat
uroays Clearing House statement. while rela
llNeIy small do not indicate any weakness in
'he general position of the banks. nor do they
suggest the probability of a further decline in
reserve IN the course of the next few weeks
iiIueeo' the prospects favor a steady gain
through the return movement of money from
San Francisco and receipts of currency from, tho
INTERIOR which at this period Of the wear as a
RUE are heavy. Nevertheless. the indications
90 NOT point toward long season of easy rates
ior loahs. though IL is not unlikely that in the
''eAt TWO months rates for money will rule on
comparatively low basis. Accumulation Of
Iuhos IN expectation of an active demand for
accommodation in the fall is now under way
ana the banks doubtless will do everything in
thelr power TO increase their holdings on every
possible opportunity. In the last month the
amount Of money in circulation showed an in
crease OF more than S.3, ,O00!0Sp representing in
great part the addition to the supply of money
from gold imports while compared with this
Time year ago there was an increase of more
man sl3oWooO0 Treasury holdings also
showed gain in the month. bringing the total
increase in the amount of money in the country
for June to 900. There is an annie
amount of money in the United States for all
the legitimate requirements Of trade but at the
moment the lending institutions apparently have
I reached the conclusion that further financing of
corporation loans and capital issues should not
be undertaken. Hence the railroads are COM
PEELED to go abroad for money. believing that
there VIII be no trouble in settling their foreign
obligations at the time of maturity
An encouraging development of the dav was
the report of the Agricultural Department on
the condition OF cotton which is usually favor
/ able for this time of the year. and indicates.
/ barring accidents. a large harvest in the cotton
season or lSeo As cotton is the country's most
valuable crop. bringing 10 the growers of the
plant. TO the railroads and exporters large sums
OF money. the influence OF n big yield may read
| lily be appreciated. OF course the governments
hgures do not that as large crop as
| foreshadowed will be harvested as weather con-
oiuons may Yet interfere with the healthful
growth OF the plant but It is extremely salts
factory 10 know that preliminary conditions
are SO favorable From now more interest
VIII De taken In the course of general farm
products. and il may come 10 pass that greater
ifregulartty will develop In speculation untp A.