New-York tribune., 1906-07-21
STOCK MARKET OPERATIONS.

Notwithstanding weakness in the foreign mar
kets prices on the local exchange were strong in
the greater part Of the day, quotations in many
Of the leading issues advancing more than l per
cent OF a movement that represented. as in the
preceding day, traders operations. Declines in
the markets abroad were based on the weakness
in Russian bonds, which, Of course was due to
the unsettled conditions in the Russian Empire
and the absence Of weakness here caused sone
surprise though the market was so extremely
professional that its failure to respond to out
side influences was not particularly remarkable
There an increase in dealings as compared
with the preceding day, but there was no change
In the character OF trading and no indication
that spectators were dealing for more than a
turn on the long account. It is conceivable that
If large outside demand for securities should
develop there would be some aggressive opera
tions on the part of the professional traders,
with good chances OF a sustained advance. but
the trouble is that the public refuses to take an
active interest in the course Of affairs on the
Stock Exchange, and under present conditions
there apparently is no chance Of a 6emonstra-
ton on the part OF commission houses The
public has its money well employed in the chan
nels OF trade, and as there are various uncer-
tainties in the situation that may make for
lower quotations in Wall Street, outsiders doubt
less will take further vacation from specula-
vance of the last two days has afforded excellent
opportunities for trading profits. many sellers
yesterday having carried their stocks less than
forty-eight hours,
Sentiment in the Street was favorably affected
by the improvement that recently has taken
place in the money market and by the expecta-
ton OF a favorable showing in to-days bank
statement. According to the known movement
Of money in the week, the associated banks
have gained mere than S6,000,000 in cash hold
ings, and unless there have been losses move
ments not reported and a heavy expansion in
loans there ought to be a material increase in
the reserve above legal requirements in the
Clearing House return. The banks received
more currency from the interior in the week
than in any corresponding period. while ship
nents were lighter than usually reported at this
season OF the year. The active demand for
funds in connection with the movement of the
crops will not develop before the middle Of
August, and in the mean time the city banks
doubtless will be able to add to their reserves to
an extent that will prevent disturbance in
money when the out Of town drain begins.
While sterling exchange was strong yesterday
under the influence Of an active demand for re-
rnittance. which was met by only a light supply
OF bills, the general position Of the foreign ex-
change market suggested the probability Of i'm
ports Of gold in the coming week, and additional
shipments just soon as the interior begins to
draw on this centre to any extent A large
movement Of gold to this country is based on
the assumption that there will be no disturb
ance in the foreign money markets a result
OF the Russian developments, and as the situa-
ton in the Cars unhappy land is far from
reassurine It may be well to bear in mind the
possibility Of this factor becoming important
influence in checking gold shipments to the
United States. In the event OF such barrier
the local banks would have TO look to the United
States Treasury for assistance and to a large
reduction in their loans.
Supplying the heaviest dealings in the day, the
copper shares, Baltimore & Ohio Brooklyn Rapid
Transit. ST. Paul, Erie, Pennsylvania, Reading
Southern Pacific, Union Pacific and the United
States Steel issues showed marked strength last
prices being at near the best figures. In these
issues advances generally were more than l per
per cent. though as the par value OF the stock
is only 25. the actual improvement in the
neighborhood Of points. The copper situation
is exceedingly strong, and the efforts Of a bear
clique, both in the local and foreign metal mar
kets, TO reduce the price Of copper are not likely
TO meet with important success. There is a
demand for every pound OF copper mined, and
the trade authorities report particularly bright
prospects. Reports received last night from the
commercial agencies presented many reasons for
announcement over the position of the country's
industries.