New-York tribune., 1906-07-18
STOCK MARKET OPERATIONS.

Stock market values were strong in the greater
part Of the day under the influence of covering
operations and transactions for quick turn on
the long side OF the account. There was pub
lie support, and no indication of activity by the
larger interests. and at the close OF business no
suggestion in the general tone of sentiment that
big bull market had begun. Factors affecting
the country's industries were favorable just
they have been for a long time past, and some
encouragement for the holders of steel stocks
who accumulated these issues at higher prices
was found in the remarks Of the chairman of the
United States Steel Corporation, who intimated
that there possible chance of a reaction
in the industry in the immediate future, and
that Wall Street declines were in no way a
reflection Of trade conditions OF course, this is
not news, but coming from the head of the big
gest steel concern in the world it tends to create
greater confidence in the stability of business in
general. Railroad earnings and the govern
ment's report Of the country's foreign commerce
for June and the fiscal year also presented en-
couraging signs Of the expansion now under
way, though they failed to attract heavy de-
mand for securities. Both imports and exports
OF merchandise in June were larger than in any
corresponding month"; while the foreign COM
merce for the year broke all records, amounting
in value to the enormous total of S297037S 991
compared with $2636,O74.737 the year before
time
in the day, except in a few issues, such as Read
ing, the copper shares, Union Pacific, St. Paul
and Brooklyn Rapid Transit. The close was
at or near the best.
Current Developments affecting the money mar
ket create the belief in financial circles that
there will be no acute disturbance in the fall and
that. while rates probably will rule at a stiff
level, there will be ample supply Of funds to
meet all requirements. Bankers are counting on
large imports of gold before the active demand
Tor money from the interior begins and as a
consequence Strengthening OF reserves to an
extent that will place the local institutions in a
position to meet the interior drain without the
accompaniment Of trouble in the money market
OF course. If active bull market on the Stock
Exchange should develop at this time the situa-
ton would be changed, but there are fortu-
nately, no indications that foreshadow a move
ment Of this character. and the general opinion
is that the stock market will remain a trading
affair for number Of weeks to come There
is no public appetite for securities at present
either for investment speculative account
Money is so actively employed in the channels
OF trade that there is little surplus for specula-
tive operations while people who have funds to
place IN genuine investments appear unwilling
to buy at the current level, their ideas doubtless
being that quotations will seek a lower range
before there is a sustained advance The ralv
that has taken place in the last two days re-
fleets traders covering more than operations Of
bull element. Commission houses yesterday
advised their customers to take advantage of the
improvement to realize profits on stocks bought
at cheaper figures, and the selling appeared to
indicate that this warning was beine; followed
though there were some observers who thought
that the rally would run further.