New-York tribune., 1906-07-11
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
There were few buying or selling orders in
yesterday's market. trading being unusually
light. even for this period Of the year. when
operators generally have other thoughts in mind
than the following of fluctuations in securities.
Total transactions amounted to only 302,5 500
shares Of which the greater part was supplied
by Brooklyn Rapid Transit, St. Paul. Colorado.
Fuel and Iron. Northern Pacific, Reading. Union
Pacific, United States Steel. Aralgamated Cop
per. American smelters and Interborough Metre
politans dealings in the last named issue being
conducted at the expense Of the stock to the
extent Of a loss Of points. Throughout the
list the general movement Of values was toward
g. lower level, the decline representing nothing
beyond pressure from the floor element, which
was besrish, Notwithstanding the favorable gov
ernment crop report. There was a moderate
rally from the low prices before the close
covering Of shorts, but final figures a, rule
were under the last quotations Of the preceding
day, with the chief declines, In addition TO that
In Interborough- Metropolitan, in Analgamated
and Anaconda Copper, American Smelling St.
Paul. Great Northern, Northern Pacific and
Union Pacific Commission houses were not
factors in the trading, foreign opera
tors active, transactions for the latter amount
ing TO only 5000 shares. The chief weakness
Of the day developed Immediately after the ap-
pearance Of the crop report, but the selling
wholly for board room account and did not re-
fleet disappointment on the part Of the general
Wall Street community. On the Produce Ex-
change grain prices on a declining movement
echoed real sentiment regarding the nature Of
the governments statistics on the position OF
the crops.
Leading Wall Street interests are not looking
for material improvement in the stock market
in the course Of the next few weeks. Indeed,
the current opinion in banking and commission
house. circles favors the theory that readjust-
ment Of values TO lower level will be effected
before an active bull movement Develops not
withstanding the fact that prices Of stocks and
bonds already have suffered extensive deprecia-
ton from the high figures recorded in the Janu-
ary market With time money at it's present
level and the return securities much less, it
is not unreasonable to expect cheaper prices for
investment issues. assuming that quotations are
TO move on lines dictated by investment consid-
erations but IL may be well to bear the fact in
mind that Wall Street operations quite often are
based on factors wholly apart from those which
govern the investment yield of securities. At
the moment, however. there is no indication of a
well organized bull party on the Stock Ex-
change, while there many reasons 70 believe
that the greater number OF professional specu-
lators favor the bear account, especially as the
so-called public evinces no desire TO participate
in the daily transactions The public appears to
have its money actively employed in the chan
nels Of trade. and as a consequence it has no
surplus available for playing" the stock mar
ket. Little beyond traders market is looked
for in the immediate future, with the tendency
in the direction Of lower quotations, though it
is not thought that there will be any disturb
ance OF paniol1y liquidation. While crop condi-
tions are excellent, reflection OF which is pre-
sented In the monthly report Of the government
which received yesterday, objections To a
long period OF advancing values in the stock
market are found in the position Of money and
the conditions which evidently are making for
higher rates for loans.
Call funds probably will rule at a relatively
easy level for few weeks. but there is no indi-
cation in the present situation that there will be
cheap market for time accommodation, mas
much as the demand for money in all parts OF
the country is most active. in connection with
expanding industrial activities and will be more
active with the approach Of autumn. The in
quiry for money incident 20 the financing Of the
crops doubtless VIII begin in earnest in the sec
ond week in August and this movement will
come at a time when local bank reserves are low
holdings in the course of the next three weeks
fortunately foreign exchange conditions are
moving in favor Of this centre. and in the second
half Of the current year large amount OF gold
may be brought here from Europe, despite OBJ
jections OF foreign bankers 20 the shipment Of
the metal to this side of the ocean. Whatever
sums are received however will be offset, as far
as the local market is concerned, by currency
transfers from here 70 the crop regions by the
withdrawal OF government deposits from national
banks. by shipments 20 California Of money tn
settle fire losses. and by payments 70 the govern
ment on account OF the Panama Canal bonds
though the last named later win serve TO in
crease the amount OF money available for pur-
poses Of circulation. as the bonds may be used
as security for new national bank notes There
are many uncertainties in the money market
outlook, and the course OF loan quotations in the
balance OF the year WIN be watched with great
interest by the financial community.