New-York tribune., 1906-06-22
Closing prices Of stocks dealt in with net
STOCK MARKET OPERATIONS.

Transactions In yesterdays stock market were
heavy in volume a movement of values which
showed great irregularity, with extreme weak
ness in the last two hours OF trading. The de-
cline in the afternoon in the general list was due
10 aggressive pressure against United States
Steel common which evidently moved under the
influence Of sales for short account and liquida-
tion by interests which were frightened by the
exaggerated reports of price cutting in foundry
iron by the Southern concerns, which recently
had pledged themselves TO maintain quotations.
In this connection it is interesting 10 note that
certain speculative interests which are actively
identified with the Southern iron companies are
engaged in a campaign for lower prices in the
stock market. Price movements of foundry iron
in the South do not reflect the actual condition
Of the iron market but, Of course. the develop
ments Of the last two days in the Southern iron
situation are not calculated TO encourage bull
enthusiasm on the Stock Exchange In addi-
ton TO the known factors adversely affecting
certain securities the idea that the good news
on other stocks out attracted realizing
operations and bear pressure on the old time
Wall Street theory that following the develop
ment OF favorable factors stocks should be sold
The bear element also made capital out of the
decision Of the State Railroad Commissioners
Of Kentucky reducing rates on the Louisville &
Nashville and Illinois Central lines 10 points in
the State of Kentucky. In the absence of active
public support, the professional element expert
enced no difficulty in bringing about lower
prices. especially in stocks which recently moved
under the influence Of active bull manipulation
notably the Copper shares. Brooklyn Rapid
Transit, Norfolk & Western. Pennsylvania
Reading, Colorado Fuel and Union Pacific. Final
declines in these issues averaged per cent
while throughout the list uniform weakness was
shown in the afternoon transactions The sue
cess Of the bear element was accomplished in
the face of easier rates for call money and a de-
cline in sterling exchange to a point near the
gold importing level. Time money, however
was frmer. This department Of the money
market reflects the actual position OF monetary
conditions
Current indications suggest that interest and
dividend disbursements on July l will be heavier
than ever before recorded at a corresponding
dividend period. In the last few weeks many
banks, trust companies and corporations in
general have announced dividends payable at
the beginning Of the fiscal year. and in large
number Of cases increased and extra disburse-
ments have been promised all of which reflect
the remarkable prosperity which this country Is
now enjoying. Naturally Wall Street is ex-
tremey bullish over the position of affairs in the
United States, but the fact that stock market
values already at a high level encourages the
preaching when there will be a prolonged
natural reaction in Stock Exchange quotations
Undoubtedly the prices Of the leading securities
adequately measure their intrinsic worth but
II is not impossible that under the influence of
speculation their stock market valuation will be
carried 10 a higher range barring. of course, the
development OF adverse conditions in the crop
section Of the country According TO the advices
received by officers OF Western railroads wheat
I and corn have been materially benefited in the
last week by copiOus rains but IL still too early
to indulge in estimates of the final outcome of
spring wheat and corn, inasmuch as both are in
their early stages and may yet suffer serious in
jury from climatic changes in July 1t is
generally conceded that the yield Of oats will be
Well under the average, while on the other hand
winter wheat has reached a point which practi-
cally assures bountiful harvest In most lines
OF business there is no indication of a reaction
other than that which generally develops in tnA
/ summer months. and a consequence there IS
little AT the moment TO encourage activity on the
part OF spectators who interested in bringing
about lower figures for stocks and bonds Never
theless the congested condition Of the investment
market serves 10 discourage the idea that prices
viii advance al leaps and bounds. The demand
for bonds IS disappointing from the viewpoint OF
banking houses. and the apparent inactivity on
the part Of capital IN this direction evidently is
due TO the active employment of money In the
| channels of trade. Notwithstanding the Door
market for new securities in this country rail-
roads are in urgent need OF additional working
capital and they propose in the course of the
next few months 10 offer investors new capital
issues believing that foreign money viii be avail
able in the event of a refusal on the part Of do
mo3tc investors TO take their offerings. The