New-York tribune., 1906-08-07
STOCK MARKET OPERATIONS.

Losses made in Saturdays stock market were
recovered in the first hour of trading, while
throughout the five hours of business the course
OF values, as a rule, in the direction or
higher prices, last quotations being only frac-
tionally under the best of the day. While the
volume of trading was not heavy, there was a
good demand from room operators and mod
erately active commission house dealings, rep
resenting in great part wire and mail orders re-
ceived over Sunday Sentiment was again bull
ish on all the leading issues but. OF course. the
extreme heat had some effect in checking actiV-
ity, this factor being particularly noticeable on
the curb where at times business was brought
TO q standstill owing to the physical impossible
ity of brokers remaining for any length Of time
in the sun. Splendid crop advices from the
West, more reassuring news from Russia fur
ther heavy railroad returns and expectation Of
increased dividend announcements in the near
future were effective influences in maintaining
in all quarters of the Street confidence in the
probability OF greater appreciation in securities
values, but in the investment section of the mar
ket there was practically nothing accomplished,
prices Of investment shares being too high to at
tract capital. In AmaIgamated Copper. Ameri-
can Smelling. Brooklyn Rapid Transit, St Paul,
Colorado Fuel and Iron, New York Central,
Northern Pacific, Pennsylvania, Reading, South
ern Pacific Union Pacific and United States
Steel net gains ran from IL per cent to per
cent, Northern Pacific being the leader in point
of gain and Union Pacific and Steel common in
point of activity. Union Pacific naturally is a
| leader, inasmuch the expectation is that the
stock will receive an increased dividend, while
the company will benefit from the dividend
which Southern Pacific WILL it is believed re-
ceive at distant period
On their operation with the Sub-Treasury the
| local banks have lost since Friday upward Of
! $2,O00,O00. On interior transactions movements
/ of funds do not indicate much Of a loss if any,
this week 10 the Clearing House institutions, but
the chances are that within few weeks the
South and West will begin TO draw actively
! their small balances in this city in connection
with the demand for accommodation from crop
and trade centres Such active preparations
being made by the Secretary of the Treasury
! TO prevent disturbance in the money market this
fall that Wall Street feels confident that the
financing of the crops and large autumn busi-
ness in general lines will not be attended by
eXorbitant rates for money, even if there should
| be no important gold imports. The gold import
situation is still surrounded with much uncer-
tanty owing to the position of affairs in Europe,
| and if there should be continued weakness in
| Russian bonds which would involve the neces-
| sity among foreign bankers Of adopting means
of protecting Russia's credit, there might be
| heavy enough selling of American held securi-
ties abroad to offset our mercha ndise exports as
! an influence on sterling rates Exchange is firm
! at the moment and above the level at which
I gold may be brought to this country at a profit,
despite the large trade balance running in favor
Of the United States, the market finding sustain
ing factors in the recent heavy selling of Amer
lean stocks and the large amount Of exchange
| created by the requirements Of the vast army of
American travellers abroad.
While last Saturdays bank statement was
better than it appeared the surface owing to
the fact that il was complicated by the figures
of a new Clearing House member. it was not AT
all promising to the advocates who are preaching
easy money, especially in the loan item which
reflected the expansion now under way in bull
speculation the Stock Exchange. Stock mar
ket traders, however. are not uneasy over the
position Of the money market in the future as
they are concerned only with the immediate
course Of values the Exchange, which is un-
mistakably in the direction of higher figures
Some of the most powerful financial interests
are encouraging bull activity in securities,
doubtless because they want to distribute their
holdings while the times are prosperous, but the
chances are that they will not be heavy sellers
until quotations considerably above prevail
ing levels. There are number OF good things
ahead, of which pretty broad hints now being
made. and the best part Of pending develop
ments among corporations is that they are war
ranted by earnings. Dividends are being de-
clared and increased because returns are so sat
isfactory, with the promise of many months of
further large gains, and the bull party in Wall
Street has the power apparently to advance Sc
curities even ii present prices adequately meas
ure the favorable developments of the future.
GOVERNMENT BONDS.