New-York tribune., 1906-06-13
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
light in volume in the greater number of is
sues, activity being confined TO Union Pacific,
Reading. Pennsylvania, the Copper stocks, Balti-
more &. Ohio, Delaware g. Hudson and st. Paul
In the last named issue further material i'm
provement was recorded, and despite the gen.
eral selling movement which developed in the
afternoon the price Of this share was not ma
terially under its best quotation at the close
Evidently st. Pauls strength was due in great
part TO aggressive operations against the short
interest, which, it is understood is large and
obstinate In the early dealings strength was
shown throughout the list, but the failure OF
commission house traders to respond TO the
movement with heavy buying orders together
win adverse reports concerning weather condi-
tions in 9he corn belt encouraged realiz-
ing sales and operations for the short &c
count resulting in substantial declines In
many OF the active issues, notably Reading
and Union Pacific. Outside Of crop news
there were no actual developments bearing
on the speculative markets though various re-
ports We're put forth regarding several different
properties. The general character of business
suggested that many operators who recently
were forced TO buy large lines OF stocks In their
attempts TO bring about an active bull market
were disposing Of these holdings and that the
room traders were taking advantage of such
operations TO hammer the market in all direc-
uons Delaware Hudson's early advance was
accompanied by a revival of the old story that
there would be change in the control of the
property but the idea was not seriously consid-
cred in well informed quarters. Last prices gen.
orally were at the lowest of the day.
In their operations with the Sub-Treasurv
local banks have gained since last Friday
more than S1.OOO.O00. and the chances are that
4 ha1
money on this account will continue in favor
OF the Clearing House Institutions Call money
rates are now at a level, which apparently
ought TO encourage greater activity in stock
market speculation, but outside of the so-called
trading element practically no interest is now
being taken in the course of Stock Exchange
business Commission house brokers evidently
are well supplied with funds. as the demand for
accommodation is not active, and from the
character of brokers' letters to their customers
it is evident that the greater number OF houses
In the Street are anxious TO induce speculation
for the rise before the time comes when the in
quiry for funds in connection with the financing
OF the crops and the general fall trade will carry
rates for money TO higher level. The public
however shows disposition to accumulate
securities at prevailing prices, doubtless for the
reason that it's money is actively employed in
the. channels of trade and at the moment cannot
be withdrawn for speculative purposes espec-
ally I'm a market in which quotations for the
greater number Of issues ruling at a level
which more than measures the actual value OF
the investments. Notwithstanding the high
prices at which the standard shares are selling
there is little probability Of a serious reaction
at present, unless something OF a most adverse
nature should develop in the money and business
situation in this country. Government figures
of the condition of the crops as of June | wera
much more favorable than generally expected
and, according to the information received from
men who have been travelling through the agri-
unusually promising. except in a few sections
where the growth of farm products has been
interfered with by lack of moisture Scare
reports from other sections intimating that
there has been an excess OF rain failed TO be
Impressive. for the good that at this
period OF the year the crops can stand almost
anything In the way OF moisture except actual
HOODS OF course, II is too early to make esti-
mates on the probable yield of spring wheat and
corh but II Is safe to assume that the winter
wheat harvest Will be above the average
General conditions being favorable Wall
Street naturally is bullish but this optimistic
sentiment In speculative circles apparentIv "a
not sufhc'ent TO create a widespread demand for
STOCKS ana bonds IL is contended I'm some cir
cles that present prices more than discount all
the Favorable features in the situation and tha.
there VIII be no great activity on tho Stock Ex-
change until there has been a read,ustm.nt AZ
values TO lower level Both the bond ana