New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-06-09
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
active for a half holiday. and in many respects
the general movement of values and trading
the Exchange was the best from bull point
of view that has been recorded on any Say IN
many weeks. There was a strong demand for
stocks from the professional element. but there
also was active buying for the account Of some
of the most important interests in the Street,
including Morgan and Standard Oh people. Ad-
Yances in the active issues ran from l to per
cent, and Notwithstanding an exceedingly un-
favorable bank statement. final prices showed a
good part of the early gain. which most
pronounced in Amalgamated Copper. American
Smelters, Brooklyn Rapid Transit, st. Paul. the
Hill and Hartman issues, Reading and Della
ware & Hudson. The last named stock
joyed a net gain OF 21a points, making for the
last two days a net gain of more than points
It is generally believed this stock will be ad-
vanCed TO a much higher level, and II is quite
evident that the speculative element which
Gently put out unfavorabe reports regarding
the property has been unable to shake investors
confidence in it. Delaware & Hudson has
tremendous assets that would prove valuable
either the New York Central the New
Haven, but the control of the property could
not be secured at the current market value OF
the stock. and it is understood that when the
company eventually passes to the hands OF the
New York Central the stockholders Of the Della
ware & Hudson will receive much, If not
more. their holdings as they getting at
present. Bank statement figures showed a de-
crease in cash much larger than indicated by
Fridays estimates and as loans increased the
reserve above legal requirements made poor
showing, declining s6.801. 925 from the total of
the preceding week. This item now stands at
525. against $7.15205O. at this time year
ago and IS, 1927 500 in 1905.
Sentiment in commission houses is more
cheerful than 1t was a week ago. and many brok-
ers are placing themselves on record as buish
over the outlook for better prices in the near
future. 1t is asserted that the remarkably ia
vorable railroad earnings now coming TO hand
will serve TO restore confidence in circles where
much pessimism recently has developed over the
future of business in the country. while It is
pointed out that the generally sound position
Of affairs throughout the land and the cessation
Of forced liquidation in securities VIII tend 70
encourage activity on the part Of people who
have money available for stock market purposes
1t cannot be denied that stocks selling at
attractive figures both for speculative and in
vestment purchases. Probably there never has
been time before in the history OF the country
when securities values have been at so low a
level with conditions affecting intrinsic worth Of
investments strong at present. In view
Of the excellent situation in all lines Of trade It
is absurd for Wall Street TO becoc-e excited over
the crop outlook influence tending to de-
preciate the true value OF securities. One bad
crop year Will not drive the railroads out of
business, and then there is no certainty that the
harvests will be as bad as reported Doubtless
there Will be reduced yield on the farms as
compared with last years record breaking gath
ering, but the chances are there will be enough
stuff produced to keep our stomachs comfortable.
Foreign exchange bankers appear to believe
that further exports Of gold will be made tn
Paris in the current week, and In some quarters
1T was thought yesterday tho total outward
movement would reach S26,000o00. That sum
could be sent abroad without causing disturbance
here, but the chances are any such demand
would be accompanied by an advance in money
rates here to a level that would bring the move
ment OF the precious metal to an immediate end
The money market may show hrmer tendency
In the current week, owing to the large falling
on In the cash reserve holdings of the Clearing
House banks and to the probable increase In |
activity on the Stock Exchange. In the last |
few days there has been marked change in !
sentiment in the Wall Street community and slI |
indications point toward higher prices this week