New-York tribune., 1907-07-14

STOCK MARKET OPERATIONS.

In the two hours of trading in yesterdays
stock market prices moved in the direction OF a
higher level on a light volume of business. Quo
tations advanced easily and indications Of sup
po~1 from some Of the leading street interests
caused considerable uneasiness among bear
traders who put out short lines in Fridays op-
eratons in expectation Of lower figures yester-
dav as the result OF expected poor showing
in the bank statement Contrary to Fridays
estimates the Clearing House statement pre-
sented a large increase IN cash. a. material re-
duCIiOn in loans. the result of the two move
ments being reflected in a large gain in the re-
serve above legal requirements. A week ago the
bank statement showed a large decrease in cash,
though an equally large increase had been fore
sha allowed by the preliminary estimates based on
the known movement Of money, while similar
consistency was presented in yesterdays re-
turn. in which there was an Increase or more
than 81 900 600 IN cash, against an estimated de-
crease of more than 100000. The reserve
above legal requirements advanced TO S6.ST.O3O.
which compares with S12,S30 500 at this time
year ago and S19.523.250 in 1908. Following
the publication Of the bank figures there were
realizing sales in various parts Of the list, but
the tone Of the market. nevertheless, remained
firm until the close, when net gains were re-
ported IN the greater number Of securities The
advance IN Union Pacific was due In great part
- covering of shorts. also in Anna lgamated COP
per Reading and United States Steel common.
Though commission houses were not important
factors in the DAYS dealings their market let
ters were more hopeful over the prospects for
better quotations. their arguments apparently
being based on the increase in bank holdings, on
the favorable reports received from the com
rnercial agencies regarding trade conditions
throuehout the country and on the theory that
the unfavorable market conditions of the last
week had nothing more than temporary signif-
canoe Il IS not thought likely. however, that
there will be any public activity in stock market
operatfons for a long time to come and without
the support of the public a sustained bull move
r17ent is out Of the question In the week a large
amount OF stock which was bought in eXpecta-
tion OF materially higher prices came on the
market while there also distribution OF
stocks accumulated by active operators at lower
prices this being especially marked in the case
Of AnaIgamated Copper. Union Pacific. Reading
and United States Steel For technical reasons
the declines were warranted. and notwithstand-
ing Saturdays improving tendency II is thought
In many circles that better opportunities 70 buy
stocks will occur before any noteworthy advance
&c recorded Investment operations are extreme
" quiet Bond houses report almost complete
Indifference the part OF the pubic toward
railway mortgage issues, but they are not
alarmed over the situation and 10 not take the
reesirnistic view that the current stagnation In
securities indicates a gradual weakening in the
courtrv's Industrial position. Bond houses would
welcome slowing down process in trade. mas
now tied up in business operations and would
increase the supply OF funds available for in
vestrnent in Wall Street.