New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-30
STOCK MARKET OPERATIONS.

An expansion in the total volume of business
in yesterdays stock market as compared with
The average dealings last week was due almost
entirely 10 the activity in Union Pacific stock.
which was traded I'm 10 the extent Of $4,000
shares out Of the total in all stocks of 5l6.SS7
shares The transactions in this issue were ac-
companied by a sharp upward movement in its
price, while elsewhere in the list quotations
strong. with the chief gains in the active securi-
ties IN Amalgamated Copper American Smelt-
ing 81. Paul Northern Pacific. Reading and
Southern Pacific. Buying of Union Pacific ap-
parently represented pool operations. though
the movement was explained in some quarters
on the theory that a readjustment Of Union Pa
cific affairs was being arranged by which any
contemplated action by the government against
the stock control Of the Southern Pacific by the
Union Pacific would fail Of its purpose, the idea
Of a holding company for Union Pacihcs stock
ownership in other roads again being advanced.
Irrespective Of possible news developments af-
fecting the Hartman properties, many people
are buying both Union and Southern Pacific on
their merits, the contention being made that
both stocks as investments are cheap at their
current quotations. even assuming that Union
Pacific at some future time should decide 20
reduce its dividend from the present extrava-
CANT level. Better reports from the winter wheat
Produce Exchange. easier tendency in ster-
ling exchange and the strength Of the banks as
shown IN Saturdays Clearing House statement
were factors that induced covering Of shorts bur
they failed 10 attract much response from com
mission houses. The early advance was fairly
wei maintained throughout the day last prices
being somewhat under the best
In their operations with the Sub-Treasurv the
local banks have LOst since Friday more than
S'oVoO. while shipments Of currency TO the in
terror have been moderately heavy. but Tho
Withdrawals from the banks on both accounts
do not suggest the probability OF higher rates
for money at this centre Bank holdings are I'm
a strong position, and II is quite likely thar
early in May mercantile remittances from the
out Of town merchants viii begin in volume. and
and will be followed by the usual period OF a re-
turn flow Of funds TO the East II is understood
that the Secretary Of the Treasury will be able
10 pay off all Of the Is Of 1907 that have NOT
been refunded without calling upon the national
hanks 10 return any part OF the government de-
posts which they now hold. and even II tho
Clearing House institutions should lose further
heavy sums TO the interior the total would be
more than compensated for by the federal nav
inents on bond account. The position Of the
money market undoubtedly viii encourage easy
rates for loans throughout the summer but a
situation Of this sort does not necessarily war
rant the expectation that there will be great
activity in securities trading. Easy money Is
not always accompanied by expansion I'm the
stock market, especially at a period when there
! is uncertainty about the outcome OF the years
harvests, but If conditions in the crop world de-
velop favorably in June and July the chances
will favor the usual bull speculation in August
Many careful stock market interests who are
/ concerned with he Y,1nv
| from day 10 day, who do not care whether or not
advances are recorded at this time. and who
| have an abiding faith in the stability OF bust
| ness and political affairs in this country arc
4 buying stocks on all reactions TO hold for the
profits which they believe will be brought about
later in the year, or to hold for even a longer
period II necessary
Attractive securities not being sold at
/ present prices. except in the case OF operators
| who speculate from day TO day and who are
willing 10 operate for quick turns and small
profits. The amount Of stock In investors hands
| is heavier than ever before, while wholly spec-
ulative holdings probably are as strongly in
1 trenched as at any time in the history OF the
Stock Exchange. The March panic left many
| cripples in its wake. but 1t made few bankrlpts
| The cripples will recover, and already their con-
| dition has improved materially. The current
buying power is light. Union Pacific. Reading
and a few other prominent Issues rejecting IN
their operations the only Indication OF a good
| speculative demand. This situation worries Soma
people. but it causes no concern among the sub
stantial banking interests in the Street, who ara
well satisfied with the way the market is moving
and who are making no efforts TO encourage a
wide market for securities. They believe that
further period Of dulness in stocks viii make
possible at some future date market in which
securities including new issues, viii find many
ready purchasers. The outlook in the business
world is extremely promising. and in the event
OF season Of light grain harvests the nation
win not become insolvent. Recent DEVELOPMENTS
have increased the strength in the iron and steel
situation. ard the fact that large sales OF iron
have just been made az top prices suggests the
improhability OF any concessions OF Importance
In the current year.