New-York tribune., 1907-06-05
Closing prices Of active bonds dealt in, with
STOCK MARKET OPERATIONS.

Prices for stocks were strong IN tho greater
part of the day. while sentiment in speculative
quarters appeared TO he more cheerful over
crop and financial conditions, though there was
no material change reported in the position OF
the crops or in the international money mar
ket situation, reports from the agricultural sec
tions of the country being about as unfavorable
as those recently received, while further en-
gagements of gold for export were announced.
Probably the temperance of the sun in these
quarters had something 10 do with the improve
ment in traders spirits. The market however,
had been oversold on Saturday and Monday and
rally was due on technical grounds irrespec-
tive of other considerations. but the improve
ment nevertheless served to encourage the nope
in commission houses that the market was over
its bad days, for the present at least, and that
the low level at which most securities were sell
ing would attract some public buying. The gov
ernment's report cotton showed big railing
off in condition as compared with this time
wear ago. but based on acreage and the y!e!a on
a like acreage IN other years the outlook was
shown TO be much better than indicated by q
s,,nericial examination of the governments es-
innate Indeed assuming there will be no fur
ther serious reduction in condition. the crop hG-
ures out the fourth best in the history OF 'he
country. Substantial net gains were SHOWN III
all the leading issues with striking advances IN
Consolidated Gas, which gained 6ls, and Amerl-
can Smelling, which was up points. Inc ad-
vance in the latter was based on a revival OF
the ranort that the dividend on the stock would
be increased at the next meeting of the direc-
TORS Car and Foundry was helped by the in
crease in its dividend and Canadian Pacific by
it's large earnings The Hin and Hartman
shares were strong features; also Reading and
Rroolllvn Rapid Transit. The general improve
rnent was accomplished in the face Of weakness
in the foreign markets and some selling by for
eign houses on the local exchange. Money was
easy, and 100000 more gold was taken for ex-
port to Paris. The French demand for the metal
was also reflected in q further withdrawal from
London for Paris account
Gold shipments responsible for loss by
the hanks to the Sub-Treasury so far in the
current week of more than $3OO0OO and it Is
quite probable the movement for the six bust
ness DAYS will bring the total loss well above
these figures, though IL IS not improbable the
| hanks will gain enough currency from the in
terror TO offset a part at least, Of Suo-Treasury
movement. Foreign bankers are not at all
agreed on the gold export question Some bank
ers believe the maximum shipments Will run
above S1OO00OO0 while there others who
| believe the movement is about at an end, despite
the fact that the Paris check on London and
the position Of the local money market have
not changed materially in the last few days.
Paris exchange on London is quoted at -
francs 1919 centimes; call money in New York
is under > per cent; sterling at this point for
demand Is 4.SGSO to 4S6S5, with good demand
for remittance reported and only small supply
of bills and unless there is an immediate
! change in these conditions in the direction away
| from the gold export point 1t would appear
| II further shipments Of the precious metal were
unavoidable. Fortunately, there is general
! strength in the financial situation in this coun
! try, though there is a large amount OF money
! tied up in syndicates, and there is no reason
! for the development of uneasiness over the
monetary outlook, especially as there is no in
dication Of business prostration and no sign
! that owners Of money intend TO tie it up in their
! stockings. In the month of May the amount
Of money in circulation in this country in
creased S76T6,544. while on June l the amount
showed, compared with June l a year ago,
| an increase of $196 1014 40 1t is interesting 10
note that in May charters were granted 10
| ffty-two national banks, OF which tbirtv-six
were with capital Of less than $4,000. an in
! dication that there is still expanding volume
! Of trade and a need of increased banking fo
cilities.
/ Bank clearings in May showed al increase for
! all cities outside Of New York OF 1876 per cent
| as compared with the corresponding period
year ago and 20 per cent over 1905. lighter
clearings in New York being due entirely ~
the falling off in speculative operations on the
Stock Exchange. Bank clearings and railroad
earnings are pretty fair trade barometers. and
the movement III both presents adequate reason
! Tor dlscouragement on the part of the PEOPLE
/ who believe great trade depression is slowly
developing. In the fourth week in May roads
reporting in all parts of the country showed
! big Increases over the same time a year ago,