New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-20
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
In yesterdays dealings on the Stock Exchange
the general movement of values was in the d.
rection of a higher level pronounced strength
being reported in the Hill and Hartman shares
Amalgamated Copper. St Paul and Reading.
The issues named supplied the chief part Of the
total operations. Trading elsewhere in the list
was confined, rule, TO unimportant figures,
but in all parts Of the list with the exception OK
Brooklyn Rapid Transit and the Interborough-
Metropolitan a19Irites. quotations reflected
easiness the part of the short interest. and
in the case Of the leading active shares aggres-
sive operations for higher prices by prominent
Wall Street interests. Sentiment throughout
the Street appeared to be bullish than re-
Gently recorded, and most Of the large commits
sion houses put forth cheerful advces over the
wisdom Of buying securities at the current quo
tation level. Though there is still an important
bear following in the Street Il is making no eff
fort at the moment 10 oppose the operations of
the bul spectators in the Hartman and Hill
shares, and apparently these issues will be al
lowed TO move TO better range without any
objection on the part Of traders, who still be-
lleve the time IS not ripe for a general demon
stration on the bull side of the market. Indica-
tons of increased activity in the copper metal
market a result OF the lower quotations were
effective in attracting moderately heavy opera
tions in Amalgamated Copper which ended the
day with net gain of more than one point.
American Smelling relatively light transac-
tons advanced q point while on small dealings
Canadian Pacific and the Erie shares were
strong features. While general conditions af-
fecting stocks were promising, the chief argu-
ment for operations the bull side Of the mar
ket was based the attitude of the Hill and
Hartman interests In the securities of their re-
spective properties.
According to the known movement Of money
IN the week the local banks have gained 81 635.-
hot h. ,r,l
Treasury were in favor of the Clearing House
institutions. while receipts Of currency from the
interior slightly below shipments from this
centre. AS result Of the gain in cash holdings
the weakly statement OF the associated banks
ought t. show further expansion in the reserve
above le,Sql requirements, though the latter item
may be affected by a possible increase in loans
and by som Of the usual Inconsistencies of the
system employed IN compiling bank statements
in the last few weeks the Clearing House return
has been wholly at variance with the estimated
movements of money, and 1t is possible to-days
statement will make up the discrepancies re-
ported in the figures of the last fortnight Rates
for money in yesterdays market did not suggest
a decline in reserve. Call money has ruled at a
relatively easy level throughout the week but
time funds have been firm. with indication
OF any concession in quotations in the near tut
ure; indeed the prospects favor strong mar
ket for loans OF extended maturities throughout
the rest of the year and harder rates on
call under the influence OF Withdrawals Of cur
rency from this centre incident TO the demands
from the interior in connection with the financ-
ing Of the harvests. Crop conditions suggest a
much larger yield OF cotton, corn and grain
than indicated earlier in the year and even II
the final result should be under the average of
the last ten years the demand this centre for
!, money still would be heavy. The last report Of
the government on the crop situation. however.
indicated yield equal 10 the average of the last
ten years, and since the time OF that report CON
dtions have improved to material extent, and
it is now predicted by officers Of railroads that
run through the crop section of the country that
the harvest OF the current year Will add many
millions OF dollars to the agricultural commun-
ity and will be an important factor in increasing
railroad earnings and exports Of domestic prod
ucts.
Bond houses report great activity the
part Of investors but they note nevertheless
quiet demand from persons who have spare cash
on their hands and believe that the current in
vestment market offers rare opportunities for
the placement of capital. The new Rock Island
4 per cent bonds gradually going into in
vostors' hands the new Atchison bonds also are
finding q market and the short time notes OF
railway companies are In excellent demand the
buying OF the latter being based on their high
interest return. Transactions in bonds the
Stock Exchange are extremely light in volume. |
and buying over the counter is heavier than that
reported IN the open market. The best informed
financial interests in the Street believe the
sation OF new securities offerings will be an i'm
issues and they believe that the current con-
gested condition of the market will be
lieved. General conditions reported by the
commercial agencies encourage the expectation !
of healthful activity in trade throughout the /,
rest OF the year, symptoms OF commercial
depression being reported and indications of
weak spots being found in the various lines of
the country's business. The sensible attitude on
the part OF the big copper interests in reducing
the price of the metal it is believed will be fol-
lowed by disposition in other lines OF trade TO
readjust quotations to a lower level, an opera :
ton which will serve to strengthen the general |
Industrial situation. The evidence of sound /.
trade conditions ought TO increase the confidence +
of investors IN the stocks and bonds of Amer1- !
can railway and industrial corporations, but !
pending an increase in the amount of money In +;
the country there appears TO be little probability
of the development Of great activity in securities
DIRECT~R OF MINT BUYS SILVER.
The Director of the Mint yesterday purchased |