New-York tribune., 1907-08-03
unlisted
STOCK MARKET OPERATIONS.

Trading III securities was inactive in most
parts Of the list throughout the day. six issues
supplying the ma jority Of the business. Not
withstanding the dulness prices a rule were
strong under the influence Of covering Of shorts
and a moderate commission house demand the
latter being confined to the Hartman shares.
Reading and United States Steel common. IN
which traders also took active interest. There
were no developments that encouraged
buying of particular stocks. the general up
ward movement being based the "versold
condition of the market, which appealed to
courageous outsiders and suggested to the floor
room element the wisdom OF evening their con-
tracts the short side of speculation. The
called substantial interests were not factors
in the dealings and evinced disposition to
express their opinions on the future course OF
prices. though their hopes regarding the move
ment of values were pretty well known in tho
Street. The people who are tied up with new
securities for which at present there is no mar
ket, want higher quotations but they are SO
involved with their commitments that they
have not enough available money 10 do muCh
in the market And there are other poWeflu!
interests who anxious TO see lower prices.
but they cannot induce holders to part with
their securities. while they find no weak
outstanding public margin account which could
be forced on the market through manipuatlVs
tactics. \ large amount of stock has been taken
out Of the market in the last few months by
small investors. but this buying power has be
come exhausted and at the moment the only
active buying comes from covering or ShoTtS
by floor room traders. At the close the general
list practically was at the best ngureS OF tAe
day Southern Railway was affected to only
small extent by the action of the state of Ala
bama in resembling the COmpanyS license to 90
business in that state
According the known movement Of moncp
in the week the local banks have lost more
than 81 100000 and il therefore is not unlikely
1o-dav's Clearing House statement will show 4
falling off in the reserve above legal require
rnents unless there has been a large contrdc-
ton In loans The course of the time money
market reflects a growing scarcity of funds, but
call money remains relatively easy owing TO
the absence of demand, and the immediate
prospects do not favor a material advance as
there is no important speculation under way on
the Stock Exchange nor from present lndlca-
tions is there likely 10 be much of a movement
on either side of the account. The advance III
time money has been effective in bringing out
a good supply of finance bills, when bohdoH
shows no hesitation in discountlnS ana upon
this form of accommodation the market doubt
less will depend great extent IN the ihdh-
cling of the years harvests. Treasury relief IN
the form of a lump deposit with the banks OF
the deposit every day OF ali receipts IS de-
,,ended upon TO prevent the development OF d
serious monetary situation in the fall, ana the
CT that from now on the governments re-
GENTS will run in excess of expenditures nat
urallv encourages the belief that secretary
! Cor+eIvou will use every lawful method to pre-
wont trouble in financial circles Treasury Ge-
r,osits however will not serve TO create fuiio
a,a;Ia},le for speculative purposes on the STOCK
| Exchange. They will serve TO prevent dlSturp-
| anca in money but they will not bring about
easy rates for loans. Money on call Will go 10
. ,,ro1,ibi,fve level if Wall Street and the pubic
| hegin aggressive operations on the bull Sido
| of the market, but as far as the punlc' AT
leaet is concerned there Is no lndicatioh Oh any
| activity on its part. And a big buH Specuid
1ion will not develop without the assistance OF
| the public. -, ,l,,
12ord houses continue to complain Of the lack
f b,,,ers for first class railway mortgage ISSUES
,bar are selling at attractive prices, the ohy III
ouirv OF Importance being for short term notes.
| .,icr net the buyer even better incomes Ihere
ora too MANY bonds at present and too small a
! e,,r,,,,, of idle money TO make an active pohd
| ,,,arket BOND houses are hoping for trflde re-
/ action that will release money lhdt Is Ho" az
! t,1,- e,onIoved in the channels of trade. as IN
| ,ta+ event such funds would find their way lhto
tbe overloaded railway mortgage market. but
t.,,o,. ir oonarai shows no disposition to slow
| s. 20 ON extent that would increase the
a,,,o,,r+ of louid capital that could be uSco IN
tho securities markets Business reaction mas
! hoe, talked of in all quarters for the last Two
| ,or,re vet hank clearines in July were larger
! .,,or ,hey were in the same month year aso,
| r.;Iroad earnings were heavier and in lhe steei
| +,ade alone was there any indication OF lSh'er
volume of business, the falling on IN oroet9 IA
., 1os+ named being unirnportant in view or the
record breaking operations OF 'he io ,sa
,be last six months Wall Street mas hao i.s
| o.,o ans the chances are II there shouio
| =, . a,r,,a setback in trade prices on tho
| c,ock exchange would advance, as the suppiS
| - money would increase, while epeculatoio
| -,or,s know that the reaction would no' "eaheh
| the intrinsic value Of securities
|