New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-06
Enlisted. }Ex dividend.
Closing prices Of active bonds dealt in, with
char-ras q
STOCK MARKET OPERATIONS.
changes, follow

Stock market values had the support of
powerful banking interests throughout the day.
and as consequence final quotations showed
substantial improvement over Wednesdays last
prices. While commission houses were able to
report slightly better demand for outside ac-
count. Public buying. however. was not much
of a factor in the trading. The upward move
ment reflected in great part covering Of shorts
and activity by the houses which represent
persons anxious 70 bring about a higher
level Of values to make the holdings OF
underwriting syndicates look more attractive.
In the case Of the Union Pacific convertible
bonds the price for the underwriters figures out
at 154 and for the general subscriber at 157l2.
and as every Subscription obtained from the
stockholders for the new bonds counts in the
profits OF the underwriters the latter naturally
are working TO advance the current price Of
Union Pacific to the neighhorhood Of the prices
just quoted. Union Pacific gained for the day
Ia, closing at 14112. It is understood a similar
movement is under way in various other issues,
and in most cases it bears the earnlaTk of No.
% Broadway where heavy losses Were suffered
in the March panic, and where there arc cOEent
reasons for desiring better quotations. Amalea-
mated Copper American Smelling, St Paul
Great Northern Northern Pacific and Reading
enjoyed maximum gains Of one point or more
net advances being about heavy. Easier
rates for money, indications pointing toward
favorable bank statement to-day. heavy rail-
road earnings and bull maripulations Were
among the factors that induced buying by the
trading element SPECTATORS disregarding the
so-calIed adverse Developments which
announcements of further note issues at high
rates by several corporations and Japanese
American lingo talk. Call money declined, but
sterling exchange remained strong, with the
position Of the market pointing toward gold
shipments TO Paris next week.
Government disbursements in the current
month on ordinary account will run In excess Of
receipts, owing TO the usual heavy July payments
on Congress appropriations. Redemption OF the
per cent bonds win as offset to the
withdrawal If federal deposits from national
banks ard the interior movement Of currency
will be in favor Of this centre These factors
viii serve TO strengthen bank cash holdings, but
If there is to be outbreak Of furious bull spec
ulation in stocks, advertised by the Boston
fnancicr who believes he has broken the "sys-
tenn" loans will expand TO a point that viii
nullify the gain in cash an influence on the
reserve above legal requirements. Bank reserves
are unusually low for this period Of the year, and
there is no certainty that there will not be
further shipments Of gold 10 Europe All the
foreign capitals continue To bid for the metal,
and additional exports from New York would
surprise no one who keeps in close touch with
the local and foreign financial situation. The
Panl, Of England in its weekly return, made
poor showing and presented no feature that en-
couFaged the expectation Of an early feducuoh
in its minimum rate of discount, while cable ad-
vices from the various continental markets suS-
gested no immediate change in conditions which
have brought about the present scramble Tor
gold bv the European banks. The money mar
ket in this country is intrinsically sound ana
there need be no fear over the future but bank
reserves will require careful nursing u be
in a position to meet the demands that soon VIII
develop for accommodation in connection win
the gathering and financing Of the crops. In
view Of this the time does not appear well CHOSEN
for the engineering Of an aggressive bull cam
paign In securities, though prices are cheap and
conditions governing the actual WofIA 81 S'o0N7
and bonds strong.
MI IawsOn's conclusions regarding the gen
eral situation and outlook are sound, ana they
ought TO encourage investment buying by per
cons who happen to have the funds aVaiIap@, Dul
under current money market conditions buying
stocks on margin is another thing, particularly
nc Tho rresent large holders Of speculative lines
md interests identified with underwriting syn
dicates have no intention Of supporting the mar
lot after thev have dumped their wares on the
r,,bI,c Tersors who are able TO supply large mar
Gins doubtless will make handsome proilts by
sticking 10 the bull side for the long run ouC
he ordinary public trader VIII not nave Liu'h VI
- t,,c,, unless he is wise enough to buy on the
reactions and sell the minute paper pr"Ht ~
chou, At uresent the banks are not in posi-
lion TO finance an extended bull speculation ana
,1,o interests of all concerned would be better
.,..ea e the market were allowed to move along
IN the auet orderly fashion that has marked
,l,o c.,rs, Of trading since the street recovered
fro,,, the shock OF the March panic. Commission
t,o,,eoe however want To make some money,
IA ,,itb The help Of adroit manipulation in
,ri,.ee Inv skilled operators they may be able
- irduce a considerable public following. which
af,or ;, brief period will be forced to retire as
= result OF stringent money.