New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-30
STOCK MARKET OPERATIONS.

Stocks were strong throughout the five hours
OF trading a moderately active volume Of
business. The upward movement, which was
conducted in the face Of gold exports to the
amount of 100000, was due In great part 20
covering by the short element and 10 n better
class Of support than recently noted Foreign
houses were buyers and their purchases. with
higher prices in London and Paris. were effective
influences in encouraging a moro bulish atti-
tude the part OF the room traders. The
general position OF the market, however, was
ripe for an advance. and it would not surprise
the most careful observers II the Improvement
should run further, barring OF course, the de-
velopment of unfavorable factors. The Street
had the impression that President Roosevelt in
his speech at Indianapolis to-day would send out
cheering message on the condition of affairs
in this country. on the railroad problem and
kindred matters. and the idea also served as an
influence in attracting covering operations Ad-
vances of two points and more were quite COM
mon in the active list, while throughout net
gains were substantial with the heaviest in
the copper shares, the Hartman issues Balti-
more & Ohio, Canadian Pacific. Reading United
States Steel and Delaware & Hudson. The last
named stock has been under bear pressure and
further attacks may be expected upon the issue
according to the manipulators who are tryln;
to injure it in the eyes Of investors but II is
into selling Just because a crowd OF notorious
operators are conducting sandbagging opera
tons in the security. In the last hour the best
prices Of the day were made and final quotations
were not much under the top. The weather man
showed better conditions IN the crop country. a
reflection Of which was presented In the wheat
market.
exports OF gold under present conditions are
not bear argument on securities Indeed
they ought to be taken as a reason for buying
American stocks and bonds, inasmuch as they
represent the great financial strength of the
United States and its ability to supply foreign
demands for the metal at a time when the Ranl,
OF France is particularly anxious to strengthen
its gold holdings We have the gold and can
AFFORD TO let some Of it 20 abroad Money
brings a higher price in Europe than IT
does In this country at present and "a
the movement of money is controlled bv
the rates offered for it's use It is not sur
prising that foreign bankers are withdrawing
the precious metal from this centre and If tbo
movement should assume large proportions
money rates here would be readjusted TO n
higher level, the effect OF which would be to
bring to an end gold shipments Local banks
are in strong position, and there is no reason
to suppose there will be any development that
will cause stringency in the money market
Call funds are at level which reflects an ab-
sence of an active borrowing demand for this
class of accommodation. while time money IS
not much more lively. There is some demand
for time money Of long maturities, and rates on
these loans are slightly firmer, but the general
position Of the time department of the market
does not suggest high quotations in the near
future. II business throughout the country re-
acts in the course OF the next few months
money naturally will be easier. Business reac-
a of
II VIII not upset the dividend possibilities Of the
iaiiroaos' though 1t may serve to induce some
companies which have been paying extravaganza
disbursements to place their rates on a lower
OASIS The country has got to expand, and moor
crops ana period OF lighter business transac-
Cons VIII not stunt the nations growth.
In the bond market many attractive onnor-
tuaities are presented for the purchase OF Soma
mortgage issues at cheap figures. In the cur
rent month there has BEEN decline Of from four
| to twelve points in the leading issues. and a.
! present prices and per cent securities ~ nm
| questioned value may be had TO return mora
than those rates Prices are much below -bosA
| that prevailed at this time in 1906 TWENTY rem
| resentative issues. for instance showing an av
| erage price Of 90.05 compared with a price or
| 1913 a year ago. The bond market has beeo
| disappointing TO bond houses but there is M
/ reason to believe conditions always will he &c
/ they are at present. While some difficulty ia
! experienced in disposing of new issues. the
cheap prices at which they are offered appeaI IN
! people who firm believers in the country
! American railroad bonds since the organization
of the first railroad company in this country
have made good records investments and