New-York tribune., 1907-06-30
STOCK MARKET OPERATIONS.

In the two hours OF trading prices recovered
the losses suffered after the announcement Of
the city bond sale failure Friday, closing prices
showing marked improvement in all the leading
issues despite the publication of an unfavor-
able bank statement. After giving greater con-
sideration TO the city bond nasco the speculative
community reached the conclusion that It re-
flected nothing new of an adverse character in
the investment situation, and a consequence
st resumed operations on the bull side OF the
market. paying especial attention to Reading
Union Pacific, United States Steel and Anal
gamated Copper. The operations apparently
were conducted on the basis of expectation
of an active inquiry for securities following
the July interest and dividend disbursements.
There is good reason for the belief Of the rein
vestrnent Of funds received by holders OF Amer
lean stocks and bonds, especially as prices for
most securities are at such an attractive range.
and the chances therefore, favor q level OF quo
tations In the future at which spectators
who have accumulated stocks in the last week
VIII be able to sell at a substantial profit. A
sustained bull movement, however, does not ap-
pear particularly promising, in view OF the low
position of the bank reserves disclosed in the
Clearing House statements OF the last two weeks.
One week ago the reserve above legal reQuir-
ments stood at S5.626,600. while yesterday this
amount was reduced to S2,509,275. owing to
decrease in cash OF S6.S54. 900, which. with a
contraction IN loans of 1878 TOO accounted for
q large decline IN deposits. The reserve is
usually small for this period of the year. COM
pairing with S12, $50 al this time In 1905 and
S1165SST5 in 1905. The reduction IN loans was
the only favorable feature of yesterdays bank
statement.
In Amalgamated Copper Atchison, ST. Paul.
Chicago & Northwestern. Great Northern, New
York Central. Northern Pacific, Canadian Pa
cifc. Reading and Union Pacific net gains
amounted TO l Der cent and more. Northwest
improving TO the extent OF 2&. while Canadian
Pacific was up 21a The two last named stocks
are In good demand for investment account ana
ere considered among the most attractive in
yestments on the market. Street sentiment was
cheerful. and for the first time IN many weeks
discussion OF the intrinsic worth of securities
had something TO do with the upward course Of
valses. strength being placed on the remarkably
favorable results obtained by all the railroads
both In gross and net returns IN the fiscal year
Just ending. The railroads In this country in
the last twelve ,.Iths have broken all records
In the amount Of traffic handled, and show an
increase In gross receipts compared with the
preceding year Of more than IL per cent against
an increase or about IL per cent in 1905 over
1905. and an increase in net OF nearly Z per
cent The gain In net is particularly noteworthy
as in the year the cost Of operation was greater
than ever fefore, while large sums were d.
Verted from gross into expenditures for i'm
proYements and betterments. Industrial COM
panies In ths fiscal year also broke all records
In the volume Of business and earnings the in
crease In earnings OF the United States Steel
corporation for instance, being large enough TO
pay dividend OF per cent on the entire out
standing common stock OF the company The
copper companies show better results than eyer
before. and the same thing may be said OF about
every line OF industry.