New-York tribune., 1907-04-28
STOCK MARKET OPERATIONS,

Trading I'm securities in the two hours Of busi-
ness light in volume on movement of
values that showed great rregularity with the
final tendency in the direction Of higher quota
tions. In the early dealing the room element
as ? rule sold the general market. particular at
tention being paid 10 Union Pacific, which de-
clinod more than a point from the opening.
while in the last half hour the same element
worked the long side owing - bank state
ment figures that made a much better showing
than indicated in the preliminary estimates
The market was made up entirely Of traders
operations. commission houses having no orders
on either side Of the market for public account
while the more important Street interests We're
not factors i'm the transactions. In the
iorty Of issues price changes We're confined to
fractions The feature Of the bank return that
impressed the Street most favorably was a re-
duction in loans, though the decline was less
than s. 100000. but as this loss compared with
an expansion in this item in the preceding week
Of more than S2500OOOO and more than S36.-
000000 i'm the week before Il possessed q sig
nihcanco that was extremely welcome In specu-
lative quarters. Cash holdings increase S146.-
900, against estimated loss Of more than
S20000O0 In Fridays calculations while as a
result Of all changes. the reserve above legal re-
quirements increased SG41950 to S123I6775
which compares with S1O367. .4OO in the same
week a year ago and $16.665 80 I'm 1905 Union
Pacific. Reading. AmalEamated American
Smelling. Pennsylvania and the Hill shares sup
piled the greater part OF the total operations IN
stocks. Bonds were just as inactive as stocks
Money market conditions at this centre. while
much stronger than they were few weeks ago.
do not encourage active speculation in the
stock market, and according to the advices re-
ceived by commission houses there is no dis
position on the part Of the public to take an ac-
tive interest in the market. Brokers have a
moderate supply of orders n sell on the rallies
and TO buy for turn on the declines and at
present this makes up the sum total Of their
business except a few investment orders. After
the March break in values there was n large
demand from small investors in all parts of the
country. and following the distribution of the
April interest and dividend payments the de-
mand from the same source increased. these
payments, a rule, returning 10 the market.
but just now this demand has become ex-
hausted and as "A consequence investment
houses are doing a light business. The situa-
ton in the investment and speculative market
does not reflect adverse conditions In the coun-
try's trade, does it indicate any loss of con-
fidence on The part Of the American people in
the stability OF railroad stocks and bonds
The public is not boarding its money. It's funds
employed i'm the channels OF trade, and
when business reacts there will be an increase
in the dealings in the bond market. The greater
/ number of people appear TO be satisfied with the
way conditions are moving in business. stocks
and money, and the current dulness in Wall
Street IS bothering one except the commits
sion firms and the spectators. who generally
find rich pickings when the outsiders get the
speculative habit.
Trade reports are encouraging and the only
unfavorabe feature OF the general situation just
now is the reported heavy damage 10 winter
! wheat. Crop reports are exaggerated. but there
has been, nevertheless, n certain amount Of dam
/ age in the last two weeks which undoubtedly
/ viii result in a reduced yield Of winter wheat
! as compared with the large harvest Of 1906.
/ The damage has come at "A time however when
it will be possible TO plant 10 corn the acreage
of wheat destroyed. and the farmers therefore
will make up on an increased corn acreage the
! loss suffered winter wheat. assuming that
| conditions affecting the corn crop this year are
favorable The farmers have enjoyed three
years Of big crops at good prices, and they are
in strong financial position to meet season
! Of famine. The crops Of this country. however
are diversified and acreage has grown so
extensively in recent years that widespread
crop failure practically is impossible Grain
houses in Wall Street report increased interest
in the cereal markets. both on the Chicago
Board Of Trade and on the local Produce Ex-
change, and it is not unlikely that in the near
future speculation Will run more 20 grain than
90 stocks The best informed men in the Street
do not look for anything more than traders
marked the Stock Exchange IN the current
week, though in some quarters Il is thought the
quarterly report Of the United States Steel Cor
poration. which Will be made public after the
directors meeting Tuesday. may encourage
some outside interest in the market Earnings
OF the corporation in the first quarter of the
year will show better results than in any corre-
spending period in the history OF the concern.