New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-17
enlisted.
STOCK MARKET OPERATIONS.

transactions in yesterdays stock market were
hght IN volume total dealings amounting to
only 4SI942 shares. Outside Of Amalgamated
Copper, United States Steel. St. Paul, Union Pa
clf1c. Northern Pacific and Reading. dealings
reached unimportant dimensions. while price
movements as rule showed insignificant
changes at the close. as compared with the final
hsures Of the preceding day. Commission houses
We're not active on either side of the account
nor were the more substantial speculative inter-
ests disposed to Identify themselves with the
days operations, though board room traders
We're inclined to take aggressive stand on
the long side of the market, their attitude
being based in great part on the absence
OF selling pressure. Counter currents
running in Wall Street, and most spectators
are at sea. Certain we'll informed oper-
ators are actively engaged in a campaign for
higher prices but their efforts to attract outside
interest have not been successful and the
chances are that there will be no great public de-
mand for securities until the supply Of capital
in the country increases. In yesterdays deal
ings Union Pacific advanced to IA after an
early decline, the strength in the issue being
due entirely TO covering by the shorts There is
practically no demand for the Union Pacific Sc
curites notwithstanding the low level at which
they are selling but 1t should not be assumed
that the lack Of buying power in the Hartman
stocks is due to any weakness in their invest
price is a first class investment, and even If the
dividend should be cut from the present high 10
per cent rate, buyers of the stock would still
find themselves in possession OF valuable asset.
Mr.. Hartman has brought the Union Pacific
Railroad to a condition Of great physical eff
cheney, and IL the government should decide that
the ownership of the Southern Pacific by the
Union Pacific is Illegal there would be rea-
son for the sale of the Hartman issues. In the
final dealings. transactions were confined almost
entirely to the leading speculative favorites. and
the advance which succeeded the early decline
was maintained in the last hour OF operations
net changes showing more gains than losses.
with the chief improvement in Canadian Pacific
st. Paul. Great Northern preferred Northern
Pacific Reading, Southern Pacific and Union
Pacific
Conditions in the local money market do not
suggest the development in the near future OF
easy rates for loans. Relatively high rates for
money have attracted funds from the interior TO
this centre. but the demands In connection with
the financing Of the harvests soon will take a
large amount of currency from New York, while
it is not improbable that further amounts of
gold will be engaged for shipment 20 Europe.
The gold holdings OF the Bank Of England and
the Bank of France are low in comparison with
the holdings at this time in other years, and it
is evident that both institutions extremely
anxious TO obtain more of the metal. The Amer
lean market at the moment offers the best facil-
tiles for gold export operations, and if foreign
bankers willing to pay the price New York
will furnish all the precious metal desired. The
demand from mercantile sources for accommo-
CatlOn continues active, the requirements Oh
underwriting syndicates heavy and the in
qury from Wall Street commission houses Is
active enough to suggest the probability OF eX-
IRENE tension the cash supplies Of the city
banks. There is disposition among the infu-
entail Wall Street banking houses to encourage
activity on the part Of the so-called public in
stock market operations, but the response does
not foreshadow the development of a big de
mand from the outsiders for stocks and bonds
particularly on margin accounts. The public
l, ;+, xs,11l N channels
trade and il shows no Willingness 70 withdraw
its funds for stock market purposes. in spite OF
the attractive prices at which the greater num-
Der Of securities are selling.
In the last few weeks foreign houses have been
active sellers Of American securities. This sell
ing has been for investment account as well as
for speculative account, the operations repre-
senting d need on the part of foreigners to OBJ
tain cash in connection with transactions SINH
lar to those of our own underwriting syndicates,
and the desire as before mentioned. Of the big
European banks to increase their holdings Of
gold. Owing to the enormous expenditures OF
American travellers abroad, TO the undervalua-
ton of imports and to the great increase in i'm
ports Of merchandise this country at the present
time apparently is in debt to Europe, notwith-
standing the excess of exports over imports. as
reported by the Department of Commerce and
Labor. The full statistical report of our foreign
commerce for July will be made public to-mor-
row. but from information received yesterday
from Washington il is safe TO say that the
showing so far as the excess Of exports over
imports is concerned Will be disappointing. I'm
ports are increasing at rapid rate. In June
this country received from abroad goods
than ever before reported in corresponding
month while in July the inward movement was
equally as heavy, attesting the enormous pur-
chasing power of the people. The high price Of
cotton responsible for material falling off
in exports of the product in the month Of June,
figures for which were received yesterday, the
reduction amounting in value to upward of So
100000. Exports Of breadstuffs, however. were
in excess Of the total for the same month year
ago the 1907 figures showing S13 400 $50 COM
pared with 81, 1916, 1923 in the same time in 1906
and S6249S41 in 1905. For the twelve months
ended June 80 total exports of domestic products
were 1851, 634 $50. against $500 57S, 504 in the
nreceding year and S751 $50 754 in 1903.