New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-14
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Trading in securities was light in volume, but
the movement OF values tended IN the direction
of higher quotations in the greater part of the
day, Notwithstanding the adverse reports from
the crop section of the country which re-
sponsible for an advance in wheat that carried
the price above the dollar ozark The activity in
wheat was effective influence in checking
transactions in the securities market. as specu-
iative Wall Street had transferred its attention
to the cereal markets. and in view of the ire
mendous excitement in the grain pit the excel
lent record made by stocks in the matter OF
prices was extremely gratifying to the advocates
Of higher quotations. Some surprise was ex-
pressed over the failure of stocks TO decline in
the face of the upward movement in wheat. but
the absence Of weakness may be explained on
technical reasons, which fully account for the
trouble the professional operators who are
espoused TO the bear side of the market are ex-
perencing in their campaign against values The
market practically has been sold to a standstl
There is no stock TO come out, and, as a Conse-
quence. short sales are quickly followed by
ering operations. which in yesterdays trading
proved expensive, especially in Reading and
Union Pacific. The entire list of leading shares
showed substantial net Improvement and SEN
timent at the close, as a rule, was bullish. Ac-
tivity in Batopas, the latest mining stock to
be admitted 10 quotation on the Stock Exchange
attracted attention, owing 10 the character Of
the buying in the issue. The fact that the
stock represents old and active mine which
has on its directorate well known In the
financial community. places the company in
position where il can count upon market for
its securities. This is one of the mining prop
critics that is something more than a prospect
Amalgamated Copper well bought The
strength Of the copper market continues de-
spite bear efforts to depress it, and from all
indications there will be a scarcity of the metal
for a long time to come, both I'm this country
and abroad. Exports of copper have fallen off
not because of a decline in the demand but he
cause domestic interests have no metal TO ship
New railroad financing that must be arranged
Tor In the current year probably viii not be so
heavy as some observers predict, nor is it
likely that the burden imposed on the money
market by the issues Of new stocks and bonds
VIII be as serious as certain overcautious souls
fear. The Union Pacific financing undoubtedly
VIII be followed by announcements that other
roads are in the market for money. but il should
be borne in mind that in many cases require
ments for the next year have been handled al
ready, that companies like the Atchison and
Union Pacific, which have supplied the most re-
cent instance of capital expansion, are of sound
credit. and that propositions for the securing
which. when satisfied. will increase the earning
power of the properties concerned The sup
ply Of money in the country is increasing at a
rapid rate, credit is stronger than ever before,
and new stocks and bonds by standard railroad
corporal iOns will join the ranks of first class in
vestment securities. Money rates probably will
harden to some extent as the end of the fiscal
year approaches, but for the immediate present
the chances do not favor high quotations
despite the fact that bank reserves are low for
this period of the year. Time money was frmer
yesterday for long periods. Speculation in the
wheat market, IL continued at its current vio-
lent pace doubtless would become a factor In
the loan market, but the general position of the
banks and of money in the country at large, to
say nothing Of the strong conditions ruling in
the federal Treasury. present no factor upon
which may be based uneasiness in business and
financial circles The banks were able last
week 20 reduce their loans by more than S14-
100000. which more than offset the decrease in
cash as an influence upon the reserve above
legal requirements.
The question of the crops is worrying many
people and it has been responsible for some
large profits for the bulls in the wheat market
1t need not be assumed. however that because
of the active bull speculation in wheat and the
reports OF widespread damage to winter wheat
the current year viii be without any harvests
IT Is freely admitted that there has been
falling off in the condition Of winter wheat
that the planting season in the spring wheat
section has been interfered with by adverse
weather conditions. and that from all indica-
tions the yield OF winter wheat this year will
run 1000OOoU0 bushels under the record OF a
year ago. In this connection, however IL nav
be well To note the fact that there now remains
in the farmers hands about 2S per cent of last
years wheat crop. upward OF 2o000o0N
bushels, " hich is far in of the amount
held at this time year ago. and If the stocks
IN first hands be added 10 the estimated yield
of :his years winter wheat yield the total would
amount To what Is approximately average
winter wheat harvest. The summer has not yet
began The course OF the wheat market how
ever. may convince some people that the har-
vests have been gathered and that there will
be no cause for thanksgiving season.