New-York tribune., 1907-07-23
STOCK MARKET OPERATIONS,

Transactions in yesterdays stock market were
hight in volume on movement Of values that
generally tended In the direction Of lower prices.
early movement showing losses of 1 per cent
and more in the leading issues In the last hour
OF business improvement was recorded in most
parts of the list, and at the close quotations
showed unimportant changes as compared with
the final figures in Saturdays operations In
Analgamated Copper, Northern Pacific South
ern Pacific. Union Pacific st. Paul and United
States Steel the dealings were fairly heavy es-
pecially in Union Pacific, which throughout the
day was the leading feature both in point Of
activity and in price fiuctuation. Opening oper-
atoms in this issue reflected the presence in the
market OF an aggressive speculative party anX-
ious TO bring about a lower quotation for the
stock Notwithstanding the fact that the Harri-
man interests were known to be actively en-
gagged in making a better market for the
curity. In the first two hours OF trading
bears on the stock able to depress the
value to the extent OF two points, this loss sub
sequently being recovered. in great part. owing
to covering operations by the shorts. The
sumption Of the so-called Lawson campaign on
the long side of the market not effective in
attracting public interest in the days trading,
and the fact that the particular Lawson special
ties-namely, st. Paul and Amalgamated Cop
per-were weak features naturally created un-
favorable sentiment in speculative circles and
led TO aggressive operations the part Of the
professional element il all parts Of the market.
Atchison and Southern Pacific We're among the
strong features or the nnal dealings, DOln issues
closing at net gains. the improvement in SOUTH
ern Pacific amounting TO than one point
Union Pacific closed fractionally under Satur-
days final quotation, but at a gain Of more than
l per cent the low figure of the day. Total
operations amounted to less than 100000 shares
Local banks at this time year ago gain
ing money from the interior, but at present the
movement Of currency between this centre and
out of town points is about evenly balanced
between shipments and receipts, with the
chances favoring an excess of shipments from
New York in the near future The demand for
accommodation throughout the country is heavy
owing 10 the activity Of trade, and while pre-
dictions being made in many circles Of
trade reaction there is nothing in the position
Of the money market that suggests the develop
ment in the course of the next few months OF an
important setback in our industrial activities
Rates of exchange at interior cities New
York do not encourage the expectation of
active flow of money TO the East, while the con-
ditions in the money markets at Western towns
warrant the idea that in few weeks there will
be a large outflow of currency from the New
York banks in connection with the financing Of
the harvests and for the requirements OF the
fall business Bank holdings in the country's
chief money centre larger than they a
fortnight ago, and call money at this point may
be obtained at a relatively low price. owing
chiefly to the absence Of activity the Stock
Exchange. The larger banking interests with
the exception Of those who tied up with the
Union Pacific convertible bonds, not inclined
10 take active part in the speculative markets
and they ere not indorsing the Lawson campaign
for higher prices. for the good reason that they
realize approaching time when urgent
demands will be made upon the fiscal institu-
tions in New York without any promise OF
sistance from abroad in the form Of gold I'M
ports. Interior banks have good sized balances
with the banks here, but just as soon as the
crops have to be financed the out of town bank
VIII draw on their funds at this point. the
result of which Will be advancing figures IN the
call money market The real position Of the
money market IS measured by rates for time
funds and in this department OF the market
there IS no Indication OF plethora of currency
among the banks in the rest Of the year. Six
months maturities are quoted at 81 to 6 per
cent.
In the iron and steel industry current oper-
ations do not warrant the forecasts that are be-
ing made in some quarters OF the Street that
this great department of the country's business
is the verge Of bankruptcy 1t is true new
business in the last two weeks has been coming
in somewhat lighter in volume than in the cor
responding time a year ago. particularly for
finished material. but this is no indication that
the trade is about to go TO pieces. Iron and
steel men, matter or fact, would welcome
a falling off in the demand, owing to the con-
gested condition OF their business, but they do
not EXPECT anything more than a normal reac-
ton after the last two years Of abnormal activ-
ity Manufacturers Of finished steel look for no
material decline in prices Of the product. They
assert with good reason, that In comparison
with other lines their price schedules low.
and they believe their policy of not demanding
exorbitant figures will be an important factor
in preventing disturbance in the market. The
in the price of copper has been a
fortunate thing for the copper trade, because
the metal has been selling at an eztraVagant
level and the prospects, 1t is comforting TO note.
favor similar read1ustment in other lines in
which quotations have been pushed up to an
absurd range.