New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-07
STOCK MARKET OPERATIONS.

few shares supplied the greater part of the
business in yesterdays market. and in these
issues transactions were largely for the ac-
count of the professional element. which worked
for higher prices in the morning, reversing its
position in the afternoon following further &C
tivity and strength in wheat. Crop reports
ceived in the last two hours of business were
responsible for & sharp advance in wheat on
the local Produce Exchange and the Chi
cago Board Of Trade ana the movement in
grain was accompanied by selling of securities.
though the operations IN the latter did not re-
fleet important liquidation. Union Pacific and
Reading furnished more than 60 per cent OF the
dealings in ali stocks Both stocks presented
evidence OF manipulation, and both closed I'M
der their final quotations IN Saturdays market
despite the decided strength exhibited in the
early trading while throughout the list the
afternoon course Of values in the direction
OF lower figures with the heaviest losses in
Amalgamated. st. Paul. Northwest, Delaware &
Hudson. Reading. Southern Pacific, Union Pa
ciic and Great Northern. More extended
slderation OF the showing made by Saturdays
bank statement and the strength in sterling
change were factors that helped the decline,
while a revival Of talk on the losses sustained
by substantial interests in the March break in
securities also served to encourage activity
the part OF the element, though the bear
ish operations OF the traders failed TO attract
any outside selling. The decline induced, how
ever. SOME buying by prominent houses. partic-
uarly in Union Pacific. Delaware & Hudson and
New York Central. United States Steel COM
closed at a small net advance. while the
preferred ended unchanged from Saturday.
In view of Saturdays unfavorable bank state
ment slightly frmer rates for loans may be re-
corded this week though bankers do not look for
a material hardening OF quotations In the i'm
mediate future. The demand for funds here
from the interior is not active, as reflected in
the course Of the domestic exchange market,
while, on the other hand. foreign exchange
movements indicate increasing inquiry for
remittance and unusually light supply Of
bills. but the fact that monetary conditions
abroad have undergone marked improvement in
the last few weeks does not suggest the proba-
bility Of gold exports from New York in any
volume, especially as foreign bids for the metal
would lead TO higher local rates for money,
which. Of course, would serve TO decrease the
chances OF shipments from this centre The
general situation in money presents no reason
for predictions OF disturbance at any OF the
worlds financial capitals; and far as the mar
ket at this city is concerned 1t is not unlikely
that rates will rule at a comparatively easy level
until the preparations begin for the July inter
est and dividend disbursements. which doubtless
VIII De succeeded Dy a further period of
until the inquiry from the interior in connection
with the gathering and marketing of the years
harvests develops. The shipments OF currency
from the East to the West and the South last
year were exceedingly heavy for crop purposes.
and If current conditions in the agricultural sec
ton Of the country continue TO run down as
they have since April the movement OF money
from this point will be smaller than IL was in
1906. but outside of winter wheat it is too early
to speculate the outcome of this seasons
farm work.
One of the leading grain houses in the Street
has issued letter saying that April has passed
and vegetation is further advanced than
five weeks ago The wheat plant is stunted, a
great part is winter killed and the green bug has
almost entirely destroyed the Texas and Okla
homa crops. and now threatens the crop OF Kan
sas and Nebraska The spring wheat situation is
not at all encouraging" This situation AS
viewed by prominent firm. is not encouraging
TO the advocates of higher prices of securities.
and the fact that the official report of the State
of Missouri issued yesterday, shows a condi
ton OF winter wheat OF So as OF Nav com,
pared with "a on April l. makes the situation
more bullish for the SPECTATORS I'm grain ana
uncertain for the bulls stocks The wsetber
mas Deen Dad. but the development of a favor
able change In climatic conditions wouId hair
the outlook materially, and the fact that ths
season Is sun young suggests the wisdom of moi
pAHNe4AiH AcoNhs All eIlier grain or stocks tha
theory that general crop failure viii be recorded
IN me current year. crop failure this wear
moulo MOI nave the serious effect such oc-
currences exerted few years ago for rha 70
son that the country Is in a stronger financial
position than ever before known In the history
% uie United states and is therefore better able
10 meet the shocks that may come from d,s,rsss
In the great Western and Southwestern fsrn,
peit, OF Tor that matter in any line Of Industry
Bank clearings in the first four month"; of ~
year show that there has been no general re-
taxation In the countrys business. Compared
win the record breaking figures OF the same
time in 1905 the decline in clearings in Jsnnarr
February March and April amounted TO S936
4o2,loo, due chiefly TO the decrease in specuIa
tive transactions in New York, clearines outside
New York. q rule having shown ssina 60 |