New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-18
Enlisted
Closing prices of active bonds dealt in, witt
STOCK MARKET OPERATIONS.

In the greater part of the day stock market
values moved in an irregular manner without
definite tendency in either direction. but in the
last hour the majority of issues became decid-
edly weak under the influence Of traders opera
tons, which were helped by the strength i'm the
wheat pit An advance in foreign exchange
followed by a rumor that a prominent house
had made arrangements to ship 81 O0oO10 gold
TO Europe also served 10 encourage short sell
ing. Sight sterling advanced 10 points. hut the
movement was not great enough to permit ex-
ports of gold and foreign bankers We're not of
the opinion that the metal would 20 ont i'm any
large amounts in the near future believing the
advance in quota tons due 10 covering operat lions
rather than 10 a pressing demand for remit
tance. Exchange closed about 3-16 OF ! per
cent below the gold exporting level. Declines
were not extensive in any part Of the list. while
an exceptional feature of strength was supplied
by Canadian Pacific, which strong through
out the day, with a net gain Of 3ls at the close
the movement apparently being due To covering
operations which were met with only a small
amount of stock available. This issue is held in
such manner that it is an extremely danger
proposition of which to be short and as n
matter Of fact. stocks in general are so Wei
held that the entire list is unattractive for short
selling, except for quick turns. There is moth
ing AZ present to bring stock on the market and
it is quite certain that if stocks were in weak
hands the movements in the wheat market
would result in a good deal Of liquidation I'm
securities. Atchison. ST Pual. Interborough-
Metropolitan. National Lead. Union Pacific and
Southern Pacific among the weakest feat
usas in the afternoon decline. though they re-
covered a part Of the loss just before the close
Well Informed railroad men and Wall Street in
terests VINO have returned from trips through
4l1a alt,
crop situation is much better than indicated by
the reports put out by people interested in adj
vancing grain prices.
The known movement Of money in the week
does not suggest important changes in to-day's
statement Of the associated banks but the IN
known quantity. namely, the loan account may
be factor in the return Of sufficient Importance
to cause either a substantial gain or loss in the
reserve above legal requirements Money rates
do not encourage the theory Of a loss in reserve
The inactivity in the stock market is responsible
for a quiet loan market as far as Stock Elk
change loans are concerned and unless there has
been some large special financing in the week
the position Of loans in the bank statement
ought 10 be in favor of an expansion in the re-
serve on their operations with the interior the
local banks gained 81 sos 100 while on all move
ments there was a gain of S3,253, 100 The best
informed bankers do not look for any material
change T. money and foreign exchange condi-
lions IN t e near future, bat toward the end Of
June they believe there viii be a hardening of
money rates as a result of the preparat tons for
the July interest and dividend disbursements.
Vtlich will be larger than ever recorded at that
period. owing 10 the increased dividends re-
ported in the last six months. A cessation of the
Paris demand for gold in London doubtless will
be followed by a reduction i'll the Bank Of Eng
lands minimum rate Of discount and this in
turn may be followed by the appearance Of
finance bills at this centre, as local bankers
doubtless will be anxious 10 secure loans IL Lon
don through the medium of the exchan - mar
ket. with the expectation of meeting in this way
the early requirements of the crops and liuuidat-
ing the Indebtedness through exports Of grain
and cotton later on in the season. The term
finance bill is often applied a bill obtained as
a loan and it is sold by the borrower the same
as any other bill of exchange to obtain the
money represented by it.
Buying of stocks In the present market is
made up chiefly of the covering operations of
traders. and were 1t not for the short interest
there practically would be no business trans
acted as the public is not buying securities
while the larger speculative interests are doing
nothing on either side OF the account This sit
uation is extremely disappointing to the commits
sion houses. The latter are not making of1ca
expenses, but they have the satisfaction of
knowing they have enjoyed several years Of
profitable business and are in a strong financial
position TO meet long period Of Inactivity
There appears to be little belief in the theory
that there viii be any important expansion in
securities dealings in the course of the next few
weeks. The crop outlook is too uncertain to
encourage speculative demand for stocks while
the Uses sustained in the recent decline are stl
enough in evidence to preclude the possibility OF
that were Injured in the March break and whose
losses are being financed hv the most nnrrerfr1