New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-21
STOCK MARKET OPERATIONS.

In the two hours OF trading in yesterdays
stock market transactions, as rule were con-
lined TO small totals, the only important activity
being reported in the Hill and Hartman shares,
Amalgamated Copper. Reading and United
States Steel. Price movements generally We're
In the direction OF higher quotations. with espe-
cial strength in Reading Union Pacific. Anal
gamated Copper and Southern Pacific. the last
named issue advancing two points tho same
sort OF buying that has characterized the oper-
atoms in Union Pacific in the last week The
publication OF a favorable bank statement
served to increase bull sentiment In speculative
circles. and the buying movement in the lead
Ing issues became more aggressive the result OF
which was active, buoyant and strong clos
Ing. Prices moved UP easily when buying orders
appeared. and both Union Pacific and Southern
Pacific reached the highest level so far reported
the current movement The Clearing House
figures showed an increase in the reserve above
legal requirements of S2,211 025 to S90SS075
which compares with q reserve of Sl9391 600
at this time year ago and S14,949,9J0 in 1905
Notwithstanding the increase in speculative ac-
tivity the Stock Exchange in the week. bank
loans presented an increase Of only S+I+,VN,
and this change, with an increase in cash OF
S216S900 accounted for an increase I'm deposits
OF more than 5000 600. Doubtless the new
loans made in the week were placed with instI-
tutions whose operations are not covered by the
Clearing House statement The present reserve
of the Associated Banks IS smaller than that
recorded at this time in any preceding year in
the last decade, but the chances are II Will In
crease to a material extent before the demand
for money develops for interior account for
harvest purposes.
According to the reports received from the
commercial agencies, trade conditions through
out the country do not suggest the development
in the near future OF general reaction IN bust
ness. Railroad earnings heavy, bank clear
ings are large and in the iron and steel trade
there IS no evidence OF falling off In the de-
mand from consumers One Of the best trade
barometers is found in the position OF the iron
and steel market and II therefore is extremely
encourag ing to know that conditions In this in
Gustry foreshadow further material expansion in
iron end steel operations for months 10 come.
the leading companies having on hand orders
large enough 10 keep their plants busy for the
rest of the year without a single additional
new contract The promising trade situation.
the improved position Of the growing crops and
the better outlook for money naturally en-
courage expectations Of higher prices for securi-
ties, but st may not be possible at this time 10
bring about an extended movement on the bu4!
side oE speculation, owing to the congeSted con-
diton OF the investment market. the relatively
light supply Of money in the local banks ana the
apparent unwillingness OF the sO-called public
TO make extensive commitments in speculative
operations Prices for the greater number OF
securities are selling ar attractive level for
investors and to a certain degree the public IS
buying for investment account but the supply
!, Of funds available for this purpose appears TO
!
immediate relief for the congested bond market
People who have money will make no mistake
In placing Il in railway mortgage issues, In the
stocks Of our railroads and IN the preferred Sc
clrities OF industrial corporations. There are
many first class Industrial concerns the pre-
ferred stocks OF which selling at basis
which viii return to the buyer more than per
cent and which may be considered absolutely
! safe The preferred stock Of the United states
! Steel Corporation is widely held by investors
| and according TO the records OF the c0mpany's
| transfer Office relatively large amounts Of the
! stock are being taken for the account Of people
| Of small means.
Wall Street expects another week Of advance
| ing values 1t is thought prices will continue
! to rise under the influence Of expert manipula-
! ton until conditions in the money market call
| q halt The demand for funds from the interior
/ soon Will develop, and though the years crops
! will be under the ecord-breakng harveSts Of
! 1906 the demand for money in connection with
! their financing will be heavy enough 10 take
| large sums from this centre. The cash balances
of outside institutions with the New York banks
ere moderately heavy but they viii be mate
! rally reduced when the interior calls on New
! York for funds. Conditions in the London and
! Continental money markets are better than they
| were few weeks ago, but considerable anxiety
| IS reported in London over financial conditions
/ in Egypt and this probability of an active de-
mand for gold in connection with the Egyptian
cotton crop, which promises to be a record
breaker Egyptian planters demand gold In
payment for their cotton, taking no other form
! of credits. The Egyptians do not like paper
money notes checks or other kinds Of credit
| ALLEGATION and as a consequence there is a con-
/ slant demand for metal money, which has TO be
supplied from London and Paris, and to some
extent Indirectly from New York