New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-24
sCnlisted
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
made up in great part Of the operations of the
professional element, commission houses being
unimportant factors in the trading. In the
early dealings prices were under the closing
level OF the preceding day, but subsequently
Improvement was recorded throughout the list,
though the upward movement confined to
small figures. Aggressive buying of Southern
Pacific was an important factor in inducing
covering Of shorts, particularly as the character
or speculation suggested that operations in the
stock We're for the account Of people who re-
Gently were actively engaged in efforts to bring
about a higher price for Union Pacific The
campaign in the latter stock. however has not
been altogether successful, nor has the Lawson
movement in Amalgamated Copper and ST.
Paul been productive Of great results In Read
ing sales were reported for the account of per-
sons who believe the price of the issue too high in
comparison with quotations Of other per cent
shares, and operations also were noted in this
security by aggressive speculative interests who
evidently believed short sales OF the stock
would prove profitable. Reading is not cheap
proposition at its present price. especially as
there is no prospect Of increase in its divi-
dend rates. The anthracite trade is in
usually strong position and the profits of the
Reading road from its sales OF coal heavy.
Nevertheless 1t is the policy of the management
of the company not to distribute large dividends
10 the stockholders, as il believes surplus earn
ings should be returned to the property for
its physical improvement. to insure the
dividends in times of business depression. For
eign houses were not active In the local mar
ket, while in London American securities
neglected. At the close the chief price changes
reported in American Smelling, Canadian
Pacific. st. Paul American Locomotive. Brook
lyn Rapid Transit and United States Steel
These changes, however did not run beyond
fractions There were few more net losses
than gains
Local banks gaining money from the Sub
Treasury, result chiefly Of the redemption
of government per cent bonds Of 1907. hut
this movement soon, no doubt, VIII come 10 an
end, while federal expenditures will decrease
from the heavy volume Of payments noted since
July l. Treasury holdings are increasing. owing
to big receipts from customs and internal
enue, and this movement IN connection with the
approaching demand for funds from the Interior
incident TO the gathering and marketing Of the
harvests. will 10 bring about higher rates
for money and discourage speculative activity
the long side of the stock market. Foreign
exchange conditions reflect good demand for
sixty and ninety days bills. and the freedom
with which they offered does not indicate
as reported in some circles. unwillingness on
the part of London bankers 10 discount Amer
lean finance bills and IL therefore is probable
material assistance Will be extended this CEN
ire from abroad In the financing Of the harvest
through the issuance Of these bills. which will
be liqudated by grain and cotton bills later
in the season. Operators in stocks who believe
the time is ripe for active upward movement
evidently do not take into consideration money
fact that the public has its money we'll
ployed IN the channels Of trade that 1t has
surplus funds available for stock market pur-
poses. IF trade slackens in the next twelve
months bank holdings will increase, and Idle
money will find It's way into the bond market,
which the present time practically is dead.
Bond houses have large lines Of attractive
issues for sale, and though they report some
sale to investors they assert the amounts sold
are too small TO exert an appreciate influence
as a market factor. First class railway mort
gage issues may be bought at prices that
return more than the usual interest yield, and
people who have money for investment will
make no mistake in purchasing these securities.
There is no safer Investment in the world than
the bonds Of our representative railways. States
approve certain bonds savings banks in
vestments, and these issues return more to the
investor than be secured on a savings bank
account. There is more money in the savings
banks to-day than ever before recorded in the
history Of the country, but Notwithstanding the
fact that depostors can secure a better in
come by pla cling their funds in the very seCuri-
ties in which the savings banks invest their
money there is little chance Of big Withdrawals
for investments in other lines. Most savings
bank depositors know nothing about other kinds
OF Investments, and apparently they care less.
PHILADELPHIA STOCKS.