New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-31
Closing prices of active bonds dealt in. with net
STOCK MARKET OPERATIONS.

STOCK market movements showed great irreE-
ularity throughout the day. with the final ten
dency IN the direction Of better quotations. i'm
proVement being due In great part to the ap-
pearance Of support in some of the leading
shares, notably the Hartman issues Early
prices showed weakness in all parts Of the list
ana supporting orders We're put in in order
to prevent Generalization, which certain in
terests apparently We're bent upon accom-
pushing The weakness abroad, the apprehen-
henslon at the foreign capitals and the reSlup-
ton of the demand here for gold for Paris ac-
count We're factors that created bear talk, and
plenty OF It, vet the apparent determination Of
those who have much TO lose in a bear
market to maintain quotations at a firm level
was effective in driving the shorts TO cover and
establishing many issues higher level as
compared with the closing of the preceding dav
In the majority of shares. outside Of the lead
ing securities. last quotations fraction
ally nnder Mondays final figures but at mate
rial advances from the low points Of the morn
ing. Both Union Pacific and Southern Pacific
closed well above Mondays last. as did also
Erie Missouri Kansas & Texas and Brooklyn
Rapid Transit Missouri. Kansas &, Texas was
again taken by n good class of buyers and
there was better demand for Erie transaC-
tons in the latter doubtless being based the
belief that there will be no change in the divi-
dend rates on the first and second preferred
stocks The market closed dull Foreign houses
sold stocks in the afternoon. most Of them going
home short on the theory Of tight money in
London to-day and prices for American issues
which would enable them to get stock back
cheaply.
The banks again are losing money to the Sub
Treasury. but the loss serves to strengthen
Treasury holdings and insures government as
sistance to our money market when period of
stringency develops, as 1t probably VIII do later
in the season. The resumption Of gold exports
comes al an inconvenent time, and the move
ment at this period Of the year. while not with
out precedent, is unusual and not an encoprag-
ing factor for bulls on the stock market The
probable extent Of the gold shipments cannot
he gagged with any degree Of exactness. as
there too many unknown quantities in the
situation, but. according to the present position
Of the sterling exchange market and the ap-
parent willingness Of the Bank Of France ~
pay interest the metal i'm transit. the move
ment will not he confined to small TOTALS. Fort
unately the federal treasury Is in a strong con
dition and easily supply the metal for the
banks, but unfortunately the drain upon the
financial institutions comes when reserves
unusually low for this time Of the
year, with prospect Of material improve
ment until the Secretary OF the Treas ury re-
sumes the placing Of customs receipts in the
banks. SO far in tho current week the local
banks have lost on their operations with the
government more than S2OOoO0O payments on
regular account and bond redemptions by the
Treasury not being heavy enough to offset the
big customs and internal revenue receipts. In
n short time the demand from the interior for
funds in connection with the financing Of the
crops will become urgent, and, in view Of this
outlook and the monetary conditions befor2
mentioned, It IS difficult to follow the arguments
Of those who maintain that bull specua-
ton, which depends upon borrowed money
ought to become active. It IS admitted that cont
ditions governing the intrinsic worth of stocks
are sound, and that there is no chance Of the
development Of n period of dividend reductions
but other considerations at the moment ought
to control speculation on the Stock Exchange
Weakness in prices for copper does not ac-
cording TO trade authorities represent any real
weakness in the metal situation. Copper trade
conditions essentially sound. If this We're
not the farseenG. able business men who
make up the board Of directors Of the Amaga-
mated Copper Company would not at this time
have placed the stock straight per cent
basis Many consumers are holding off in the
hope that the biggest producers of the metal
will make further striking reduction in prices
but It is the belief Of the men who are best
posted on the trade that the prospects of such
action not promising. There is no apparent
chance of a general industrial reaction large
enough to cause an enormous falling off in the
business Of the copper using companies and
unless there should develop n period of trade
depression consumers Of copper soon will be
compelled TO come into the market. irrespective
of the level at which prices may be ruling. In
the iron and steel trade conditions are as good.
and in many lines better, than n any preceding
time The remarkable prosperity Of the steel
industry Is reflected in the earnings of the
United States steel Corporation for the second
quarter OF the year. showing net receipts of
81. J0i. 703. an increase Of $547S.67} over the
corresponding time in The preceding year and
SO, 1888 in the same period in 1905. In 1901
the earnings for the quarter were SO 100. 80.
the lowest for any corresponding quarter. while
the returns Of the quarter recently ended never
before exceeded by any quarter in the his
tory of the company.