New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-06-11
CLOSING nrLces Of actLve ponds aealt N. VA
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Uncertainty over the character Of the govern
ments monthly report Of the condition Of the
crops was responsible for light trading with
some degree of heaviness in the forenoon oper-
atoms the Stock Exchange while the publ
cation Of the figures at o'clock, though making
a better showing than expected, increased to
small extent transactions at the expense Of val
ues. Winter and spring wheat and oats show
a poor percentage condition compared with
the high averages of recent years, but the sit
uation is not bad speculative advices have
indicated, while with good weather from now on
harvest results will be far more favorable than
bulls on wheat and bears on stocks predict. In
the initial operations on the Stock Exchange
prices were strong as compared with Saturdays
closing but the improvement did not hold be
vond the end Of the first hour, when recessions,
IN some cases amounting TO much as point,
were recorded final dealings being accompanied
by further depression. though losses for the day
were not heavy. Commission houses were not
important factors in the dealings, and the larger
interests were not as active as reported in the
latter part of last week. but according to the
information received by The Tribune sentiment
in high banking quarters was bullish and pre-
dictions Of higher prices We're made. st. Paul.
Erie. Great Northern Missouri Pacific. Northern
few shares that closed at net gains, while United
States Steel ended unchanged from Saturdays
final figure. The decline In the last half hour
Of trading was due entirely to bear drive.
There was no liquidation and no indication Of
the development of further forced selling. APP
parently forced sales have run their course
The reduction in the reserves Of the Clearing
House banks as shown by Saturdays statement
places the institutions in a weaker position than
at this time year ago, but It does not suggest
the idea that disturbance is 10 develop in The
money market There Is at present no urgent
demand for funds on the part Of the ordinary
borrower. n reflection Of which IS presented In
the position Of the call department, and outside
Of gold exports there is nothing in the situation
at the moment that warrants the theory OF
higher rates for loans. For the present at least
further shipments Of the precious metal appear
out Of the question as the Paris check on Lon
don has advanced. while bar gold in the British
capital has declined and sterling rates at this
centre are at the same level at which they closed
Friday. Paris made no effort to secure any Of
the South African gold offering IN the open Lon
don market yesterday. the entire amount of
more than 100000 going to the Bank Of Eng
land. This apparently indicates that the re-
quirements of the Bank of France have been
filed Money Is now coming TO this centre from
the interior and at the end Of the month the
Treasury will pay off government Is TO the
amount of about S40OOOOOO. using. it Is be-
Heved, some Of its surplus funds in its vaults
for the operation rather than taking the entire
amount from its deposits with national banks.
thus adding a considerable sum to the amount
of money in circulation. There is nothing in the
monetary situation to cause uneasiness in Wall
Street circles; and, a matter Of fact, the Wall
Street community is not worrying over the fut-
1Yra of he loan kat HK,I1a {u Fa,r
optimistic the outlook for stocks than 1t
was a few weeks ago, owing in great part to
the evidence Of recent active buying by some of
the largest financial interests in the country
1t is understood the Morgan interests have
been large buyers OF Union Pacific stock
and that their orders for the issue still are
heavy it also is understood the Standard Oil
people have been increasing their holdings Of
the Hartman stock and have taken substantial
blocks of Southern Pacific out of the market
Buying of this sort ought TO serve to encourage
a Wlder pubic demand for securities and bring
10 an ehd the nonsensical talk that stocks are
dear at current figures. Stocks are cheaper than
they ever have been before In the history OF
the Stock Exchange. based on their intrinsic
worth and their market decline in recent
months has more than discounted the few bad
features in the general situation There will not
be national bankruptcy because Of poor crops.
The railroads will not go into receivers han
If grain tonnage does fall off, and the far,nars
VIII not go to the wall If the weather conditions
work against them. Stocks are good purchases
at present prices, and IL they go lower their no
silloH as investments Will be strengthened for
the fortunate buyers. Declining values under
present conditions do not indicate a depreciatfo,,
IN the true worth of stocks and bonds ana ~
vestors advised not to become alarTned 60
change, N'N Ia