New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-06-18
FINANCIAL MARKET
Stock Dealings Lighter than on
ANY Day Since July 3, 1903.

Total transactions in Yesterdays stock
market were smaller than on any pre-
ceding dav since July 3, 1908, amounting
to only 175,S75 shares. Commission
houses had few orders on either SIDE OF
the account, and Of the general dealings
the larger part was supplied by the
board room element, which contenteo
itself with scalping operations. chiefly IN
Amalgamated Copper, Reading, Union
Pacific and United States Steel, which
furnished more than three-quarters OF
the entire days dealings. Price changes
were confined to fractions as rule, and
at the close unimportant net gains were
shown in the so-called active list Ell
forts were made by traders TO ,brlne
about a liquidating movement in United
States Steel common, but holders re-
fused to SELL Similar tactics were re-
nor-ted in the market for Union PACING
and Reading, but no stock came out Ii
is quite evident that owners of securities
are unwilling to part with their hololnss
on silly bear rumors, and 1t also Is ap-
parent that professional traders nave
little confidence in the theory that eA-
tended commitments on the bear side OF
speculation will prove profitable IN lhe
long run. The market is deadlocked.
There are more reasons for the purchase
of stocks at prevailing quotations than
there are arguments for liquidation. but
it may take time for this view of the
situation to gain any recognition IN IN
vestment circles. Money rates were
easy yesterday and sterling exchange
quotations were higher. The figures OF
grain exports for the week were dlsap-
pointing, total shipments being smaller
than in any preceding week since early
in April Compared with year ago,
however. an increase was shown IN the
number Of bushels shipped.
According to the known movement OF
money in the current week the local
banks have gained more than $6,OOO,OO0
in their cash holdings. The larger part
of the gain represents excess receipts OF
currency from the interior, chiefly from
nearby points, and suggests a most IN
active demand for accommodation out
side New York, though such a situation
is not unusual at this period Of the year.
Unless there has been a large contrac-
| ton in loans, Clearing House banks
ought to show further material improve
ment in their reserves above legal re-
Cuirements In to-days weekly statement
Of averages and of actual conditions as
of last night, and furthermore the re-
turn should encourage heavier dealings
| in the stock market, which at the mo-
ment Is made up almost entirely of the
unimportant transactions of insignificant
professional operators. Stock market
| trading has been SO dull in recent days
that commission houses have not been
able to make running expenses. In spite
| Of the attractive prices at which the
| majority of issues are quoted, there is
no outside demand either for investment
or speculati account, and even in the
bond department, which presents many
opportunities for the purchase at low
figures Of gilt edged investments, there
| is practically no inquiry from the pub
lie Prices may be forced to lower levels
on manipulation in order to induce in
vestment buying.
| There is nothing wrong with funda-
mental conditions in this country, and it
| is not unlikely that with the adjourn
| ment OF Congress something akin to
activity will develop in the Wall Street
markets. Wall Street has a senseless
fear of Congress, but the chances are
that with the passing Of the present ses-
sion and the enactment Of the railroad
bill the banking community will find
that our national lawmakers really have
accomplished something in the interest
OF the transportation business. The cur
rent quiet speculative market for securi-
| ties is no indication of coming trade de-
preston Reports received by the COM
/ mercial agencies are bullish over the
| future of our industries.