New-York tribune., 1906-04-17
STOCK MARKET OPERATIONS.

Opening prices in yesterdays stock market
showed advances as compared with Saturdays
final figures, and for a short time indications
pointed to the development of an active upward
movement but before the end of the first hour
realizing sales and the absence Of outside sup
port brought about reactions and dulness in
trading. The failure of the public to come into
the market naturally was sore disappointment
20 the speculative interests, who were COM
mitted TO the bull side. il had been expected
that last weeks favorable statement and Secre-
taTy Shaw's monetary relief measure would be
effective in attracting a better outside demand
for all classes of securities In a number OF
issues as for instance, American Ice. consider
able bull manipulation was reported, doubtless
In the expectation OF encouraging commission
house activity. but neither efforts OF this sort
nor the early strength in Union Pacific Anal
Ramated Anaconda. the Steel issues and other
prominent shares excited important inquiry from
the public In the last hour of trading prices
sold off in the majority OF stocks, final figures.
rule, being under opening quotations. and
in the greater number Of active shares at
loss from Saturdays closing values. Some
strength recorded in the Hill shares on a
report that the ore land deal would be closed
this week while until the late dealings the cop
per issues were strong and active features
Most Of the industrial shares were firm, es-
taken by a good class OF spectators
A serious obstacle 10 the importation Of gold
in the past has been the loss of interest on the
metal while in transit. The action of the Secre-
tary of the Treasury however. in depositing
government gold with banks pending the arrival
of foreign engagements Of the precious metal re-
moves this impediment and places the national
banks Of this country in position equal TO that
OF the Bank OF England and the Bank Of France
in the matter OF influencing gold imports. OF
course, criticism VIII be made in various quar-
tiers over the determination Of the Secretary of
the Treasury TO establish a new order of things
affecting the money market Of the United
States. but the chances that his ideas on the
subject will be Endorsed by the greater number
of business and hnanciers, not only in
America. but in foreign countries as well Rela-
tive ease IN the money market appears to
be assured unless the enthusiasm OF stock mar
ket spectators as well spectators In other
markets, including real estate. should lead to
extravagant movements. which would again
create a pressure on the money market. which
even gold imports might be able to relieve.
Since Friday the local banks have gained from
the Sub-Treasury more than S15,OO0.OO0. a large
part of which represents the temporary deposits
by the government with the banks TO be used
in reserves until gold reaches New York from
the other side of tie ocean. and this increase
in the holdings OF the Clearing institutions
has brought about easier rates for loans which
IN turn have led to advance in sterling ex-
change to a point beyond that at which much
gold can be imported at profit.
In connection with the position OF the foreign
exchange market IL is interesting to note that
in the month OF March the excess Of merchan-
disc exports over imports amounted TO s3l, ,S97-
276. bringing the excess Of exports for the nine
months of the fiscal year TO 0329139 Fx-
ports in the month of March were heavier than
the country. while imports also were larger
than ever before recorded in similar period
and greater than in any month of the current
fiscal year. The increasing movement OF i'm
ports discourages the idea that foreign ex
| change rates will long continue to rule at low
figures despite the fact that exports are so
heavy in volume. The excess of exports is off
set to q great extent by American obligations
abroad. by the undervaluation OF imports and
by other factors too well known 10 mention
wan street is extremely optimistic at the mo-
ment' owing 10 the relief which has been given
10 the money market, and. according to the be-
lief OF the people in the speculative community
quotations for securities will move TO a higher
ie'eI especially as at the present time stocks
are not in weak hands. while powerful financial
interests including the railroad financiers who
| nave new stock and bond issues to sell are
WORKING to bring about active public demand
/ Tor all classes or investments. So far the out
siders have shown little interest In speculation