New-York tribune., 1906-04-05
STOCK MARKET OPERATIONS.

High monev rates and the uncertainty over
the outcome Of the anthracite conference to-day
we're influential factors in checking bull activity
IN Yesterdays stock market, while inducing a
selling movement which carried the greater
number Of issues under the closing prices IN
Tuesdays trading. In the early dealings efforts
were made TO advance values, but there was no
public support cornnaission houses having prac-
ticay no buying orders, except for a few of
the larger operators who took advantage Of the
late decline 70 buy the more attractive issues.
In The early afternoon another attempt was
made 10 advance quotations on the strength Of
a report that the coal miners and operators had
reached settlement but the movement lasted
for a brief period, as a rapidly advancing
money market brought about active liquidation
throughout the list of leading securities. Rates
touched 70 per cent, the highest quotation since
last December. while the prevailing rate was
above per cent, the strength. Of course, being
due 10 the large shipments Of money from this
centre to out Of town points ar a time Of small
hank reserves Higher money apparently fore
shadows an unfavorable bank statement sat
urday. though liquidation Of loans may be large
enough 10 offset 10 large extent the decline in
cash holdings. The Copper shares, American
Sugar. Chicago Union Traction preferred. Mis-
souri, Pacific and Colorado Fuel were among the
NtdhtSl SELLING t1 tllr last lldllc issue
being due I'm great part TO the announcement
that the company would issue new securities
"a the extent Of S6.060O00 Consolidated Gas
on covering Of shorts enjoyed an advance this
being the first improvement recorded by the
stock in a number of days The bidding I'D Of
the coal shares doubtless represented the desire
of certain traders 70 make good selling price
for the securities london was q heavy buyer IN
this market.
Large transfers Of money from New York 10
san Francisco and New orleans. decline in
exchange at interior cities on this centre and
increasing stock market activity factors
which do not encourage the expectation of cheap
rates for loans in New York. The demand IN
the West and South is active. and all Indications
point toward a heavy outward movement Of
money from this CITY in the course of the next
few weeks. while there is little chance Of a
return flow Of currency until the end Of April
a. least In the mean time the local clearing
house institutions will have no source IF relief
Tor an increase in their cash holdings except
through gold imports. hut as Vet sterling
change has not declined to tile point at q hich
large movement Of the metal from Europe 70
this side Of the ocean could lie conducted at
profit Moreover if engagements Of gold for
import should "a made in the next few DAYS il
would he matter of week or two before the
gold would become available IN this market
Therefore. it is not At au likely that there will
he anv material reduction in loan quotations
and as a consequence Wall Street NAV ind II
Necessary 70 curtau its operations in securities
The speculative community evidently has been
leboring under the impression that Immediately
following the distribution of the April interest
and dividend payments there would be an i'm
portant relaxation in the money market This
t6ca. however has been dlssipated owing 70 the
heovy demand for funds from out Of town POINTS
and the failure Of the exchange market - de-
cline 70 level which would attract large ship
.nents 81 gold from Europe 20 the United States
50 for IN me current week the local hanks have
lost over So 100000 on their operations with
the Sub Treasury. 10 sa- nothing Of the loss on
direct shipments Of currency from the banks -
the interior While there is no reason for uneasi-
ness over tho money market situation it may
he necessary for spectators in stocks 70 revise
their opinions regarding the chances of a sus-
tained buil movement on the Stock Exchange ~
present Prices for the greater number Of s=-
curities have enjoyed q substantial advance in
the last ten days. and there is some evidence
that many holders have taken advantage or this
movement - conver' their paper PROFITS into
cash. II the loesl hanks we're better ~upplfcd
with money and n The anthracite miners ana
operators could reach satsfactorv settle
ment. the prospects would be much brighter Tor
an fciive spring rise ia stocks and bonds