New-York tribune., 1906-05-26
'Unlisted. TEX dividend.
sToCK MARKET OPERATIONS.

Stock market values moved in the direction
Of higher prices in the greater part of the five
hours Of business on an active volume of bust
ness, representing a broader demand for securi-
ties and further aggressive attacks by large
operators against the short interest The lat
ter operations were especially pronounced in
the coal stocks, notably Reading which enjoyed
a net gain Of 21a points, showing an advance
from the low level established in the so-calIed
Frisco slump Of IS points Support was re-
ported in a number of the leading issues by
substantial Wall Street operators, particularly
In the case Of Pennsylvania, which was again
! accumulated by interests supposed to be identi-
fed with the property, and this class of buying
naturally attracted covering the part of the
shorts and fairly active demand from COM
mission houses. Commission house trading was
better than recorded In a number of days, and
the general distribution of business was on a
scale which reflected an improving inquiry for
securities, including some of the low priced
shares. such as Wabash preferred and Missouri
Kansas & Texas. London was a moderately
active buyer, taking Erie, Union Pacific and
Kansas & Texas, while in the British market
prices for American stocks as a rule were
higher The so-caled Hill issues and United
States Steel were helped by a revival Of the
ore deal talk while the Granger shares were
strong the improved weather conditions in
best Of the day, but net gains were shown
throughout the list.
According to the known movement OF money in
the week the local banks have lost in the neigh
borhood of 100000 in cash holdings The loss
TO the Sub-Treasury amounted to more than
$0,VooV00 but this Offset in great part by
gold imports and a gain of over S1.OOO,OOO from
the interior Although call money rates have
been firm in the week general opinion in the
Street does not favor the idea that there viii be
an unfavorable exhibit in the showing of the
Clearing House institutions to-day while in some
quarters it is believed that the small apparent
loss in cash will be more than offset by a re-
duction In loans which. of course, will serve TO
decrease deposits and thus bring about an in
crease in the reserve above legal requirements
II may be that special operations in the week
IN connection with financing on the part Of
corporations( may have been large enough to
bring about material addition to the loan ac-
count in the event of which there naturally will
be falling off in reserves. The general position
Of the money market is rpuch stronger than it
was few weeks ago, while the same thing may
! be said Of the foreign markets, in which there
has been appreciable easing in rates and a
greater disposition the part of foreign lenders
TO extend accommodation to the United States,
as reflected in the placing of Pennsylvania
loan in Paris and negotiations which have in
view fiscal assistance TO other corporations.
While bankers are looking forward to active
return flow Of money from the Pacific Coast ad-
vices received yesterday from number of West
ern points suggested the possibility of only a
small amount of this money being sent to New
York in the immediate future, this idea appar-
| entity being based on the increasing demand for
! funds in connection with the enlargirg opera
/ tions in the Coast and mountain states in agri-
cultural. mining and general building operations.
/ In connection with the strength in the anthra-
cite coal shares il now appears quite evident
that manipulation more than any other factor
and that active efforts are being made by certain
| Wall Street interests to bring about a higher
level for these issues IN order TO distribute their
| holdings to the public, In furtherance of these
| plans the wild story has been put forth that
there is 10 be a coal combination capitalized at
| SLOO0OO0OO0, composed of the mines which are
owned by the coal carrying companies This
tale Is based on the Idea that the anthracite
railroads. under the Hepburn Rate BILL will be
| compelled to separate themselves from the busi-
| ness or mining coal, but the chances that
the railroads IN question viii contest this feature
| OF the rate bill on the ground that the federal
government has no right to deprive Legitimate
! corporations Of their legitimate possessions.
There has been no discussion among the anthra-
cite companies regarding a combination Of the
! mines, and II is not at al likely that any such
scheme ever will be proposed. The charters
under which the anthracite roads operate give
that they will give up this privilege without
contesting the right OF the federal government
TO take IT away from them.